§ 8977 Warrant Exchange Authority

• •The government can swap old payment promises for new ones if they are for the same thing.
• •They can also sell these payment promises if they want to.
• •This rule was added a long time ago, in 1943.

Imagine you have an old gift card for a store, and the store lets you trade it for a new one. The store can also sell that gift card to someone else if they need to.

The government can do something similar with their payment promises. They can trade old ones for new ones and even sell them if they want.