Sinking Fund Commission

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The Sinking Fund Commission was a sinking fund commission that was created on August 12, 1790 by the United States Congress to control the disbursement of funds that Congress had already allocated to repay the national debt.[1][2] The commission was composed of five members: the President of the Senate, the Secretary of State, the Chief Justice, the Secretary of the Treasury, and the Attorney General. The board members voted to make purchases of the national debt using surplus from import taxes. If at least three board members said yes, or if a majority if not all the board members were present, the President had to approve the purchase.[3][4][5][6][7] After a few years of existence, the Secretary of the Treasury started to make all the decisions.[8][9][10] For some time after that, the Secretary of the Treasury began making purchases without approval from the president,[11] and the comission disbanded in 1836.[12] It is often described as America's first independent agency.[13]

References

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  1. ^ "STATUTE-1-Pg186.pdf" (PDF). Retrieved August 22, 2025.
  2. ^ "The Sinking Fund Precedent: An Originalist Defense of Regulatory Independence". Retrieved August 22, 2025.
  3. ^ "Page Headings - Annals of Congress". Retrieved August 22, 2025.
  4. ^ "To Thomas Jefferson from Albert Gallatin, 24 March 1807". Retrieved August 22, 2025.
  5. ^ "Meeting of the Commissioners of the Sinking Fund, 18 December 1790". Retrieved August 22, 2025.
  6. ^ "Report of the Commissioners of the Sinking Fund, 21 December 1790". Retrieved August 22, 2025.
  7. ^ "Minutes of a Meeting of the Commissioners of the Sinking Fund, 27 August 1790". Retrieved August 22, 2025.
  8. ^ "Proceedings of the Sinking Fund Commissioners, 1 June 1796". Retrieved August 22, 2025.
  9. ^ "Proceedings of the Commissioners of the Sinking Fund, [7 June] 1802". Retrieved August 22, 2025.
  10. ^ "Report of the Commissioners of the Sinking Fund, [28 April 1806]". Retrieved August 22, 2025.
  11. ^ "Page Headings - Annals of Congress". Retrieved August 22, 2025.
  12. ^ "STATUTE-5-Pg115.pdf" (PDF). Retrieved August 22, 2025.
  13. ^ "The Sinking Fund Precedent: An Originalist Defense of Regulatory Independence". Retrieved August 22, 2025.