Sec. 286.16. TRADE ADJUSTMENT ASSISTANCE TRUST FUND
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## SEC. 286.16 TRADE ADJUSTMENT ASSISTANCE TRUST FUND 16Section 286 (as added by section 1427(a) of Pub. L. 100–418; 102 Stat. 1251–1254), regarding a trade adjustment assistance trust fund, did not become effective pursuant to section 1430(c) of such Public Law. See provisions regarding effective date for the amendment made by section 1427(a) [adding section 286 to the Trade Act of 1974] as provided in section 1430(c) of Pub. L. 100–418 and the determination of the President of the United States that certain import fees are not in the national economic interest set out in a note for section 2397 of title 19, United States Code. ###
(a)There is hereby established within the Treasury of the United States a trust fund to be known as the Trade Adjustment Assistance Trust Fund (hereinafter in this section referred to as the “Trust Fund”), consisting of such amounts as may be transferred or credited to the Trust Fund as provided in this section or appropriated to the Trust Fund under subsection (e). ###
(b)####
(1)The Secretary of the Treasury shall transfer to the Trust Fund out of the general fund of the Treasury of the United States amounts determined by the Secretary of the Treasury to be equivalent to the amounts received into such general fund that are attributable to the duty imposed by section 287. ####
(2)The amounts which are required to be transferred under paragraph
(1)shall be transferred at least quarterly from the general fund of the Treasury of the United States to the Trust Fund on the basis of estimates made by the Secretary of the Treasury of the amounts referred to in paragraph
(1)that are received into the Treasury. Proper adjustments shall be made in the amounts subsequently transferred to the extent prior estimates were in excess of, or less than, the amounts required to be transferred. ###
(c)####
(1)The Secretary of the Treasury shall be the trustee of the Trust Fund, and shall submit an annual report to the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives on the financial condition and the results of the operations of the Trust Fund during the fiscal year preceding the fiscal year in which such report is submitted and on the expected condition and operations of the Trust Fund during the fiscal year in which such report is submitted and the 5 fiscal years succeeding such fiscal year. Such report shall be printed as a House document of the session of the Congress to which the report is made. ####
(2)#####
(A)The Secretary of the Treasury shall invest such portion of the Trust Fund as is not, in his judgment, required to meet current withdrawals. Such investments may be made only in interestbearing obligations of the United States. For such purpose, such obligations may be acquired— ######
(i)on original issue at the issue price, or ######
(ii)by purchase of outstanding obligations at the market price. #####
(B)Any obligation acquired by the Trust Fund may be sold by the Secretary of the Treasury at the market price. #####
(C)The interest on, and the proceeds from the sale or redemption of, any obligations held in the Trust Fund shall be credited to and form a part of the Trust Fund. ###
(d)####
(1)Amounts in the Trust Fund shall be available— #####
(A)for the payment of drawbacks and refunds of the duty imposed by section 287 that are allowable under any other provision of Federal law, #####
(B)as provided in appropriation Acts— ######
(i)for expenditures that are required to carry out the provisions of chapters 2 and 3, including administrative costs, and ######
(ii)for payments required under subsection (e)(2). ####
(2)None of the amounts in the Trust Fund shall be available for the payment of loans guaranteed under chapter 3 or for any other expenses relating to financial assistance provided under chapter 3. ####
(3)#####
(A)If the total amount of funds expended in any fiscal year to carry out chapters 2 and 3 (including administrative costs) exceeds an amount equal to 0.15 percent of the total value of all articles upon which a duty was imposed by section 287 during the preceding 1-year period, the Secretary of Labor and the Secretary of Commerce (in consultation with the Secretary of the Treasury) shall, notwithstanding any provision of chapter 2 or 3, make a pro rata reduction in— ######
(i)the amounts of the trade readjustment allowances that are paid under part I of subchapter B of chapter 2, and ######
(ii)the assistance provided under chapter 3, to ensure (based on estimates of the amount of funds that will be necessary to carry out chapters 2 and 3, and of the amount of revenue that will be raised by section 287, during the remainder of such fiscal year and for the fiscal year succeeding such fiscal year) that all workers and firms eligible for assistance under chapter 2 or 3 receive some assistance under chapter 2 or 3 and that the expenditures made in providing such assistance during the remainder of such fiscal year and the fiscal year succeeding such fiscal year do not exceed the amount of funds available in the Trust Fund to pay for such expenditures. #####
(B)No reduction may be made under this paragraph in the amount of any trade readjustment allowance payable under part I of subchapter B of chapter 2 to any worker who received such trade readjustment allowance under such part for the week preceding the first week for which such reduction is otherwise being made under this paragraph. #####
(C)If a pro rata reduction made under subparagraph
(A)is in effect at the close of a fiscal year, the Secretary of Labor and the Secretary of Commerce, in consultation with the Secretary of the Treasury, may adjust or modify such reduction at the beginning of the fiscal year succeeding such fiscal year, based on estimates of the amount of funds that will be necessary to carry out chapters 2 and 3, and of the amount of revenue that will be raised by section 287, during that succeeding fiscal year. #####
(D)Any pro rata reduction made under subparagraph (A), and any pro rata reduction adjusted or modified under subparagraph (C), shall cease to apply after the week in which— ######
(i)a 1-year period ends during which the total amount of funds that would have been expended to carry out chapters 2 and 3, including administrative costs, if such reduction were not in effect did not exceed an amount equal to 0.15 percent of the total value of all articles upon which a duty was imposed during such 1-year period, or ######
(ii)the Secretary of Labor and the Secretary of Commerce, in consultation with the Secretary of the Treasury, determine that the amount of funds available in the Trust Fund are sufficient to carry out chapters 2 and 3 without such reduction. ###
(e)####
(1)#####
(A)There are authorized to be appropriated to the Trust Fund, as repayable advances, such sums as may from time to time be necessary to make the expenditures described in subsection (d)(1)(B). #####
(B)Any advance appropriated to the Trust Fund under the authority of subparagraph
(A)may be paid to the Trust Fund only to the extent that the total amount of advances paid during the fiscal year to the Trust Fund from any appropriation authorized under subparagraph
(A)that are outstanding after such advance is paid to the Trust Fund does not exceed the lesser of— ######
(i)the excess of— ######
(I)the total amount of funds that the Secretary of the Treasury (in consultation with the Secretary of Labor and the Secretary of Commerce) estimates will be necessary for the payments and expenditures described in subparagraphs
(A)and
(B)of subsection (d)(1) for such fiscal year, over ######
(II)the total amount of funds that the Secretary of the Treasury estimates will be available in the Trust Fund during the fiscal year (determined without regard to any advances made under this subsection during such fiscal year), or ######
(ii)the excess of— ######
(I)an amount equal to 0.15 percent of the total value of all articles upon which the Secretary of the Treasury estimates a duty will be imposed by section 287 during such fiscal year, over ######
(II)the amount described in clause (i)(II). ####
(2)Advances made to the Trust Fund from appropriations authorized under paragraph (1)(A) shall be repaid, and interest on such advances shall be paid, to the general fund of the Treasury of the United States when the Secretary of the Treasury determines that sufficient funds are available in the Trust Fund for such purposes. ####
(3)Interest on advances made from appropriations authorized under paragraph (1)(A) shall be at a rate determined by the Secretary of the Treasury (as of the close of the calendar month preceding the month in which the advance is made) to be equal to the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the anticipated period during which the advance will be outstanding. **[**[19 U.S.C. 2396](/us/usc/t19/s2396)**]**
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- Pub. L. 100-418
- 102 Stat. 1251
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Sec. 286.16
TRADE ADJUSTMENT ASSISTANCE TRUST FUND
Pub. L.Pub. L. 100-418
Stat.102 Stat. 1251
Cites 3Cited by 0 across 0 sources