§ 2286. — Approval of financing plans by Secretary of the Treasury.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2286]
TITLE 12--BANKS AND BANKING
CHAPTER 24--FEDERAL FINANCING BANK
Sec. 2286. Approval of financing plans by Secretary of the
Treasury
(a) Method, source, timing, terms, and conditions of sale of obligations
issued or sold by Federal agencies
To insure the orderly and coordinated marketing of Treasury and
Federal agency obligations and appropriate financing planning with
respect thereto, and to facilitate the effective financing of programs
authorized by law subject to the applicable provisions of such law, the
prior approval of the Secretary of the Treasury shall be required with
respect to--
(1) the method of financing,
(2) the source of financing,
(3) the timing of financing in relation to market conditions and
financing by other Federal agencies, and
(4) the financing terms and conditions, including rates of
interest and maturities,
of obligations issued or sold by any Federal agency; except that the
approval of the Secretary of the Treasury shall not be required with
respect to (A) obligations issued or sold pursuant to an Act of Congress
which expressly prohibits any guarantee of such obligations by the
United States, and (B) obligations issued or sold by the Farmers Home
Administration.
(b) Grant or denial of approval by Secretary
Upon receipt of a request from a Federal agency for his approval
under subsection (a) of this section, the Secretary of the Treasury
shall act promptly either to grant his approval or to advise the agency
of the reasons for withholding his approval. In no case shall the
Secretary of the Treasury withhold such approval for a period longer
than sixty days unless, prior to the end of such period, he submits to
the Congress a detailed explanation of his reasons for so doing. In no
case shall the Secretary withhold such approval for a period longer than
one hundred and twenty days. To the maximum extent practicable,
withholdings of approval shall be made in a manner which is not
disproportionately detrimental to the functioning of any particular type
of Federal program. Expedited treatment shall be accorded in any case in
which the Federal agency advises the Secretary of the Treasury that
unusual circumstances require such treatment.
(c) Time and form for submission of financing plans
Federal agencies subject to this section shall submit financing
plans to the Secretary of the Treasury at such times and in such forms
as he shall prescribe.
(Pub. L. 93-224, Sec. 7, Dec. 29, 1973, 87 Stat. 938.)
Effective Date
Section effective on expiration of 30 days after Dec. 29, 1973, see
section 20 of Pub. L. 93-224, set out as a note under section 2281 of
this title.
