42 USC § 4016 - Financing provisions; issuance of notes or other obligations; limitation; report to Congressional committees; deposits in Fund

(a) All authority which was vested in the Director by virtue of section 2414 (e) of this title (pertaining to the issue of notes or other obligations to the Secretary of the Treasury), as amended by subsections (a) and (b) ofsection 1303 of this Act, shall be available to the Director for the purpose of carrying out the flood insurance program under this chapter; except that the total amount of notes and obligations which may be issued by the Director pursuant to such authority

(1) without the approval of the President, may not exceed $500,000,000, and

(2) with the approval of the President, may not exceed $1,500,000,000 through the date specified in section 4026 of this title, and $1,000,000,000 thereafter; except that, through the earlier of the date of the enactment into law of an Act that specifically amends the date specified in this section or May 31, 2012, clause (2) of this sentence shall be applied by substituting “$20,725,000,000” for “$1,500,000,000”. The Director shall report to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate at any time when he requests the approval of the President in accordance with the preceding sentence.

(b) Any funds borrowed by the Director under this authority shall, from time to time, be deposited in the National Flood Insurance Fund established under section 4017 of this title.

Source

(Pub. L. 90–448, title XIII, § 1309,Aug. 1, 1968, 82 Stat. 577; Pub. L. 89–174, § 5(a),Sept. 9, 1965, 79 Stat. 669; Pub. L. 93–234, title I, § 104,Dec. 31, 1973, 87 Stat. 979; Pub. L. 98–181, title IV, § 451(d)(1),Nov. 30, 1983, 97 Stat. 1229; Pub. L. 98–479, title II, § 204(g),Oct. 17, 1984, 98 Stat. 2233; Pub. L. 104–208, div. A, title V, Sept. 30, 1996, 110 Stat. 3009–521; Pub. L. 105–65, title III, Oct. 27, 1997, 111 Stat. 1377; Pub. L. 105–276, title III, Oct. 21, 1998, 112 Stat. 2502; Pub. L. 106–74, title III, Oct. 20, 1999, 113 Stat. 1088; Pub. L. 106–377, § 1(a)(1) [title III], Oct. 27, 2000, 114 Stat. 1441, 1441A–47; Pub. L. 107–73, title III, Nov. 26, 2001, 115 Stat. 689; Pub. L. 108–3, § 2(a)(1),Jan. 13, 2003, 117 Stat. 7; Pub. L. 108–171, § 2(a)(2),Dec. 6, 2003, 117 Stat. 2064; Pub. L. 108–199, div. H, § 136(a)(2),Jan. 23, 2004, 118 Stat. 442; Pub. L. 108–264, title I, § 101(a),June 30, 2004, 118 Stat. 714; Pub. L. 109–65, § 2,Sept. 20, 2005, 119 Stat. 1998; Pub. L. 109–106, § 2,Nov. 21, 2005, 119 Stat. 2288; Pub. L. 109–208, § 2,Mar. 23, 2006, 120 Stat. 317; Pub. L. 111–196, § 2(b),July 2, 2010, 124 Stat. 1352; Pub. L. 111–250, § 2(b),Sept. 30, 2010, 124 Stat. 2630; Pub. L. 112–74, div. D, title V, § 573,Dec. 23, 2011, 125 Stat. 985.)

References in Text

Section 1303 of this Act, referred to in subsec. (a), means section 1303 ofPub. L. 90–448, which amended section 2414 (e) of this title.

This chapter, referred to in subsec. (a), was in the original a reference to “this title” meaning title XIII of Pub. L. 90–448, Aug. 1, 1968, 82 Stat. 572, known as the National Flood Insurance Act of 1968, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 4001 of this title and Tables.

Amendments

2011—Subsec. (a). Pub. L. 112–74substituted “the earlier of the date of the enactment into law of an Act that specifically amends the date specified in this section or May 31, 2012” for “September 30, 2011”.

2010—Subsec. (a). Pub. L. 111–250substituted “September 30, 2011” for “September 30, 2010”.

Pub. L. 111–196substituted “September 30, 2010” for “September 30, 2008” and “$20,725,000,000” for “$20,775,000,000”.

2006—Subsec. (a). Pub. L. 109–208substituted “$20,775,000,000” for “$18,500,000,000” in first sentence.

2005—Subsec. (a). Pub. L. 109–106substituted “$18,500,000,000” for “$3,500,000,000” in first sentence.

Pub. L. 109–65inserted “; except that, through September 30, 2008, clause (2) of this sentence shall be applied by substituting ‘$3,500,000,000’ for ‘$1,500,000,000’ ” before period at end of first sentence.

2004—Subsec. (a). Pub. L. 108–264, § 101(a), which directed amendment of first sentence of subsec. (a) by substituting “through the date specified in section 4026 of this title, and” for “ ‘through December’ and all that follows through ‘, and’ ”, could not be executed because the language to be struck out did not appear subsequent to amendment by Pub. L. 108–171. See 2003 Amendment note below.

Pub. L. 108–199made amendment identical to that made by Pub. L. 108–171. See 2003 Amendment note below.

2003—Subsec. (a)(2). Pub. L. 108–171substituted “the date specified in section 4026 of this title” for “December 31, 2003”.

Pub. L. 108–3substituted “December 31, 2003” for “December 31, 2002”.

2001—Subsec. (a)(2). Pub. L. 107–73substituted “2002” for “2001”.

2000—Subsec. (a)(2). Pub. L. 106–377substituted “December 31, 2001” for “September 30, 2000”.

1999—Subsec. (a)(2). Pub. L. 106–74, which directed substitution of “2000” for “1999” in section “1309(a)(2) of the National Flood Insurance Act”, was executed to subsec. (a)(2) of this section, which is section 1309 of the National Flood Insurance Act of 1968, to reflect the probable intent of Congress.

1998—Subsec. (a)(2). Pub. L. 105–276, which directed substitution of “1999” for “1998” in section “1309(a)(2) of the National Flood Insurance Act”, was executed by making the substitution in subsec. (a)(2) of this section, which is section 1309 of the National Flood Insurance Act of 1968, to reflect the probable intent of Congress.

1997—Subsec. (a)(2). Pub. L. 105–65, which directed substitution of “1998” for “1997” in section “1309(a)(2) of the National Flood Insurance Act”, was executed by making the substitution in subsec. (a)(2) of this section, which is section 1309 of the National Flood Insurance Act of 1968, to reflect the probable intent of Congress.

1996—Subsec. (a)(2). Pub. L. 104–208substituted “$1,500,000,000 through September 30, 1997, and $1,000,000,000 thereafter” for “$1,000,000,000”.

1984—Subsec. (a). Pub. L. 98–479substituted “, Finance and Urban Affairs” for “and Currency” and inserted a comma after “Housing” in last sentence.

1983—Pub. L. 98–181substituted “Director” for “Secretary” wherever appearing.

1973—Subsec. (a). Pub. L. 93–234substituted provisions respecting issuance of notes and obligation for $500,000,000 without approval of President and for $1,000,000,000 with approval of President, for former provision prescribing a $250,000,000 limitation, struck out provision rescinding authority of Secretary to issue notes and obligations under section 2414 (e) of this title, and provided for report to Congressional Committees when the approval of the President is requested.

Change of Name

Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) ofPub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.

Effective Date of 2010 Amendment

Pub. L. 111–196, § 2(c),July 2, 2010, 124 Stat. 1352, provided that: “The amendments made by subsections (a) and (b) [amending this section and section 4026 of this title] shall be considered to have taken effect on May 31, 2010.”

Effective Date of 2004 Amendment

Pub. L. 108–199, div. H, § 136(b),Jan. 23, 2004, 118 Stat. 442, provided that: “The amendments made by this section [amending this section and sections 4026, 4056, and 4127 of this title] shall be considered to have taken effect on December 31, 2003.”

Effective Date of 2003 Amendments

Pub. L. 108–171, § 2(b),Dec. 6, 2003, 117 Stat. 2064, provided that: “The amendments made by this section [amending this section and sections 4026, 4056, and 4127 of this title] shall be considered to have taken effect on December 31, 2003.”

Pub. L. 108–3, § 2(b),Jan. 13, 2003, 117 Stat. 7, provided that: “The amendments made by this section [amending this section and sections 4026, 4056, and 4127 of this title] shall be considered to have taken effect on December 31, 2002.”

Transfer of Functions

For transfer of all functions, personnel, assets, components, authorities, grant programs, and liabilities of the Federal Emergency Management Agency, including the functions of the Under Secretary for Federal Emergency Management relating thereto, to the Federal Emergency Management Agency, see section 315 (a)(1) of Title 6, Domestic Security.

For transfer of functions, personnel, assets, and liabilities of the Federal Emergency Management Agency, including the functions of the Director of the Federal Emergency Management Agency relating thereto, to the Secretary of Homeland Security, and for treatment of related references, see former section 313(1) andsections 551 (d), 552 (d), and 557 of Title 6, Domestic Security, and the Department of Homeland Security Reorganization Plan of November 25, 2002, as modified, set out as a note under section 542 of Title 6.

Functions of Housing and Home Finance Agency and head thereof transferred to Secretary of Housing and Urban Development by Pub. L. 89–174, § 5(a),Sept. 9, 1965, 79 Stat. 669, which is classified to section 3534 (a) of this title. Section 9(c) of such act, set out as a note under section 3531 of this title, provides that references to Housing and Home Finance Agency or to any agency or officer therein are to be deemed to mean Secretary of Housing and Urban Development and that Housing and Home Finance Agency has lapsed.

Extension of Limitation on Financing Provisions

Subsec. (a) of this section to be applied by substituting “September 30, 2009” for “September 30, 2008”, see section 145 ofPub. L. 110–329, set out as a note under section 4026 of this title.