(a)
Holding salaries in escrow— If on any day during a pay period occurring during the term of office of the President or Vice President a Government shutdown is in effect, the Director of the Office of Personnel Management shall—
(1)
deposit in an escrow account and exclude from the payments otherwise required to be made with respect to that pay period for the compensation of the President and the Vice President an amount equal to the product of—
(A)
the daily rate of pay of the President or Vice President (as the case may be) under applicable law; and
(B)
the number of 24-hour periods during the pay period during which the Government shutdown is in effect; and
(2)
release amounts deposited in an escrow account under paragraph (1) to the President and the Vice President only upon the expiration of the period described in subsection (b).
(b)
Period described— The period described in this subsection is the period that—
(1)
begins on the first day on which the applicable Government shutdown is in effect; and
(2)
ends on the earlier of—
(A)
the date on which the applicable Government shutdown is no longer in effect; or
(B)
the last day of the term of office of the President and Vice President during which the period begins.
(c)
Withholding and remittance of amounts from payments held in escrow— The Director of the Office of Personnel Management shall provide for the same withholding and remittance with respect to a payment deposited in an escrow account under subsection (a) that would apply to the payment if the payment were not subject to subsection (a).
(d)
Release of amounts at end of term— The Director of the Office of Personnel Management shall release for payment to the President and Vice President any amounts remaining in the escrow account under this section on the last day of the term of office of the President and Vice President during which the period described in subsection (b) begins.