Sec. 304. Corporate funds
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In this section: The term administrative expenses does not include project-specific transaction costs. The term cost has the meaning given the term in section 502 of the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661a ). The term information technology has the meaning given the term in section 11101 of title 40, United States Code. The term project-specific transaction costs — means those costs incurred by the Corporation for travel, legal expenses, and direct and indirect costs incurred in claims settlements associated with the provision of support under title; and does not include information technology.
There is established in the Treasury of the United States a fund to be known as the Corporate Capital Account to carry out the purposes of the Corporation. The Corporate Capital Account shall consist of— fees charged and collected pursuant to subsection (d); any amounts received pursuant to subsection (f); investments and returns on such investments pursuant to subsection (h); unexpended balances transferred to the Corporation; payments received in connection with settlements of all insurance and reinsurance claims of the Corporation; and all other collections transferred to or earned by the Corporation, excluding the cost of loans and loan guaranties.
Fees may be charged and collected for providing services in amounts to be determined by the Corporation. Subject to Acts making appropriations, the Corporation is authorized to pay— the cost of loans and loan guaranties; administrative expenses of the Corporation; for the cost of providing support authorized by subsections (c), (e), (f), and
(g)of section 201; and project-specific transaction costs. In order to carry out the purposes of the Corporation, all collections transferred to or earned by the Corporation, excluding the cost of loans and loan guaranties, shall be deposited into the Corporate Capital Account and shall be available to carry out its purpose, including without limitation— payment of all insurance and reinsurance claims of the Corporation; repayments to the Treasury of amounts borrowed under subsection (f); and dividend payments to the Treasury under subsection (g). All support provided pursuant to predecessor authorities or title II shall continue to constitute obligations of the United States, and the full faith and credit of the United States is hereby pledged for the full payment and performance of such obligations. With the approval of the Secretary of the Treasury, the Corporation is authorized to issue bonds, notes, debentures, and other similar obligations, subject to the maximum contingent liability established in Section 303. Such obligations shall be in such forms and denominations, shall have such maturities, shall bear such rates of interest, shall be subject to such terms and conditions, and shall be issued in such manner and sold at such prices as may be prescribed by the Corporation with the approval of the Secretary of the Treasury. Such obligations shall be fully and unconditionally guaranteed both as to interest and principal by the United States, and such guaranty shall be expressed on the face thereof, and such obligations shall be lawful investments and may be accepted as security for all fiduciary, trust, and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof. The Corporation is authorized to borrow from the Treasury such sums as may be necessary to fulfill such obligations of the United States and any such borrowing shall be at a rate determined by the Secretary of the Treasury, taking into consideration the current average market yields on outstanding marketable obligations of the United States of comparable maturities, for a period jointly determined by the Corporation and the Secretary, and subject to such terms and conditions as the Secretary may require. Any obligation of, or fully guaranteed by, the Corporation shall be eligible for purchase under section 14(b)(2) of the Federal Reserve Act ( 12 U.S.C. 355(b)(2) ). The Board, in consultation with the Director of the Office of Management and Budget, shall annually assess a dividend payment to the Treasury if the Corporation’s insurance portfolio is more than 100 percent reserved. The Corporation may request the Secretary of the Treasury to invest such portion of the Corporate Capital Account as is not, in the Corporation’s judgment, required to meet the current needs of the Corporate Capital Account. Such investments shall be made by the Secretary of the Treasury in public debt obligations, with maturities suitable to the needs of the Corporate Capital Account, as determined by the Corporation, and bearing interest at rates determined by the Secretary, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities. Interest earnings made pursuant to subsection (h), earnings collected related to equity investments, and amounts, excluding fees related to insurance or reinsurance, collected pursuant to subsection (d), shall not be collected for any fiscal year except to the extent provided in advance in appropriations Acts. There is authorized to be appropriated $50,000,000,000 to the Corporate Capital Account.
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