An Act to authorize the Secretary of the Treasury to invest public moneys, and for other purposes.
Public Law 95-147 · H.R. 5675 · 95th Congress · began in the House
Signed by Jimmy Carter (D) on Oct 28, 1977 · Economics and Public Finance
Sponsor: Rep. Parren Mitchell (D-MD-7)
Cosponsors: None
Passage votes
- HouseMethod not stated
- SenateMethod not stated
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Authorizes the Secretary of the Treasury to invest, for cash management purposes, any portion of the operating cash of the Treasury for periods of up to 90 days in (1) obligations of depositories maintaining Treasury tax and loan accounts secured by a pledge of collateral acceptable to the Secretary as security for tax and loan accounts, and (2) obligations of the United States and agencies of the United States.
Amends the Home Owners' Loan Act to authorize the Secretary of the Treasury to deposit public money in any Federal savings and loan association or any member of a Federal home loan bank.
Amends the National Housing Act to make insured institutions insured by the Federal Savings and Loan Insurance Corporation depositories of public money.
Amends the Federal Credit Union Act to authorize the Secretary to deposit public money in any insured credit union.
Authorizes the Secretary to deposit public money in any bank, savings bank, savings and loan, building and loan, homestead association, or credit union created under the law of any State and insured by the State or any agency thereof.
Amends the Internal Revenue Code to include domestic building and loan associations and credit unions as institutions which may receive tax payments.
Amends the Bretton Woods Agreements to prohibit the President or any U.S. agency from (1) approving the disposition of more than 25,000,000 ounces of gold from the International Monetary Fund (IMF) for the benefit of the Trust Fund established May 6, 1976, or (2) establishing any additional trust fund whereby resources of the IMF would be used for the special benefit of a single member, or a particular segment of the membership, of the fund.
Requires the President to, upon the request of any committee of the Congress with legislative or oversight jurisdiction over monetary policy or the International Monetary Fund, provide to such committee any appropriate information relevant to that committee's jurisdiction which is furnished to any department or agency of the United States by the International Monetary Fund. Requires the President to comply with this provision consistent with United States membership obligations in the International Monetary Fund and subject to such limitations as are appropriate to the sensitive nature of the information.
Provides that no loan or credit to a foreign government or entity shall be extended by or through such Fund for more than six months in any twelve-month period unless the President provides a written determination to the Congress that unique or exigent circumstances make such loan or credit necessary for a term greater than six months.
Amends the Gold Reserve Act to remove the requirement that U.S. direct obligations from the stabilization fund of such Act may be invested or reinvested only if such obligations are not currently required for stabilizing the exchange value of the dollar. Provides that such obligations must be invested for purposes of the Act.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 16 actions.
- Oct 28, 1977Became lawBecame law · Signed by President.
- PresidentPresident · Public Law 95-147.
- Oct 17, 1977PresidentPresident · Measure presented to President.
- PresidentPresident · Measure enrolled in Senate.
- PresidentPresident · Measure enrolled in House.
- Oct 14, 1977Resolving differencesResolving differences · House agreed to Senate amendment.
- Oct 11, 1977FloorFloor · Measure passed Senate, amended.
- Sep 23, 1977CommitteeCommittee · Reported by Senate Banking, Housing, and Urban Affairs Committee
- Apr 26, 1977CommitteeCommittee · Referred to Senate Banking, Housing, and Urban Affairs Committee
- Apr 25, 1977FloorFloor · Measure passed House, roll call #147 (384-0).House roll call 147
- FloorFloor · Measure called up under motion to suspend rules and pass in House.
- Apr 20, 1977CommitteeCommittee · Reported by House Ways and Means Committee
- Apr 4, 1977CommitteeCommittee · Reported by House Financial Services Committee
- Mar 29, 1977CommitteeCommittee · Referred to House Financial Services Committee
- CommitteeCommittee · Referred to House Ways and Means Committee
- IntroducedIntroduced · Introduced in the House
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.