Sec. 126.
268 words·~1 min read·
/bill/113/s/1371/pcs/section-126A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 3711 of title 31, United States Code, is amended by adding a new subsection
(j)to read as follows: The Secretary of the Treasury (referred to in this subsection as the Secretary ) may locate and recover assets of the United States Government on behalf of any executive, judicial, or legislative agency in accordance with such procedures as the Secretary considers appropriate. Notwithstanding any other law concerning the depositing and collection of Federal payments, including section 3302(b) of this title, the Secretary may retain a portion of the amounts recovered pursuant to this subsection to cover the Secretary's administrative and operational costs associated with locating and recovering assets of the United States. The amounts retained shall be deposited into an account established in the Treasury to be known as the Unclaimed Assets Recovery Account (referred to in this paragraph as the Account ). Amounts deposited in the Account shall be available until expended to cover costs associated with implementation and operation of the Secretary's asset recovery program established under this subsection. To carry out the purposes of this subsection, the Secretary may: Transfer to the Account from funds appropriated to the Department of Treasury such amounts as may be necessary to meet liabilities and obligations incurred prior to the receipt of recovered assets; and Reimburse any appropriation from which funds were transferred under this paragraph from the amounts retained from recovered assets. Any reimbursement under this paragraph shall occur during the period of availability of the funds originally transferred from an appropriation and shall be available for the same time period and purposes as originally appropriated. .