There is established in the Treasury of the United States a separate fund to be known as the Defense Production Act Fund (hereafter in this section referred to as “the Fund”).
There shall be credited to the Fund—
(1) all moneys appropriated for the Fund, as authorized by section 711(b) [section 2161(b) of this Appendix]; and
(2) all moneys received by the Fund on transactions entered into pursuant to section 303 [section 2093 of this Appendix].
The Fund shall be available to carry out the provisions and purposes of this title [sections 2091 to 2099a of this Appendix], subject to the limitations set forth in this Act [sections 2061 to 2171 of this Appendix] and in appropriations Acts.
Moneys in the Fund shall remain available until expended.
The Fund balance at the close of each fiscal year shall not exceed $400,000,000, excluding any moneys appropriated to the Fund during that fiscal year or obligated funds. If, at the close of any fiscal year, the Fund balance exceeds $400,000,000, the amount in excess of $400,000,000 shall be paid into the general fund of the Treasury.
The President shall designate a Fund manager. The duties of the Fund manager shall include—
(1) determining the liability of the Fund in accordance with subsection (g);
(2) ensuring the visibility and accountability of transactions engaged in through the Fund; and
(3) reporting to the Congress each year regarding activities of the Fund during the previous fiscal year.
When any agreement entered into pursuant to this title [sections 2091 to 2099a of this Appendix] after December 31, 1991, imposes any contingent liability upon the United States, such liability shall be considered an obligation against the Fund.
(Sept. 8, 1950, ch. 932, title III, §304, 64 Stat. 802; June 2, 1951, ch. 121, Ch. XI, 65 Stat. 61; July 31, 1951, ch. 275, title I, §103(b), (c), 65 Stat. 134; Pub. L. 86–560, §2, June 30, 1960, 74 Stat. 282; Pub. L. 88–343, §3, June 30, 1964, 78 Stat. 235; Pub. L. 93–426, §2, Sept. 30, 1974, 88 Stat. 1166; Pub. L. 102–558, title I, §122, Oct. 28, 1992, 106 Stat. 4206; Pub. L. 107–47, §4(4), Oct. 5, 2001, 115 Stat. 260.)
2001—Subsec. (b)(1). Pub. L. 107–47 substituted “section 711(b)” for “section 711(c)”.
1992—Pub. L. 102–558 amended section generally. Prior to amendment, section read as follows:
“(a) For the purposes of sections 302 and 303, the President is authorized to utilize such existing departments, agencies, officials, or corporations of the Government as he may deem appropriate, or to create new agencies (other than corporations).
“(b) The Secretary of the Treasury is authorized and directed to cancel the outstanding balance of all unpaid notes issued to the Secretary of the Treasury pursuant to this section, together with interest accrued and unpaid on such notes.
“(c) Any cash balance remaining on June 30, 1974, in the borrowing authority previously authorized by this section, and any funds thereafter received on transactions heretofore or hereafter entered into pursuant to sections 302 and 303 shall be covered into the Treasury as miscellaneous receipts.”
1974—Subsec. (b). Pub. L. 93–426 substituted provisions authorizing Secretary of the Treasury to cancel outstanding balance of all unpaid notes issued to Secretary of the Treasury together with interest accrued and unpaid on such notes, for provisions relating to borrowing authority mechanism by which all program operations under the Defense Production Act have been financed since the initiation of the Act in 1950 with an overall limit of $2.1 billion outstanding at any one time and with provisions for payment of interest on the obligations.
Subsec. (c). Pub. L. 93–426 added subsec. (c). Former subsec. (c) was repealed by act July 31, 1951, ch. 275, title I, §103(c), 65 Stat. 134.
1964—Subsec. (b). Pub. L. 88–343 provided that no new purchases or commitments to purchase shall be made or entered into after June 30, 1964, unless President makes a finding that such new purchases or commitments are essential to national security, and that total of such new purchases or commitments including contingent liabilities, could not exceed $100,000,000.
1960—Subsec. (b). Pub. L. 86–560 substituted “six months” for “quarter”.
1951—Subsec. (b). Act July 31, 1951, §103(b), increased revolving fund from $600,000,000 to $2,100,000,000, and limited contingent liability of the United States.
Act June 2, 1951, increased aggregate of borrowing from $600,000,000 to $1,600,000,000.
Subsec. (c). Act July 31, 1951, §103(c), repealed subsec. (c) which authorized $1,400,000,000 to be appropriated to carry out sections 2092 and 2093 of this Appendix.
Amendment by Pub. L. 102–558 deemed to have become effective Mar. 1, 1992, see section 304 of Pub. L. 102–558, set out as a note under section 2062 of this Appendix.
Termination of section, see section 2166(a) of this Appendix.
Secretary of Defense designated Defense Production Act Fund Manager in accordance with subsec. (f) of this section, see section 309 of Ex. Ord. No. 12919, June 3, 1994, 59 F.R. 29529, set out as a note under section 2153 of this Appendix.