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Title 15 — Commerce and Trade

Chapter 15 — Economic Recovery

§ 712a. Limitation of obligations for administrative expenses of certain agencies; limitation on life of certain agencies

Statutory text

(a)

Notwithstanding any other provision of law, none of the establishments or agencies named in subsection (b) of this section shall, after , incur any obligations for administrative expenses, except pursuant to an annual appropriation specifically therefor, nor shall any such establishment or agency continue to function after said date unless established by or pursuant to law: Provided, That nothing contained in this section shall be construed to extend the period during which any such establishment or agency heretofore has been authorized by law to function.

(b)

[1., 2. Repealed] 3. Federal Housing Administration; 4. Federal Surplus Commodities Corporation; 5. Export-Import Bank of the United States; 6. Second Export-Import Bank of Washington, District of Columbia; 7. Reconstruction Finance Corporation; 8. Electric Home and Farm Authority; 9. Commodity Credit Corporation; 10. Federal Emergency Administration of Public Works; [11. Repealed] 12. Reconstruction Finance Mortgage Company.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

  1. Pub. L. 74–689 § 7 · 49 Stat. 864

    Enacted · 15 U.S.C. § 712a

    June 22, 1936, ch. 689, § 7, 49 Stat. 1647

    Source evidence

    Code source credit
    June 22, 1936, ch. 689, § 7, 49 Stat. 1647

  2. Pub. L. 87–353 § 3 · 75 Stat. 773

    1. Struck · 15 U.S.C. § 712a(b)

      Pub. L. 87–353 struck out item 4. Federal Farm Mortgage Corporation

    2. Redesignated · 15 U.S.C. § 712a(b)

      Pub. L. 87–353 redesignated former items 5 to 13 as 4 to 12, respectively

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 87–353 struck out item 4. Federal Farm Mortgage Corporation and redesignated former items 5 to 13 as 4 to 12, respectively.

    Enacted provision · exact public law section
    Sec. 3. (a) Sections 1, 2, 3, 4, 5, 6, 12, 17, and 18 of the Federal Repeals and amendments. Farm Mortgage Corporation Act, as amended (12 U.S.C. 1020, 1020a-1020h, 992a, 723(f)), are hereby repealed. (b) Sections 32 (except the fourteenth sentence thereof), 33, 34, and 35 of the Emergency Farm Mortgage Act of 1933, as amended (12 U.S.C. 1016–1019, except 1016(h), second sentence), are hereby repealed, and the fourteenth sentence of such section 32 (12 U.S.C. 1016(h), second sentence) is hereby amended by deleting therefrom the word “such”. (c) The first sentence of the eighth paragraph of section 13 of the Federal Reserve Act, as amended (12 U.S.C. 347), is amended by 38 Stat. 958. striking out “or by the deposit or pledge of Federal Farm Mortgage Corporation bonds issued under the Federal Farm Mortgage Corporation Act,”. (d) The first sentence of section 14(b) of the Federal Reserve Act, as amended (12 U.S.C. 355), is amended by striking out “bonds of 38 Stat. 264. the Federal Farm Mortgage Corporation having maturities from date of purchase of not exceeding six months,”. (e) The fourteenth paragraph of section 7 of the Federal Farm 48 Stat. 44. Loan Act, as amended (12 U.S.C. 723(c)), is amended by striking out the fourth sentence thereof, (f) 39 Stat. 370; 48 Stat. 346. The last paragraph of section 12 of the Federal Farm Loan Act, as amended (12 U.S.C. 772), is amended to read as follows: “Amounts transmitted to Federal land bank associations by Federal land banks to be loaned to its members shall, at the option of the bank, be in current funds or, at the option of the borrower, in farm loan bonds.” (g) Paragraph Eighth of section 13 of the Federal Farm Loan Act, 59 Stat. 267. as amended (12 U.S.C. 781), is amended to read as follows: “Eighth. To buy and sell United States Government obligations direct or fully guaranteed.” (h) Section 13 of the Federal Farm Loan Act, as amended (12 U.S.C. 781), is amended by striking out paragraphs Fifteenth, Sixteenth, and Twentieth thereof. (i) Section 22 of the Federal Farm Loan Act, as amended (12 39 Stat. 378. U.S.C. 897), is amended by (1) striking out clause (e) under the heading “In the case of a Federal land bank”, and (2) striking out clause (e) under the heading “In the case of a joint-stock land bank”, (j) Section 62 of the Farm Credit Act of 1933, as amended (12 48 Stat. 347. U.S.C. 1138b), is amended by striking out “the Federal Farm Mortgage Corporation,”. (k) The Act of June 4, 1936, as amended (49 Stat. 1461; 12 U.S.C. 773a), is amended by striking out “the Federal Farm Mortgage Corporation,” and “the Land Bank Commissioner”. (l) Section 7(b) of the First Deficiency Appropriation Act, fiscal year 1936, approved June 22, 1936 (49 Stat. 1648; 15 U.S.C. 712a(b)), is amended by striking out item 4 thereof and by redesignating items 6 to 13, inclusive, as 4 to 12, respectively. (m) The Act of September 6, 1950 (64 Stat. 769; 7 U.S.C. 1036), is amended by striking out section 4 thereof. (n) Section 7(a) of the Farm Credit Act of 1953, as amended (12 67 Stat. 393; 69 Stat. 662. U.S.C. 636f(a)), is amended by striking out the second and third sentences thereof. (o) The second sentence of section 433 of title 18 of the United 62 Stat. 703. States Code is amended by striking out “the Federal Farm Mortgage Corporation Act,”. (p) The first paragraph of section 493 of title 18 of the United 62 Stat. 711. States Code is amended by striking out “Federal Farm Mortgage Corporation”. (q) 62 Stat. 729. Section 657 of title 18 of the United States Code is amended by striking out “Federal Farm Mortgage Corporation,”. (r) 65 Stat. 718. Section 658 of title 18 of the United States Code is amended by striking out “Federal Farm Mortgage Corporation,”. (s) 62 Stat. 750. Section 1006 of title 18 of the United States Code is amended by striking out “Federal Farm Mortgage Corporation,”. (t) 62 Stat. 752. Section 1014 of title 18 of the United States Code is amended by striking out “or the Federal Farm Mortgage Corporation,”. (u) Section 101 of the Government Corporation Control Act, as 59 Stat. 597.. amended (31 U.S.C. 846), is amended by striking out “Federal Farm Mortgage Corporation;”. (v) The Department of Agriculture Organic Act of 1944, as amended (58 Stat. 741; 12 U.S.C. 1020a–1), is amended by striking out section 603 thereof. (w) Repeal. 48 Stat. 41. The last paragraph of section 32 of the Federal Farm Loan Act, as amended (12 U.S.C. 992, 993), is hereby repealed.

  3. Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 title VII § 741 · 103 Stat. 183

    Struck · 15 U.S.C. § 712a(b)

    Pub. L. 101–73 struck out “1. Federal Home Loan Bank Board; 2. Home Owners’ Loan Corporation;” and “11. Federal Savings and Loan Insurance Corporation;”

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 101–73 struck out “1. Federal Home Loan Bank Board; 2. Home Owners’ Loan Corporation;” and “11. Federal Savings and Loan Insurance Corporation;”.

    Enacted provision · exact public law section
    SEC. 741. REPEAL OF LIMITATION OF OBLIGATION FOR ADMINISTRATIVE EXPENSES. Section 7(b) of the First Deficiency Appropriation Act of 1936 (15 U.S.C. 712a(b)) is amended by striking the following: “(1) Federal Home Loan Bank Board;”; “(2) Home Owners’ Loan Corporation;”; and “(11) Federal Savings and Loan Insurance Corporation;”.

3 of 4 references resolved to an enrolled provision · 1 partial

Editorial Notes

Amendments1961–1989 · 2 rounds

1989

Subsec. (b). Pub. L. 101–73 struck out “1. Federal Home Loan Bank Board; 2. Home Owners’ Loan Corporation;” and “11. Federal Savings and Loan Insurance Corporation;”.

1961

Subsec. (b). Pub. L. 87–353 struck out item 4. Federal Farm Mortgage Corporation and redesignated former items 5 to 13 as 4 to 12, respectively.

Statutory Notes and Related Subsidiaries

Applicability to National Housing Agency; Transfer of Funds; Report to Congress

Act May 3, 1945, ch. 106, title I, § 101, 59 Stat. 122, provided in part: “Section 7 of the First Deficiency Appropriation Act, 1936 [this section], shall continue to apply to administrative expenses of and for the constituent units of the National Housing Agency mentioned in said section 7 [this section] and shall also apply to such expenses of said National Housing Agency in connection with the functions and purposes of said constituent units, and none of the funds made available by this Act [act May 3, 1945, ch. 106, title I, § 101, 59 Stat. 106] for such administrative expenses shall be obligated or expended unless and until an appropriate appropriation account shall have been established therefor pursuant to an appropriation warrant or a covering warrant, and all such expenditures shall be accounted for and audited in accordance with the Budget and Accounting Act, as amended [see chapters 11 and 35 of Title 31, Money and Finance]: Provided further, That the Administrator may, with the approval of the President of the United States, transfer to this authorization or to an authorization of a constituent unit from funds available for administrative expenses of the constituent units or the Office of the Administrator such additional sums as represent a consolidation in the Office of the Administrator or in a constituent unit of any of the administrative functions of the National Housing Agency; but no such transfer of funds shall be made unless the consolidation will result in a reduction in manpower and a savings in administrative expenses, which savings shall not be used for administrative expenses but instead shall be returned to or remain in the funds from which administrative expenses are drawn under this authorization: Provided further, That a report of such transfers and the savings effected thereby shall be submitted to Congress in the annual budget.”

Similar provisions were contained in acts June 26, 1943, ch. 145, title I, § 101, 57 Stat. 184; June 27, 1944, ch. 286, title I, § 101, 58 Stat. 375.

Executive Documents

Transfers of Functions and Changes in Names

Federal Housing Administration consolidated into National Housing Agency during World War II by Ex. Ord. No. 9070, . Federal Housing Administration subsequently consolidated into Housing and Home Finance Agency by Reorg. Plan No. 3 of 1947, eff. , 12 F.R. 4981, 61 Stat. 954. Functions, powers, and duties of the Federal Housing Administration thereafter transferred to Secretary of Housing and Urban Development. See section 3534(a) of Title 42, The Public Health and Welfare.

Federal Surplus Commodities Corporation, which was included in Surplus Marketing Administration by Reorg. Plan No. III of 1940, § 5, eff. , 5 F.R. 2108, 54 Stat. 1232, consolidated into Agricultural Marketing Administration by Ex. Ord. No. 9069, . Agricultural Marketing Administration consolidated into Food Distribution Administration of Department of Agriculture by Ex. Ord. No. 9280, . Food Distribution Administration consolidated into War Food Administration in Department of Agriculture by Ex. Ord. No. 9322, , 8 F.R. 3807, as amended by Ex. Ord. No. 9334, , 8 F.R. 5423. War Food Administration terminated and functions transferred to Secretary of Agriculture by Ex. Ord. No. 9577, , 10 F.R. 8087. Functions of Surplus Marketing Administration transferred to Secretary of Agriculture by Reorg. Plan No. 3 of 1946, § 501, eff. , 11 F.R. 7875, 60 Stat. 1097.

Export-Import Bank of Washington was set out as one of several agencies for which Federal Loan Administrator should supervise administration and be responsible for coordination of functions and activities by Reorg. Plan No. I of 1939, § 402, eff. , 4 F.R. 2730, 53 Stat. 1429, set out in the Appendix to Title 5, Government Organization and Employees. Bank terminated by act July 31, 1945, ch. 341, § 10, 59 Stat. 529, and a new Export-Import Bank of Washington was created by such act, which is set out as chapter 6A (§ 635 et seq.) of Title 12, Banks and Banking. “Export-Import Bank of Washington” changed to “Export-Import Bank of the United States” to conform to such change in name in Act , provided for in section 1(a) of Pub. L. 90–267, , 82 Stat. 47.

Second Export-Import Bank of Washington, D.C. was established under Ex. Ord. No. 6638, . Its commitments were transferred to Export-Import Bank of Washington (see above) and it was abolished by Ex. Ord. No. 7365, , 1 F.R. 372.

Federal Loan Agency’s and Federal Loan Administrator’s functions and duties relating to Reconstruction Finance Corporation, Reconstruction Finance Mortgage Company, Electric Home and Farm Authority and Export-Import Bank of Washington, and other agencies, transferred to Department of Commerce, during World War II, see Ex. Ord. No. 9071, , 7 F.R. 1531. By act Feb. 24, 1945, ch. 4, 59 Stat. 5, former sections 1801 to 1805 of Title 12, Federal Loan Agency was reconstituted an independent establishment of Federal Government, and was abolished and its property and functions transferred to Reconstruction Finance Corporation by act June 30, 1947, ch. 166, title II, § 204, 61 Stat. 208. Section 6(a) of 1957 Reorg. Plan No. 1, eff. , 22 F.R. 4633, 71 Stat. 647, set out as a note under section 601 of this title, abolished Reconstruction Finance Corporation.

Electric Home and Farm Authority was set out as one of several agencies for which Federal Loan Administrator should supervise administration and be responsible for coordination of functions and activities, by Reorg. Plan No. I of 1939, § 402, eff. , 4 F.R. 2730, 53 Stat. 1429, set out in the Appendix to Title 5, Government Organization and Employees.

Electric Home and Farm Authority, Inc., was authorized by Ex. Ord. No. 6514, . Existence continued until , by act Mar. 31, 1936, ch. 163, § 1, 49 Stat. 1186; extended to “close of business on ” by act Jan. 26, 1937, ch. 6, § 2, 50 Stat. 5; to “” by act Mar. 4, 1939, ch. 4, 53 Stat. 510 and to , by act June 10, 1941, ch. 190, § 2, 55 Stat. 248. Said Authority dissolved on , by Ex. Ord. No. 9256, , 7 F.R. 8334, and for purposes of liquidation and payment of liabilities all assets, funds, records, contracts, personnel, and property were transferred to former Reconstruction Finance Corporation.

Commodity Credit Corporation, Federal Farm Mortgage Corporation, and Farm Credit Administration, and their functions and activities, together with their respective personnel, records, and property transferred to Department of Agriculture by Reorg. Plan No. I of 1939, § 401, eff. , 4 F.R. 2730, 53 Stat. 1429, set out in the Appendix to Title 5, Government Organization and Employees. Administration of program of Commodity Credit Corporation and functions of Federal Surplus Commodities Corporation transferred to Secretary of Agriculture by Reorg. Plan No. 3 of 1946, § 501, eff. , 11 F.R. 7877, 60 Stat. 1100. See also notes under section 713 of this title.

Federal Emergency Administration of Public Works, created by act June 16, 1933, ch. 90, title II, § 201, 48 Stat. 200, transferred to Federal Works Agency to be administered as Public Works Administration by Reorg. Plan No. I of 1939, §§ 301 and 305, eff. , 4 F.R. 2729, 2730, 53 Stat. 1426, 1428. Federal Emergency Administration of Public Works further continued to , by Res. of June 21, 1938, ch. 554, title II, § 202, 52 Stat. 817. The act of June 16, 1933, ch. 90, title II, terminated , by provisions of act June 27, 1942, ch. 450, § 1, 56 Stat. 410. Ex. Ord. No. 9357, , 8 F.R. 9041, transferred functions of Public Works Administration to office of Federal Works Administrator.

For changes affecting other agencies enumerated in subsection (b) of this section, see Reorg. Plan No. I of 1939, §§ 301, 305, 401, 402, eff. , 4 F.R. 2729, 2730, 53 Stat. 1426, 1428, 1429, and Reorg. Plan No. III of 1940, § 5, eff. , 5 F.R. 2108, 54 Stat. 1232. Reorganization Plans I and III are set out in the Appendix to Title 5, Government Organization and Employees.

Exceptions From Transfer of Functions

Functions of corporations of Department of Agriculture, boards of directors and officers of such corporations; Advisory Board of Commodity Credit Corporation; and Farm Credit Administration or any agency, officer or entity of, under, or subject to the supervision of the Administration excepted from functions of officers, agencies and employees transferred to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, § 1, eff. , 18 F.R. 3219, 67 Stat. 633, set out in the Appendix to Title 5, Government Organization and Employees.

Credits

1936–1989 · 4 acts
  1. 1936June 22, 1936, ch. 689, § 7, 49 Stat. 1647
  2. 1961Pub. L. 87–353, § 3(l), , 75 Stat. 774
  3. 1968Pub. L. 90–267, § 1(a), , 82 Stat. 47
  4. 1989Pub. L. 101–73, title VII, § 741, , 103 Stat. 436.
Show as published

(June 22, 1936, ch. 689, § 7, 49 Stat. 1647; Pub. L. 87–353, § 3(l), , 75 Stat. 774; Pub. L. 90–267, § 1(a), , 82 Stat. 47; Pub. L. 101–73, title VII, § 741, , 103 Stat. 436.)

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