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OFFICE OF THE SECRETARY

General and special funds:

SALARIES AND EXPENSES

For necessary expenses in the Office of the Secretary, including the operation and maintenance of the Treasury Building and Annex thereof; services as authorized by section 15 of the Act of August 2, 1946 (5 U.S.C. 55a); the purchase of uniforms for elevator operators; and not to exceed $5,000 for official reception and representation expenses; [$5,000,000 $5,580,000. (5 U.S.C. 3, 22, 22(a), 22—1, 1332-15, 241, 242, 244, 245(a), 246, 246(a), 2131, 2201, 2203, 2205; 57 Stat. 230; Reconstruction Finance Corporation Liquidation Act (67 Stat. 231); Treasury Department Appropriation Act, 1964.)

Program and Financing (in thousands of dollars)

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TREASURY DEPARTMENT

5

4,686

4,686

4,686

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1 Selected resources as of June 30 are as follows: Unpaid undelivered orders, 1962. $39 thousand; 1963, $59 thousand; 1964, $59 thousand; 1965, $59 thousand

This appropriation, in addition to paying the salaries of the Secretary and his assistants, provides for the executive direction of the various functions of the Department, general supervision of the legal activities of the several bureaus, and for general administrative services, including maintenance of the main Treasury Building and its annex, and health services for Treasury employees in Washington, D.C.

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1964 1965 estimate estimate

2220

13

1

1. Expenses of administration of settlement of War Claims Act of 1928.-Funds from the German deposit fund are deposited in a receipt account and appropriated for a portion of the administrative expenses incurred in paying awards under the settlement of War Claims Act of 1928 (45 Stat. 262).

0

5.5 $5,616

14

2. Federal control of transportation systems.-Expenditures are for compensation payments to former employees of the railroads who were injured during the period of Federal control during World War I.

Object Classification (in thousands of dollars)

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-38
36

12

1964 estimate

12

1

1

14

13

1

2220L

14

5.5 $5,835

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1965 estimate

12

1

14

RECONSTRUCTION FINANCE CORPORATION LIQUIDATION FUND

Program and Financing (in thousands of dollars)

LIQUIDATION OF CORPORATE ASSETS

The Secretary of the Treasury is hereby authorized to make such expenditures, within the limits of funds and borrowing authority available therefor and in accord with law, and to make such contracts and commitments without regard to fiscal year limitations as provided by section 104 of the Government Corporation Control Act, as amended, as may be necessary in carrying out the programs set forth in the Budget for the current fiscal year for the Reconstruction Finance Corporation Liquidation Activities.

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Under the provisions of Reorganization Plan No. 1 of 1957, the Reconstruction Finance Corporation was abolished as a corporate entity, and its remaining assets, liabilities, and obligations were transferred to the Secretary of the Treasury, the Administrator of Small Business, the Housing and Home Finance Administrator, and the Administrator of General Services. The Secretary of the Treasury is responsible for completing the liquidation of business loans and securities with individual balances of $250 thousand or more as of June 30, 1957, securities of and loans to railroads, and securities of financial institutions, and for the windup of corporate affairs.

2

Budget program.-Liquidation transactions in 1963 produced net budget receipts of $3.1 million and it is estimated that transactions in 1964 and 1965 will produce net budget 2 receipts of $0.9 and $0.5 million, respectively.

2

0

5.5 $5,835

The progress made and anticipated in the liquidation of the assets transferred to the Secretary of the Treasury is summarized in the following table (in millions of dollars):

-1,000

-285

1

July 1, 1963 1964
1957
estimate
actual

1

50

51

913

62

975

-924

4.7

1.9

.2

270

268

6.8

538

285

-600

-222

1

1

538

1 539

-538

1965 estimate

4.6

1.7

.2

6.5

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Revenue. Expense.

109

39

148

248,400 831

Net income for the year.. Retained earnings, start of year..

Retained earnings, end of year..

10

Recovery of prior year obligations.. Unobligated balance carried forward (authorization to expend from public debt receipts)...

Financing applied to program.

Summary of Sources and Application of Funds (in thousands of dollars)

Obligations (from program and financing).
Decrease in gross unpaid obligations.....
Adjustment for recovery of prior year obliga-
tions..

10 834

-831

13

148

-135

1964 1965 estimate estimate

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35

1963 actual

39

10

66

-249,369 -249,620 -249,844

29

400

429

249,369 191

6

6

193

-191

8

66

-58

The Secretary of the Treasury is authorized to purchase securities or make loans (including participations therein and guarantees thereof) to aid in financing projects for civil-defense purposes upon certification by the Secretary of Defense (50 U.S.C. App. 2261, Sec. 104, Reconstruction Finance Corporation Liquidation Act and Executive Order 10952 of July 20, 1961). Investments under the program are limited to a total of $250 million outstanding at any one time.

Financing.-Program activities are financed from bor5,062 rowings from Treasury. The unobligated balance of such authority at the end of 1965 is estimated to increase slightly to $249.8 million.

Revenue, Expense, and Retained Earnings (in thousands of dollars)

Budget program. The sole program cost continues to be the payment of interest on borrowings from Treasury. As of June 30, 1963, there were outstanding $583 thousand in loans and $477 thousand in commitments to participate in loans made by banks wherein disbursement of Treasury funds is deferred. It is estimated by the close of 1965 that the loans will be reduced to $510 thousand and the deferred participation commitments to $124 thousand.

No new loans were authorized in 1963 and it is anticipated that there will be no additional loans authorized during 1964 and 1965.

37

27

64

249,620 163

1964 estimate

31

25

429

454

3

3

163

-163

3

64

-61

1965 estimate

27 3

24

454

478

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This corporation was abolished October 4, 1961, by Public Law 87-353 (75 Stat. 773), and its remaining assets were transferred to the Secretary of the Treasury.

The corporation has been in liquidation for several years, its only remaining activities being the collection of non-interest-bearing notes sold to the Federal land banks on June 30, 1955, paying the proceeds as dividends to the Treasury, and the payment of outstanding bonds payable upon presentation by rightful owners.

Revenue, Expense, and Retained Earnings (in thousands of dollars)

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