INTEREST ON ADVANCES TO THE FEDERAL UNEMPLOYMENT ACCOUNT AND THE EXTENDED UNEMPLOYMENT COMPENSATION ACCOUNT.

SEC. 9155. INTEREST ON ADVANCES TO THE FEDERAL UNEMPLOYMENT ACCOUNT AND THE EXTENDED UNEMPLOYMENT COMPENSATION ACCOUNT. (a) Extended Unemployment Compensation Account.— Section 905(d) of the Social Security Act (42 U.S.C. 1105(d)) is amended— (1) by striking out “Without interest)” and “, without interest,”; and 101 STAT. 1330–327 (2) by adding the following new sentence at the end: “Amounts appropriated as repayable advances for purposes of this subsection shall bear interest at a rate equal to the average rate of interest, computed as of the end of the calendar month next preceding the date of such advance, borne by all interest bearing obligations of the United States then forming part of the public debt; except that in cases in which such average rate is not a multiple of one-eighth of 1 percent, the rate of interest shall be the multiple of one-eighth of 1 percent next lower than such average rate.”. (b) Federal Unemployment Account.— Section 1203 of such Act (42 U.S.C. 1323) is amended— (1) by striking out “(without interest)” and “, without interest,”; and (2) by adding the following new sentence at the end: “Amounts appropriated as repayable advances for purposes of this subsection shall bear interest at a rate equal to the average rate of interest, computed as of the end of the calendar month next preceding the date of such advance, borne by all interest bearing obligations of the United States then forming part of the public debt; except that in cases in which such average rate is not a multiple of one-eighth of 1 percent, the rate of interest shall be the multiple of one-eighth of 1 percent next lower than such average rate.”. (c) Conforming Amendment.— Section 903(a)(1) of such Act (42 U.S.C. 1103(a)(1)) is amended by inserting “and interest” after “all advances”. (d) Effective Date.— The amendments made by this section shall apply to advances made on or after the date of the enactment of this Act.