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of act Mar. 3, 1925, as amended by Pub. L. 86–777, which is classified to section 167d of this title.
$ 165. Repealed. Aug. 26, 1954, ch. 937, title V,
8 542(a)(13), 68 Stat. 861 Section, acts Mar. 3, 1925, ch. 426, § 4, 43 Stat. 1111; Mar. 3, 1927, ch. 355, 44 Stat. 1388; Sept. 1, 1937, ch. 895, 50 Stat. 887, related to exportation of helium gas. See section 2778 oi Title 22, Foreign Relations and Intercourse.
8 166. Omitted
Section, acts Mar. 3, 1925, ch. 426, § 5, 43 Stat. 1111; Mar. 3, 1927, ch. 355, 44 Stat. 1388; Sept. 1, 1937, ch. 895, 50 Stat. 887; July 26, 1947, ch. 343, title II, $ 205(a), 61 Stat. 501, authorized Secretaries of Army and Navy to designate representatives to cooperate with Department of the Interior to effectuate the purposes of this chapter, and gave them the right of access to plants, data, and accounts. See section 7 of act Mar. 3, 1925, as amended by Pub. L. 86-777, which is classified to section 167e of this title. 8 167. Definitions As used in this chapter:
(1) The term "Secretary" means the Secretary of the Interior;
(2) The term “person" means any individual, corporation, partnership, firm, association, trust, estate, public or private institution, or State or political subdivision thereof; and
(3) The terms "helium-bearing natural gas" and "helium-gas mixture" mean, respectively, natural gas and gas mixtures containing three-tenths of 1 per centum or more of
helium by volume. (Mar. 3, 1925, ch. 426, § 2, as added Sept. 13, 1960, Pub. L. 86-777, § 2, 74 Stat. 918.)
PRIOR PROVISIONS A prior section 2 of act Mar. 3, 1925, authorized Bureau of Mines to produce helium gas and was classified to section 163 of this title, prior to the general amendment of this chapter by Pub. L. 86-777.
EFFECTIVE DATE OF 1960 AMENDMENT Section 3 of Pub. L. 86-777 provided that: “The amendment made by this Act (enacting this section and sections 167a to 167n of this title) shall become ef. fective on March 1, 1961."
SHORT TITLE OF 1960 AMENDMENT Section 1 of Pub. L. 86-777 provided that: “This Act (enacting this section, sections 1672 to 167n of this title, and provisions set out as notes below] may be cited as the 'Helium Act Amendments of 1960'."
SHORT TITLE Section 1 of act Mar. 3, 1925, as added by Pub. L. 86-777, § 2, provided that: “This Act (enacting this section, sections 1672 to 167n of this title, and provision set out as a note below) may be cited as the 'Helium Act'."
SEPARABILITY Section 17 of act Mar. 3, 1925, as added by Pub. L. 86-777, § 2, provided that: “If any provision of this Act (enacting this section, sections 167a to 167n of this title, and provisions set out as a note above), or the application of such provision to any person or circumstance, is held invalid, the remainder of this Act or the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby.”
8 167a. Authority of Secretary (a) Conserving, producing, buying and selling helium
For the purpose of conserving, producing, buying, and selling helium, the Secretary is authorized
(1) to acquire by purchase, lease, gift, exchange, or eminent domain, lands or interests therein or options thereon, including but not limited to sites, rights-of-way, and oil or gas leases containing obligations to pay rental in advance or damages arising out of the use and operation of such properties; but any such land or interest in lands may be acquired by eminent domain only when the Secretary determines (A) that he is unable to make a satisfactory agreement to acquire such land or interest in land, and (B) that such acquisition by eminent domain is necessary in the national interest;
(2) to make just and reasonable contracts and agreements for the acquisition, processing, transportation, or conservation of helium, helium-bearing natural gas, helium-gas mixtures upon such terms and conditions, and for such periods, not exceeding twenty-five years, as may be necessary to accomplish the purposes of the chapter, except that the Secretary shall not make such contracts and agreements which shall require payments by the Government in any one fiscal year aggregating more than the amount which shall be established initially in an appropriation Act and which may be increased from time to time in appropriation Acts, or if the Secretary
(A) determines that the national interests require the conservation of certain helium or require certain helium-bearing natural gas or certain helium-gas mixture for the production or conservation of helium, and
(B) determines that he is unable to acquire such helium, helium-bearing natural gas, or helium-gas mixture upon reasonable
terms and at the fair market value, he is authorized to acquire by eminent domain such helium and so much of such helium-bearing natural gas or helium-gas mixture as is necessarily consumed in the extraction of such helium after removal from its place of deposit in nature and wherever found, or the temporary use of such heliumbearing natural gas or helium-gas mixture for the purpose of extracting helium, together with the appropriate interest in pipelines, equipment, installations, facilities, personal or real property, including reserves, easements or other rights necessary or incident to the acquisition of such helium, natural gas, or mixture, but the condemnation of any such helium, helium-bearing natural gas, helium-gas mixture, shall be effected in the same manner and following the procedures established in section 167f(a) of this title, the just compensation for such condemnation to be measured by terms and prices determined to be commensurate with the fair market value, and in the temporary use of any helium-bearing natural gas or helium-gas mixture for the purpose of extracting helium
any private plant under any contract entered into pursuant to this section and outstanding at the time of such sale. (Mar. 3, 1925, ch. 426, § 3, as added Sept. 13, 1960, Pub. L. 86-777, § 2, 74 Stat. 918.)
REFERENCES IN TEXT That Act, referred to in subsec. (a)(4), means act June 30, 1949, ch. 288, 63 Stat. 377, as amended, known as the Federal Property and Administrative Services Act of 1949. Provisions of that Act relating to disposal of government property are classified to chapter 10 (8 471 et seq.) of Title 40, Public Buildings, Property, and Works. For complete classification of this Act to the Code, see Short Title note set out under section 471 of Title 40 and Tables.
The Mineral Lands Leasing Act of February 25, 1920, referred to in subsec. (b), probably means act Feb. 25, 1920, ch. 85, 41 Stat. 437, as amended, known as the Mineral Leasing Act, which is classified generally to chapter 3A ($ 181 et seq.) of Title 30, Mineral Lands and Mining. For complete classification of this Act to the Code, see Short Title note set out under section 181 of Title 30 and Tables.
PRIOR PROVISIONS A prior section 3 of act Mar. 3, 1925, related to disposal of helium by sale, use of funds so obtained, and reports to Congress on such uses and was classified to section 164 of this title, prior to the general amendment of this chapter by Pub. L. 86-777.
SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in section 167f of this title.
the Secretary shall cause no delay in the delivery of natural gas to the owner, purchaser, or purchasers, thereof, except that required by the extractive processes;
(3) to constructor acquire by purchase, lease, exchange, gift or eminent domain, plants, wells, pipelines, compressor stations, camp buildings, and other facilities, for the production, storage, purification, transportation, purchase, and sale of helium, heliumbearing natural gas, and helium-gas mixtures: and to acquire patents or rights therein and reports of experimentation and research used in connection with the properties acquired or useful in the Government's helium , operations;
(4) to dispose of, by lease or sale, property, including wells, lands, or interests therein, not valuable for helium production, and oil, gas, and byproducts, of helium operations not needed for Government use, except that property determined by the Secretary to be “excess" within the meaning of section 3(e) of the Federal Property and Administrative Services Act of June 30, 1949, as amended (40 U.S.C. 472), shall be disposed of in accordance with the provisions of that Act (40 U.S.C. 471 et seq.); and to issue leases to the surface of lands or structures thereon for grazing or other purposes when the same may be done without interfering with the production of helium; and
(5) to accept equipment, money, and other contributions from public and private sources and to prosecute projects in cooperation with
other agencies, Federal, State, or private. (b) Helium on public domain
Any known helium-gas-bearing land on the public domain not covered at the time by leases or permits under the Mineral Lands Leasing Act of February 25, 1920, as amended (30 U.S.C. 181 et seq.), may be reserved for the purposes of this chapter, and any reservation of the ownership of helium may include the right to ex. tract, or have extracted, such helium, under such rules and regulations as may be prescribed by the Secretary, from all gas produced from lands so permitted, leased, or otherwise granted for development, except that in the extraction of helium from gas produced from such lands, it shall be extracted so as to cause no delay, except that required by the extraction process, in the delivery of gas produced from the well to the purchaser or purchasers thereof at the point of delivery specified in contracts for the purchase of such gas. If any reserved rights of ownership and extraction of helium are not exercised before production of any helium-bearing natural gas or any helium-gas mixture, the Secretary is authorized to acquire such helium in accordance with subsection (a)(2) of this section. (c) Contract price
All contracts and agreements made by the Secretary for the acquisition of helium from a private plant shall contain a provision precluding the plant owner from selling any helium to any purchaser other than the Secretary at a price lower than the lowest price paid by any Government agency for helium acquired from
8 167b. Production of helium; maintenance and oper
ation of facilities; research The Secretary is authorized to maintain and operate helium production and purification plants together with facilities and accessories thereto; to acquire, store, transport, sell, and conserve helium, helium-bearing natural gas, and helium-gas mixtures, to conduct exploration for and production of helium on and from the lands acquired, leased, or reserved; and to conduct or contract with public or private parties for experimentation and research to discover helium supplies and to improve processes and methods of helium production, purification, transportation, liquefaction, storage, and utilization: Provided, however, That all research contracted for, sponsored, cosponsored, or authorized under authority of this chapter shall be provided for in such a manner that all information, uses, products, processes, patents and other developments resulting from such research developed by Government expenditure will (with such exceptions and limitations, if any, as the Secretary may find to be necessary in the interest of national defense) be available to the general public: And provided further, That nothing contained herein shall be construed as to deprive the owner of any background patent relating thereto to such rights as he may have thereunder. (Mar. 3, 1925, ch. 426, § 4, as added Sept. 13, 1960, Pub. L. 86-777, § 2, 74 Stat. 920.)
PRIOR PROVISIONS A prior section 4 of act Mar. 3, 1925, related to exportation of helium gas and was classified to section
(Mar. 3, 1925, ch. 426, § 5, as added Sept. 13, 1960, Pub. L. 86-777, 82, 74 Stat. 920.)
165 of this title, prior to repeal by act Aug. 26, 1954, ch. 937, title V, $ 542(a)(13), 68 Stat. 861.
SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in title 35 section 210.
PRIOR PROVISIONS A prior section 5 of act Mar. 3, 1925, authorized governmental cooperation with Department of the Interi. or to effectuate the purposes of this chapter and was classified to section 166 of this title, prior to the general amendment of this chapter by Pub. L. 86-777.
8 167d. Sale of helium
8 167c. Licensing
Whenever the President determines that the defense, security, and general welfare of the United States requires such action, the Secretary shall issue such regulations as he deems necessary for the licensing of sales and transportation of helium in interstate commerce after extraction from helium-bearing natural gas or helium-gas mixtures. Thereafter it shall be unlawful for any person to sell or transfer helium in interstate commerce except in accordance with such regulations or pursuant to the terms of a license issued by the Secretary, or in accordance with the terms of a contract or agreement with the Secretary entered into pursuant to this chapter. For the purpose of this section, the term "helium” shall mean helium, after extraction from helium-bearing natural gas or helium-gas mixtures, in a refined or semirefined state suitable for use. (b) Terms; assignments; revocations
Each license shall be issued for a specified period to be determined by the Secretary, but not exceeding five years, and may be renewed by the Secretary upon the expiration of such period. No such license shall be issued to a person if in the opinion of the Secretary the issuance of a license to such person would be inimical to the defense and security of the United States. No such license shall be assigned or otherwise transferred directly or indirectly except with the consent or approval of the Secretary in writing. Any such license may be revoked for any material false statement in the application for license, or for violation or a failure to comply with the terms and provisions of this chapter, the regulations issued by the Secretary pursuant thereto or the terms of the license. (c) Purpose
In issuing licenses under this section, the Secretary shall impose such regulations and terms of licenses as will permit him effectively to promote the common defense and security as well as the general welfare of the United States. The licensing authority herein granted shall be used solely for the purpose of preventing the transportation or sale of helium for end uses determined by the Secretary to be nonessential or wasteful, and any determination that any end use is nonessential or wasteful shall be published in the form of general regulations applicable to all transportation or sales of helium. (d) Suspension; reacquisition of supplies
Whenever Congress or the President declares that a war or national emergency exists, the Secretary is authorized to suspend any license granted under this chapter if in his judgment such suspension is necessary to the defense and security of the United States, and he is further authorized to take such steps as may be necessary to recapture or reacquire supplies of helium.
(a) Purchase by Government agencies
The Department of Defense, the Atomic Energy Commission, and other agencies of the Federal Government, to the extent that supplies are readily available, shall purchase all major requirements of helium from the Secretary. (b) Sales by Secretary
The Secretary is authorized to sell helium for Federal, medical, scientific, and commercial uses in such quantities and under such terms and conditions as he determines. (c) Prices and determinations
Sales of helium by the Secretary shall be at prices established by him which shall be adequate to cover all costs incurred in carrying out the provisions of this chapter and to repay to the United States by deposit in the Treasury, together with interest as provided in subsection (d) of this section, the following:
(1) Within twenty-five years from September 13, 1960, the net capital and retained earnings of the helium production fund (established under section 164 of this title prior to amendment by the Helium Act Amendments of 1960), determined by the Secretary as of September 13, 1960, plus any moneys expended thereafter by the Department of the Interior from funds provided in the Supplemental Appropriation Act, 1959, for construction of a helium plant at Keyes, Oklahoma;
(2) Within twenty-five years from the date of borrowing, all funds borrowed, as provided in section 167j of this chapter, to acquire and construct helium plants and facilities; and
(3) Within twenty-five years from September 13, 1960, unless the Secretary determines that said period should be extended for not more than ten years, all funds borrowed, as provided in section 167j of this title for all purposes other than those specified in clause
(2) above. (d) Interest in price determinations
Compound interest on the amounts specified in clauses (1), (2), and (3) of subsection (c) of this section which have not been paid to the Treasury shall be calculated annually at rates determined by the Secretary of the Treasury taking into consideration the current average market yields of outstanding marketable obligations of the United States having maturities comparable to the investments authorized by this chapter, except that the interest rate on the amounts specified in clause (1) of subsection (c) of this section shall be determined as of Sept. 13, 1960, and the interest rate on the obligations specified in clauses (2) and (3) of sub
on (c) of this station as of the time of each
Tzarse of PUSCTIONS DATOwing
Atomic Energy Commission abolished and functions (ej Proad wie for medical purposes, sales to non- transferred by sections 5814 and 5841 of Title 42, The Peural purchauen
Public Health and Welfare. See also Transfer of Punc
tions notes set out under those sections Helium shall be sold for medical purposes at prins which will permit its general use there. $1676. Condemnation proceedings lor, and all sales of helium to non-Federal purchasers shall be upon condition that the Peder.
(a) Proceedings for the condemnation of any al Government shall have a right to repurchase
property under section 1672 of this title shall heltum so sold that has not been lost or dissi
be instituted and maintained pursuant to the Dared, when needed for Government use, under
provisions of the Act of August 1, 1888 (25 Stat. verms and at prices established by regulations.
357; 40 U.S.C. 257), as amended, and sections
1358 and 1403 of title 28, or any other Federal (f) Helium production fund
statute applicable to the acquisition of real All moneys received under this chapter, in property of eminent domain. The Acts of Febcluding moneys from sale of helium or other ruary 26, 1931 (46 Stat. 1421; 40 U.S.C. producta resulting from helium operations and 258a-258e), and October 21, 1942 (56 Stat. 797; from the sale of excess property shall be cred 40 U.S.C. 2581), shall be applicable to any such ited to the helium production fund, which shall proceedings. Wherever the words “real properbe avallable without fiscal year limitation, for ty”, “realty", "land", "easement”, “right-ofcarrying out the provisions of this chapter, in way”, or words of similar meaning, are used in cluding any research relating to helium carried such code provisions or Acts relating to proceout by the Department of the Interior. dure, jurisdiction, and venue, they shall be Amounts accumulating in said fund in excess of deemed, for the purposes of this chapter, to inamounts the Secretary deems necessary to clude any personal property authorized to be carry out this chapter and contracts negotiated acquired hereunder. hereunder shall be paid to the Treasury and (b) In the event of disposal under section credited against the amounts required to be 167a(a)(4) of this title of any property acquired repaid to the Treasury under subsection (c) of by eminent domain pursuant to this chapter, this section.
the former owner or successor in interest of the
rights therein shall have the preferential right (Mar. 3, 1925, ch. 426, $ 6, as added Sept. 13,
to reacquire such property on terms as favor1960, Pub. L. 86-777, 82, 74 Stat. 921.)
able as those terms whereby disposition may be REFERENCES IN TEXT
made under such section. Section 164 of this title, referred to in subsec. (c)(1), (Mar. 3, 1925, ch. 426, § 8, as added Sept. 13, was omitted from the Code in the general amendment 1960, Pub. L. 86–777, § 2, 74 Stat. 922.) and revision of this chapter by Pub. L. 86-777, 82, Bept. 13, 1960, 74 8tat. 918.
REFERENCES IN TEXT Prior to amendment by the Helium Act Amendments of 1960, referred to in subsec. (c)(1), means
Act of February 26, 1931, referred to in subsec. (a), is prior to Mar. 1, 1961. See Effective Date of 1960
act Feb. 26, 1931, ch. 307, 46 Stat. 1421, as amended, Amendment note set out under section 107 of this known as the Declaration of Taking Act, which is clastitle.
sified to section 258a et seq. of Title 40, Public BuildThe Supplemental Appropriation Act, 1959, referred ings, Property, and Works. Pub. L. 99-656, $ 1(2), Nov. to in subsec. (c)(1), 18 Pub. L. 85-766, Aug. 27, 1958, 72 14, 1986, 100 Stat. 3668, amended act Feb. 26, 1931, by Blat. 864. Provisions of the Act providing funds for the adding section 6, which is classified to section 258e-1 construction of a hellum plant probably are those ap
of Title 40. pearing under the heading "Construction" under "Bureau of Mines" at 72 Stat. 875, and are not classi
SECTION REFERRED TO IN OTHER SECTIONS fled to the Code. For classification of various other
This section is referred to in section 167a of this provisions of the Act to the Code, see Tables.
title. TRANSFER OF FUNCTIONS
8 167g. Promulgation of rules and regulations Atomic Energy Commission abolished and functions transferred by sections 5814 and 5841 of Title 42, The The Secretary is authorized to establish and Public Health and Welfare. See also Transfer of Func promulgate such rules and regulations, as are tions notes set out under those sections.
consistent with the directions of this chapter SECTION REFERRED TO IN OTHER SECTIONS
and are necessary to carry out the provisions
hereof. This section is referred to in section 167j of this title,
(Mar. 3, 1925, ch. 426, § 9, as added Sept. 13,
1960, Pub. L. 86-777, 82, 74 Stat. 922.) 8167e. Intragovernmental cooperation
8 167h. Administrative procedure The Secretary of Defense and the Chairman of the Atomic Energy Commission may each (a) The provisions of subchapter II of chapter designate representatives to cooperate with the 5 of title 5 shall apply to any agency proceeding Secretary in carrying out the purposes of this and any agency action taken under this chapchapter, and shall have complete right of access ter, including the issuance of rules and regulato plants, data, and accounts.
tions, and the terms "agency proceeding" and (Mar. 3. 1925, ch. 426, $ 7. as added Sept. 13, 1960. Pub. L. 86-777. $ 2, 74 Stat. 921.)
See References in Text note below.
"agency action” shall have the meaning specified in subchapter II of chapter 5 of title 5.
(b) In any proceeding under this chapter for the granting, suspending, revoking, or amend. ing of any license, or application to transfer control thereof, and in any proceeding for the issuance or modification of rules and regulations dealing with the activities of licensees, the Secretary shall grant a hearing upon the request of any person whose interest may be affected by the proceeding, and shall admit any such person as a party to such proceeding. Any final order entered in any such proceeding shall be subject to judicial review in the manner prescribed in chapter 158 of title 28, and to the provisions of chapter 7 of title 5. (Mar. 3, 1925, ch. 426, § 10, as added Sept. 13, 1960, Pub. L. 86-777, § 2, 74 Stat. 922.)
CODIFICATION In subsecs. (a) and (b), "subchapter II of chapter 5 of title 5” and “chapter 7 of title 5" substituted for "the Administrative Procedure Act of June 11, 1946 (60 Stat. 637; 5 U.S.C. 1001-1011), as amended”, "the Administrative Procedure Act”, and “section 10 of the Administrative Procedure Act", respectively, on authority of Pub. L. 89-554, $ 7(b), Sept. 6, 1966, 80 Stat. 631, the first section of which enacted Title 5, Government Organization and Employees.
In subsec. (b), “chapter 158 of title 28" substituted for “the Act of December 29, 1950 (64 Stat. 1129; 5 U.S.C. 1031-1042), as amended" on authority of Pub. L. 89-554, $ 7(b), Sept. 6, 1966, 80 Stat. 631, section 4(e) of which enacted chapter 158 of Title 28, Judiciary and Judicial Procedure.
fund established under section 167d(f) of this title such amounts as may be authorized in the initial appropriation Act and which may be increased from time to time in appropriation Acts and as are necessary to carry out the provisions of this chapter and contractual obligations hereunder.
(b) For the purpose of this section the Secretary may issue to the Secretary of the Treasury notes, debentures, bonds, or other obligations to be redeemable at the option of the Secretary before maturity in such manner as may be stipulated in such obligations. The Secretary of the Treasury is authorized and directed to purchase any obligations issued by the Secretary under authority of this section and for such purpose the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under chapter 31 of title 31, and the purposes for which securities may be issued under chapter 31 of title 31 are extended to include any purchases of obligations of the Secretary hereunder. (Mar. 3, 1925, ch. 426, § 12, as added Sept. 13, 1960, Pub. L. 86-777, § 2, 74 Stat. 923.)
In subsec. (b), "chapter 31 of title 31" substituted for "the Second Liberty Bond Act, as amended" on authority of Pub. L. 97-258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.
SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in section 167d of this title.
& 167k. Violations; penalties
$ 167i. Exclusion from Natural Gas Act provisions
The provisions of the Natural Gas Act of June 21, 1938, as amended [15 U.S.C. 717 et seq.), shall not be applicable to the sale, extraction, processing, transportation, or storage of helium either prior to or subsequent to the separation of such helium from the natural gas with which it is commingled, whether or not the provisions of such Act apply to such natural gas, and in determining the rates of a natural gas company under sections 4 and 5 of the Natural Gas Act, as amended (15 U.S.C. 7170, 717d), whenever helium is extracted from helium-bearing natural gas, there shall be excluded (1) all income received from the sale of helium; (2) all direct costs incurred in the extraction, processing, compression, transportation or storage of helium; and (3) that portion of joint costs of exploration, production, gathering, extraction, processing, compression, transportation or storage divided and allocated to helium on a volumetric basis. (Mar. 3, 1925, ch. 426, § 11, as added Sept. 13, 1960, Pub. L. 86-777, § 2, 74 Stat. 922.)
REFERENCES IN TEXT The Natural Gas Act of June 21, 1938, as amended, referred to in text, means act June 21, 1938, ch. 556, 52 Stat. 821, as amended, known as the Natural Gas Act, which is classified generally to chapter 15B ($717 et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 717w of Title 15 and Tables.
Whoever willfully violates, attempts to violate, or conspires to violate, any provision of this chapter or any regulation or order issued or any terms of a license granted thereunder shall, upon conviction thereof, be punished by a fine of not more than $5,000 or by imprisonment for not more than two years, or both, except that whoever commits such an offense with intent to injure the United States or with intent to secure an advantage to any foreign nation, shall upon conviction thereof, be punished by a fine of not more than $20,000 or by imprisonment for not more than twenty years, or both. (Mar. 3, 1925, ch. 426, § 13, as added Sept. 13, 1960, Pub. L. 86-777, § 2, 74 Stat. 923.)
8 1671. Injunctions
Whenever in the judgment of the Secretary any person has engaged or is about to engage in any act or practice which constitutes or will constitute a violation of any provision of this chapter, or any regulation or order issued or any term of a license granted thereunder, any such act or practice may be enjoined by any district court having jurisdiction of such person, and proper proceedings to this end may be instituted under the direction of the Attorney General of the United States.
$ 1673. Loans and obligations
(a) The Secretary is authorized to borrow annually from the Treasury and credit to the