[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 3534 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 3534

 To amend title 31, United States Code, to permit the Secretary of the 
  Treasury to locate and recover certain assets of the United States 
                              Government.


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                   IN THE SENATE OF THE UNITED STATES

                            December 8, 2016

 Mrs. Fischer introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

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                                 A BILL


 
 To amend title 31, United States Code, to permit the Secretary of the 
  Treasury to locate and recover certain assets of the United States 
                              Government.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASE AND STREAMLINE RECOVERY OF UNCLAIMED ASSETS OWED TO 
              THE UNITED STATES.

    Section 3711 of title 31, United States Code, is amended by adding 
at the end the following:
    ``(j)(1) The Secretary of the Treasury (referred to in this 
subsection as the ``Secretary'') may locate and recover assets of the 
United States Government on behalf of any executive, judicial, or 
legislative agency in accordance with such procedures as the Secretary 
considers appropriate.
    ``(2) Notwithstanding any other provision of law concerning the 
depositing or collection of Federal payments, including section 
3302(b), the Secretary may retain a portion of the amounts recovered 
under this subsection to cover the administrative and operational costs 
of the Secretary associated with locating and recovering assets of the 
United States Government.
    ``(3) The Secretary shall use any funds appropriated to the 
Secretary to carry out this subsection.
    ``(4) Any savings associated with carrying out this subsection 
shall be transferred to the general fund of the Treasury for the 
purpose of deficit reduction.''.
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