2017 US Code
Title 12 - Banks and Banking
Chapter 3 - Federal Reserve System
Subchapter XI - Depositaries and Fiscal Agents
Sec. 391 - Federal reserve banks as Government depositaries and fiscal agents
| 12 U.S.C. § 391 (2017) |
| §391. Federal reserve banks as Government depositaries and fiscal agents |
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The moneys held in the general fund of the Treasury, except the 5 per centum fund for the redemption of outstanding national-bank notes may, upon the direction of the Secretary of the Treasury, be deposited in Federal reserve banks, which banks, when required by the Secretary of the Treasury, shall act as fiscal agents of the United States; and the revenues of the Government or any part thereof may be deposited in such banks, and disbursements may be made by checks drawn against such deposits. |
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(Dec. 23, 1913, ch. 6, §15 (par.), 38 Stat. 265; Pub. L. 90–269, §2, Mar. 18, 1968, 82 Stat. 50.) |
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CODIFICATION
Section is comprised of first par. of section 15 of act Dec. 23, 1913. Par. 2 of section 15 and par. 3 of section 15, as added Mar. 4, 1923, ch. 252, title IV, §406, 42 Stat. 1480, are classified to sections 392 and 393, respectively, of this title. AMENDMENTS1968—Pub. L. 90–269 struck out provision which excepted funds provided in this chapter for the redemption of Federal Reserve notes from deposit in Federal reserve banks. |
| United States Code, 2012 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER XI - DEPOSITARIES AND FISCAL AGENTS Sec. 391 - Federal reserve banks as Government depositaries and fiscal agents |
| section 391 |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 38 Stat. 265 42 Stat. 1480 82 Stat. 50 |
| Public Law 90-269 |
