10 U.S. Code § 2721 - Property records: maintenance on quantitative and monetary basis

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(a) Under regulations prescribed by him, the Secretary of Defense shall have the records of the fixed property, installations, major equipment items, and stored supplies of the military departments maintained on both a quantitative and a monetary basis, so far as practicable.
(b) The regulations prescribed pursuant to subsection (a) shall include a requirement that the records maintained under such subsection—
(1) to the extent practicable, provide up-to-date information on all items in the inventory of the Department of Defense;
(2) indicate whether the inventory of each item is sufficient or excessive in relation to the needs of the Department for that item; and
(3) permit the Secretary of Defense to include in the budget submitted to Congress under section 1105 of title 31 for each fiscal year, information relating to—
(A) the amounts proposed for each appropriation account in such budget for inventory purchases of the Department of Defense; and
(B) the amounts obligated for such inventory purchases out of the corresponding appropriations account for the preceding fiscal year.

Source

(Aug. 10, 1956, ch. 1041, 70A Stat. 152, § 2701; renumbered § 2721,Pub. L. 99–499, title II, § 211(a)(1)(A),Oct. 17, 1986, 100 Stat. 1719; amended Pub. L. 101–510, div. A, title XIII, § 1322(a)(12),Nov. 5, 1990, 104 Stat. 1671; Pub. L. 102–190, div. A, title III, § 347(b), title X, § 1061(a)(17)(A),Dec. 5, 1991, 105 Stat. 1347, 1473.)

Historical and Revision Notes
Revised section Source (U.S. Code) Source (Statutes at Large)
2701(a)
2701(b) 5:172i (less last sentence).
5:172i (last sentence). July 26, 1947, ch. 343, § 410; added Aug. 10, 1949, ch. 412, § 11(410), 63 Stat. 590.

In subsection (a), the words “equipment” and “materials” are omitted, since the word “supplies”, as defined in section 101 (26) of this title, includes equipment and materials. The word “stored” is substituted for the words “held in store by the armed services”.
In subsection (b), the words “on property records maintained under this section” are substituted for the word “thereon”.
Amendments

1991—Pub. L. 102–190, § 1061(a)(17)(A), substituted section catchline for one which read “Basis: reports”.
Pub. L. 102–190, § 347(b), designated existing provisions as subsec. (a) and added subsec. (b).
1990—Pub. L. 101–510struck out “(a)” before “Under regulations” and struck out subsec. (b) which read as follows: “The Secretary shall report once a year to Congress and the President on property records maintained under this section.”
Implementation of 1991 Amendment

Pub. L. 102–190, div. A, title III, § 347(c),Dec. 5, 1991, 105 Stat. 1347, provided that: “The Secretary of Defense shall establish the uniform system of valuation described in section 2458 (a)(3) of title 10, United States Code (as added by subsection (a)), and prescribe the regulations required by section 2721(b) of such title (as added by subsection (b)), not later than 180 days after the date of the enactment of this Act [Dec. 5, 1991].”
Inventory Investigations

Pub. L. 100–456, div. A, title III, § 343,Sept. 29, 1988, 102 Stat. 1961, provided that:
“(a) Undercover Investigations.—(1) Congress finds that the use of undercover investigative techniques by the Department of Defense enhances the ability of the Department of Defense to detect and investigate theft of Government property (including munitions) from the Department of Defense supply system.
“(2) The Secretary of Defense is urged to continue to conduct undercover investigations to detect and investigate thefts referred to in paragraph (1).
“(b) Inventory Security Incident Repository.—The Secretary of Defense shall establish and maintain a centralized computer system for recording and organizing information on theft, fraud, and breach of security and incidents involving the loss of Department of Defense supplies (including munitions).”

 

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