---
kind: "section"
citation: "22 U.S.C. § 9634"
title: "22"
title_heading: "Foreign Relations and Intercourse"
number: "9634"
heading: "Corporate funds"
release: "119-102"
url: "https://uscodex.org/usc/22/9634"
units:
  - "Chapter 103 — Better Utilization of Investments Leading to Development"
  - "Subchapter III — Administrative and General Provisions"
---

# §9634. Corporate funds

- (a) **Corporate Capital Account—** There is established in the Treasury of the [United States](/usc/22/1395.md?p=a-1) a [fund](/usc/22/2431a.md?p=9) to be known as the “Corporate Capital Account” to carry out the purposes of the [Corporation](/usc/22/7702.md?p=6).
- (b) **Funding—** The Corporate Capital Account shall consist of—
  - (1) fees charged and collected pursuant to [subsection (c)](#c);
  - (2) any amounts received pursuant to [subsection (e)](#e);
  - (3) investments and returns on such investments pursuant to [subsection (g)](#g);
  - (4) unexpended balances transferred to the [Corporation](/usc/22/7702.md?p=6) pursuant to [subsection (i)](#i);
  - (5) payments received in connection with settlements of all insurance and reinsurance claims of the [Corporation](/usc/22/7702.md?p=6); and
  - (6) all other collections transferred to or earned by the [Corporation](/usc/22/7702.md?p=6), excluding the cost, as defined in [section 661a of title 2](/usc/2/661a.md), of loans and loan guaranties.
- (c) **Fee authority—** Fees may be charged and collected for providing services in amounts to be determined by the [Corporation](/usc/22/7702.md?p=6).
- (d) **Uses—**
  - (1) **In general—** Subject to Acts making appropriations, the [Corporation](/usc/22/7702.md?p=6) is authorized to pay—
    - (A) the cost, as defined in [section 661a of title 2](/usc/2/661a.md), of loans and loan guaranties;
    - (B) administrative expenses of the [Corporation](/usc/22/7702.md?p=6);
    - (C) for the cost of providing support authorized by subsections (c), (e), (f), and (g) of [section 9621 of this title](/usc/22/9621.md);[^1]
    - (D) [project-specific transaction costs](#k).
  - (2) **Income and revenue—** In order to carry out the purposes of the [Corporation](/usc/22/7702.md?p=6), all collections transferred to or earned by the [Corporation](/usc/22/7702.md?p=6), excluding the cost, as defined in [section 661a of title 2](/usc/2/661a.md), of loans and loan guaranties, shall be deposited into the Corporate Capital Account and shall be available to carry out its purpose, including without limitation—
    - (A) payment of all insurance and reinsurance claims of the [Corporation](/usc/22/7702.md?p=6);
    - (B) repayments to the Treasury of amounts borrowed under [subsection (e)](#e); and
    - (C) dividend payments to the Treasury under [subsection (f)](#f).
- (e) **Full faith and credit—**
  - (1) **In general—** All support provided pursuant to [predecessor authorities](/usc/22/9601.md?p=6) or subchapter II of this chapter shall continue to constitute obligations of the [United States](/usc/22/1395.md?p=a-1), and the full faith and credit of the [United States](/usc/22/1395.md?p=a-1) is hereby pledged for the full payment and performance of such obligations.
  - (2) **Authority to borrow—** The [Corporation](/usc/22/7702.md?p=6) is authorized to borrow from the Treasury such sums as may be necessary to fulfill such obligations of the [United States](/usc/22/1395.md?p=a-1) and any such borrowing shall be at a rate determined by the [Secretary](/usc/22/277d–43.md?p=5) of the Treasury, taking into consideration the current average market yields on outstanding marketable obligations of the [United States](/usc/22/1395.md?p=a-1) of comparable maturities, for a period jointly determined by the [Corporation](/usc/22/7702.md?p=6) and the [Secretary](/usc/22/277d–43.md?p=5), and subject to such terms and conditions as the [Secretary](/usc/22/277d–43.md?p=5) may require.
- (f) **Dividends—** The [Board](/usc/22/2431a.md?p=4), in consultation with the Director of the [Office](/usc/22/2214a.md?p=9) of Management and Budget, shall annually assess a dividend payment to the Treasury if the [Corporation](/usc/22/7702.md?p=6)’s insurance portfolio is more than 100 percent reserved.
- (g) **Investment authority—**
  - (1) **In general—** The [Corporation](/usc/22/7702.md?p=6) may request the [Secretary](/usc/22/277d–43.md?p=5) of the Treasury to invest such portion of the Corporate Capital Account as is not, in the [Corporation](/usc/22/7702.md?p=6)’s judgment, required to meet the current needs of the Corporate Capital Account.
  - (2) **Form of investments—** Such investments shall be made by the [Secretary](/usc/22/277d–43.md?p=5) of the Treasury in public debt obligations, with maturities suitable to the needs of the Corporate Capital Account, as determined by the [Corporation](/usc/22/7702.md?p=6), and bearing interest at rates determined by the [Secretary](/usc/22/277d–43.md?p=5), taking into consideration current market yields on outstanding marketable obligations of the [United States](/usc/22/1395.md?p=a-1) of comparable maturities.
- (h) **Collections—** Interest earnings made pursuant to [subsection (g)](#g), earnings collected related to equity investments, and amounts, excluding fees related to insurance or reinsurance, collected pursuant to [subsection (c)](#c), shall not be collected for any fiscal year except to the extent provided in advance in appropriations Acts.
- (i) **Transfer from predecessor agencies and programs—** By the end of the transition period described in subchapter VI of this chapter, the unexpended balances, assets, and responsibilities of any agency specified in the plan required by [section 9682 of this title](/usc/22/9682.md) shall be transferred to the [Corporation](/usc/22/7702.md?p=6).
- (j) **Transfer of funds—** In order to carry out this chapter, [funds](/usc/22/2431a.md?p=9) authorized to be appropriated to carry out the [Foreign](/usc/22/3146.md?p=1) Assistance Act of 1961 ([22 U.S.C. 2151](/usc/22/2151.md) et seq.) may be transferred to the [Corporation](/usc/22/7702.md?p=6) and [funds](/usc/22/2431a.md?p=9) authorized to be appropriated to the [Corporation](/usc/22/7702.md?p=6) may be transferred to the Department of State and the [United States](/usc/22/1395.md?p=a-1) Agency for International Development.
- (k) **Definition—** In this section, the term “project-specific transaction costs”—
  - (1) means those costs incurred by the [Corporation](/usc/22/7702.md?p=6) for travel, legal expenses, and direct and indirect costs incurred in claims settlements associated with the provision of support under subchapter II of this chapter and shall not be considered administrative expenses for the purposes of this section; and
  - (2) does not include information technology (as such term is defined in [section 11101 of title 40](/usc/40/11101.md)).

## Footnotes

[^1]: So in original. Probably should be followed by “and”.

## Source credit

(Pub. L. 115–254, div. F, title III, § 1434, Oct. 5, 2018, 132 Stat. 3501.)

## Notes

### Editorial Notes

### References in Text

Subchapter VI of this chapter, referred to in subsec. (i), was in the original “title VI”, meaning title VI (§§ 1461–1470) of div. F of Pub. L. 115–254, Oct. 5, 2018, 132 Stat. 3510, which is classified principally to subchapter VI of this chapter and which repealed title IV of chapter 2 of part I of the Foreign Assistance Act of 1961 (22 U.S.C. 2191 et seq.), other than subsections (g), (l), (m), and (n) of section 237 thereof (22 U.S.C. 2197(g), (l), (m), (n)), among other amendments. For complete classification of title VI to the Code, see Tables.

This chapter, referred to in subsec. (j), was in the original “this division”, meaning division F of Pub. L. 115–254, Oct. 5, 2018, 132 Stat. 3485, which is classified principally to this chapter. For complete classification of division F to the Code, see Short Title note set out under section 9601 of this title and Tables.

The Foreign Assistance Act of 1961, referred to in subsec. (j), is Pub. L. 87–195, Sept. 4, 1961, 75 Stat. 424, which is classified principally to chapter 32 (§ 2151 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 2151 of this title and Tables.

### Statutory Notes and Related Subsidiaries

### Authorization for Collections

Pub. L. 116–94, div. G, title VI, Dec. 20, 2019, 133 Stat. 2841, provided in part: “That in this fiscal year, and each fiscal year thereafter, the Corporation shall collect the amounts described in section 1434(h) of the BUILD Act of 2018 [22 U.S.C. 9634(h)]”.