12 U.S.C. § 461 — Reserve requirements
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 3,993 words · no verdicts yet
The Federal Reserve Board sets reserve requirements — how much money banks and other depository institutions must keep on hand against deposits. It defines key terms, sets ratio limits, and allows exceptions for emergencies, small institutions, and foreign operations. Balances held to meet these requirements can earn interest.
(a) Definitions and rulemaking power. The Board can define the terms used in this section, decide what counts as "interest," decide what kinds of obligations count as a "deposit" no matter how they're issued or what the money is used for, and write regulations needed to carry out this section and stop people from evading it.
(b) Reserve requirements on transaction accounts and time deposits. (1) This paragraph defines several terms used throughout this section. A "depository institution" is a list of specific bank, savings, and credit* union types (defined by cross-reference), plus wholly-owned associations of those institutions. A "bank" is any insured or non-insured bank other than a mutual savings bank or savings bank. A "transaction account" is a deposit account the holder can draw on by check, transfer order, phone transfer, or similar means to pay or transfer money to others — this includes checking accounts, NOW accounts, savings accounts with automatic transfers, and share draft accounts. "Nonpersonal time deposits" are time deposits held for someone other than an individual. "Reservable liabilities" means transaction accounts, nonpersonal time deposits, and other balances subject to reserve rules under paragraph (5). The Board can also declare, by regulation, that any account used to pay or transfer money to others counts as a transaction account, to stop evasion — after consulting the FDIC, the Comptroller of the Currency, and the National Credit Union Administration.
(2) Each depository institution must hold reserves the Board sets, for monetary-policy purposes only: up to 3% (which can be zero) on transaction accounts up to $25 million, and up to 14% (which can be zero, with a normal rate of 12%) on transaction accounts above $25 million. It must also hold reserves of up to 9% (which can be zero, with a normal rate of 3%) on nonpersonal time deposits. Starting in 1981, the Board must adjust that $25 million figure every year, up or down, based on 80% of the percentage change in total transaction accounts across all depository institutions, measured from June 30 to June 30. Reserve requirements must be applied the same way to every institution, though time-deposit requirements can vary by how long the deposit is held.
(3) In extraordinary circumstances, and after at least 5 Board members agree, the Board can set reserve requirements outside the normal ratio and liability limits, for up to 180 days at a time, renewable in further 180-day blocks — after consulting Congress. The Board must promptly report to Congress each time it does this and explain why.
(4) With at least 5 Board members voting yes, the Board can add a supplemental reserve requirement of up to 4% of an institution's transaction accounts, but only if: its sole purpose is reaching the reserve level monetary policy needs; it is not used to reduce the cost of the normal reserve requirement; it is not used to raise the balances needed for check-clearing; and normal reserves are not already below what the base ratios would require. The Board must consult the FDIC, the Comptroller, and the NCUA first, and must report to Congress explaining the basis for the decision. If a supplemental reserve lasts a year or more, the Board must review it and report annually to Congress on whether it's still needed. It automatically ends after the first 90-day stretch where average reserves fall back below what the base ratios would require.
(5) Foreign branches and subsidiaries of institutions that are not Federal Reserve members must hold reserves just like those of member banks. On top of normal reserves, the Board can also require reserves against: balances a domestic office owes its own foreign offices or another institution's foreign offices; loans to U.S. residents made by overseas offices, if the institution has any U.S. offices; and assets a U.S. institution's foreign offices acquired from its domestic offices.
(6) These requirements do not apply to deposits payable only outside the U.S. states and D.C. — though the Board keeps its separate authority over member banks' foreign branches under other law.
(7) Any depository institution holding transaction accounts or nonpersonal time deposits gets the same discount and borrowing privileges as member banks. The Board and Federal Reserve banks must consider these institutions' special borrowing needs given their long-term assets and sensitivity to money-market swings.
(8) Institutions that were doing business by July 1, 1979, but were not then Federal Reserve members get their new reserve requirements phased in gradually over seven years, in growing eighth-fractions. Similar phase-in and phase-out schedules apply to banks that were already members on that date, banks that later join, banks that withdrew from membership between July 1979 and March 1980, and depository institutions operating outside the continental United States* before August 1, 1978 — each with its own detailed multi-year schedule set out in the statute.
(9) This subsection does not apply to a financial institution that exists solely to do business with other financial institutions, is mainly owned by those institutions, and doesn't deal with the general public.
(10) If another federal regulator waives a liquidity requirement (or its penalty) for a specific institution, the Board must waive the matching reserve requirement (or its penalty) too, when that regulator asks.
(11) A reserve ratio of zero applies to the first $2,000,000 (adjusted each year, as described below) of any institution's reservable liabilities; the institution chooses which liabilities get this treatment, and the Board must keep the paperwork for it minimal — institutions with a zero reserve requirement face less reporting than others. Starting in 1982, the Board must adjust that $2,000,000 figure upward each year by 80% of the percentage growth in total reservable liabilities across all institutions; if reservable liabilities shrink instead, no adjustment is made.
(12) Balances a depository institution keeps at a Federal Reserve bank can earn interest, paid at least quarterly, at a rate no higher than general short-term interest rates. The Board can write regulations on how this interest is paid and distributed, including through Federal Home Loan Banks or the National Credit Union Administration's Central Liquidity Facility. For this paragraph, "depository institution" also includes certain trust companies, foreign-bank agreement corporations, and U.S. branches or agencies of foreign banks.
(c) How reserves must be held. (1) Reserves an institution holds to meet subsection (b) must generally be balances at its Federal Reserve bank, except the Board can let institutions hold some or all of their reserves as vault cash instead (the same percentage must apply to every institution), and vault cash can also cover any supplemental reserve requirement — though vault cash used for a supplemental requirement is not counted when figuring interest earnings. Reserves can also be held indirectly, as balances at another depository institution, a Federal Home Loan Bank, or the NCUA's Central Liquidity Facility, as long as that intermediary in turn keeps the funds as Federal Reserve balances. Balances one institution passes to another this way are not double-counted or double-taxed under related deposit-insurance assessment laws. (2) Balances held to meet these Federal Reserve requirements — even when passed through a Federal Home Loan Bank, the NCUA facility, or another institution — can also be used to satisfy separate liquidity requirements under other federal or state* law.
The Board is authorized for the purposes of this section 1 to define the terms used in this section,1 to determine what shall be deemed a payment of interest, to determine what types of obligations, whether issued directly by a member bank or indirectly by an affiliate* of a member bank or by other means, and, regardless of the use of the proceeds, shall be deemed a deposit, and to prescribe such regulations as it may deem necessary to effectuate the purposes of this section 1 and to prevent evasions thereof.
The following definitions and rules apply to this subsection, subsection (c), and sections 248–1, 248a, 342, 360, and 412 of this title:
The term “depository institution” means—
any insured bank as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813] or any bank which is eligible to make application to become an insured bank under section 5 of such Act [12 U.S.C. 1815];
any mutual savings bank as defined in section 3 of the Federal Deposit Insurance Act or any bank which is eligible to make application to become an insured bank under section 5 of such Act;
any savings bank as defined in section 3 of the Federal Deposit Insurance Act or any bank which is eligible to make application to become an insured bank under section 5 of such Act;
any insured credit union* as defined in section 1752 of this title or any credit* union which is eligible to make application to become an insured credit union pursuant to section 1781 of this title;
any member as defined in section 1422 of this title;
any savings association (as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]) which is an insured depository institution (as defined in such Act [12 U.S.C. 1811 et seq.]) or is eligible to apply to become an insured depository institution under the Federal Deposit Insurance Act; and
for the purpose of sections 248–1, 342 to 347, 347c, 347d, and 372 of this title, any association or entity which is wholly owned by or which consists only of institutions referred to in clauses (i) through (vi).
The term “bank” means any insured or noninsured bank, as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813], other than a mutual savings bank or a savings bank as defined in such section.
The term “transaction account” means a deposit or account on which the depositor or account holder is permitted to make withdrawals by negotiable or transferable instrument, payment orders of withdrawal, telephone transfers, or other similar items for the purpose of making payments or transfers to third persons or others. Such term includes demand deposits, negotiable order of withdrawal accounts, savings deposits subject to automatic transfers, and share draft accounts.
The term “nonpersonal time deposits” means a transferable time deposit or account or a time deposit or account representing funds deposited to the credit of, or in which any beneficial interest is held by, a depositor who is not a natural person*.
The term “reservable liabilities” means transaction accounts, nonpersonal time deposits, and all net balances, loans, assets, and obligations which are, or may be, subject to reserve requirements under paragraph (5).
In order to prevent evasions of the reserve requirements imposed by this subsection, after consultation with the Board of Directors of the Federal Deposit Insurance Corporation, the Comptroller of the Currency, and the National Credit Union Administration Board, the Board of Governors of the Federal Reserve System is authorized to determine, by regulation or order, that an account or deposit is a transaction account if such account or deposit may be used to provide funds directly or indirectly for the purpose of making payments or transfers to third persons or others.
Each depository institution shall maintain reserves against its transaction accounts as the Board may prescribe by regulation solely for the purpose of implementing monetary policy—
in a ratio of not greater than 3 percent (and which may be zero) for that portion of its total transaction accounts of $25,000,000 or less, subject to subparagraph (C); and
in the ratio of 12 per centum, or in such other ratio as the Board may prescribe not greater than 14 per centum (and which may be zero), for that portion of its total transaction accounts in excess of $25,000,000, subject to subparagraph (C).
Each depository institution shall maintain reserves against its nonpersonal time deposits in the ratio of 3 per centum, or in such other ratio not greater than 9 per centum and not less than zero per centum as the Board may prescribe by regulation solely for the purpose of implementing monetary policy.
Beginning in 1981, not later than December 31 of each year the Board shall issue a regulation increasing for the next succeeding calendar year the dollar amount which is contained in subparagraph (A) or which was last determined pursuant to this subparagraph for the purpose of such subparagraph, by an amount obtained by multiplying such dollar amount by 80 per centum of the percentage increase in the total transaction accounts of all depository institutions. The increase in such transaction accounts shall be determined by subtracting the amount of such accounts on June 30 of the preceding calendar year from the amount of such accounts on June 30 of the calendar year involved. In the case of any such 12-month period in which there has been a decrease in the total transaction accounts of all depository institutions, the Board shall issue such a regulation decreasing for the next succeeding calendar year such dollar amount by an amount obtained by multiplying such dollar amount by 80 per centum of the percentage decrease in the total transaction accounts of all depository institutions. The decrease in such transaction accounts shall be determined by subtracting the amount of such accounts on June 30 of the calendar year involved from the amount of such accounts on June 30 of the previous calendar year.
Any reserve requirement imposed under this subsection shall be uniformly applied to all transaction accounts at all depository institutions. Reserve requirements imposed under this subsection shall be uniformly applied to nonpersonal time deposits at all depository institutions, except that such requirements may vary by the maturity of such deposits.
Upon a finding by at least 5 members of the Board that extraordinary circumstances require such action, the Board, after consultation with the appropriate committees of the Congress, may impose, with respect to any liability of depository institutions, reserve requirements outside the limitations as to ratios and as to types of liabilities otherwise prescribed by paragraph (2) for a period not exceeding 180 days, and for further periods not exceeding 180 days each by affirmative action by at least 5 members of the Board in each instance. The Board shall promptly transmit to the Congress a report of any exercise of its authority under this paragraph and the reasons for such exercise of authority.
The Board may, upon the affirmative vote of not less than 5 members, impose a supplemental reserve requirement on every depository institution of not more than 4 per centum of its total transaction accounts. Such supplemental reserve requirement may be imposed only if—
the sole purpose of such requirement is to increase the amount of reserves maintained to a level essential for the conduct of monetary policy;
such requirement is not imposed for the purpose of reducing the cost burdens resulting from the imposition of the reserve requirements pursuant to paragraph (2);
such requirement is not imposed for the purpose of increasing the amount of balances needed for clearing purposes; and
on the date on which the supplemental reserve requirement is imposed, except as provided in paragraph (11), the total amount of reserves required pursuant to paragraph (2) is not less than the amount of reserves that would be required if the initial ratios specified in paragraph (2) were in effect.
The Board may require the supplemental reserve authorized under subparagraph (A) only after consultation with the Board of Directors of the Federal Deposit Insurance Corporation, the Comptroller of the Currency, and the National Credit Union Administration Board. The Board shall promptly transmit to the Congress a report with respect to any exercise of its authority to require supplemental reserves under subparagraph (A) and such report shall state* the basis for the determination to exercise such authority.
If a supplemental reserve under subparagraph (A) has been required of depository institutions for a period of one year or more, the Board shall review and determine the need for continued maintenance of supplemental reserves and shall transmit annual reports to the Congress regarding the need, if any, for continuing the supplemental reserve.
Any supplemental reserve imposed under subparagraph (A) shall terminate at the close of the first 90-day period after such requirement is imposed during which the average amount of reserves required under paragraph (2) are less than the amount of reserves which would be required during such period if the initial ratios specified in paragraph (2) were in effect.
Foreign branches, subsidiaries, and international banking facilities of nonmember depository institutions shall maintain reserves to the same extent required by the Board of foreign branches, subsidiaries, and international banking facilities of member banks. In addition to any reserves otherwise required to be maintained pursuant to this subsection, any depository institution shall maintain reserves in such ratios as the Board may prescribe against—
net balances owed by domestic offices of such depository institution in the United States to its directly related foreign offices and to foreign offices of nonrelated depository institutions;
loans to United States residents made by overseas offices of such depository institution if such depository institution has one or more offices in the United States; and
assets (including participations) held by foreign offices of a depository institution in the United States which were acquired from its domestic offices.
The requirements imposed under paragraph (2) shall not apply to deposits payable only outside the States of the United States and the District of Columbia, except that nothing in this subsection limits the authority of the Board to impose conditions and requirements on member banks under section 25 of this Act [12 U.S.C. 601 et seq.] or the authority of the Board under section 3105 of this title.
Any depository institution in which transaction accounts or nonpersonal time deposits are held shall be entitled to the same discount and borrowing privileges as member banks. In the administration of discount and borrowing privileges, the Board and the Federal Reserve banks shall take into consideration the special needs of savings and other depository institutions for access to discount and borrowing facilities consistent with their long-term asset portfolios and the sensitivity of such institutions to trends in the national money markets.
Any depository institution required to maintain reserves under this subsection which was engaged in business on July 1, 1979, but was not a member of the Federal Reserve System on or after that date, shall maintain reserves against its deposits during the first twelve-month period following the effective date of this paragraph in amounts equal to one-eighth of those otherwise required by this subsection, during the second such twelve-month period in amounts equal to one-fourth of those otherwise required, during the third such twelve-month period in amounts equal to three-eighths of those otherwise required, during the fourth twelve-month period in amounts equal to one-half of those otherwise required, and during the fifth twelve-month period in amounts equal to five-eighths of those otherwise required, during the sixth twelve-month period in amounts equal to three-fourths of those otherwise required, and during the seventh twelve-month period in amounts equal to seven-eighths of those otherwise required. This subparagraph does not apply to any category of deposits or accounts which are first authorized pursuant to Federal law in any State after April 1, 1980.
With respect to any bank which was a member of the Federal Reserve System during the entire period beginning on July 1, 1979, and ending on the effective date of the Monetary Control Act of 1980, the amount of required reserves imposed pursuant to this subsection on and after the effective date of such Act that exceeds the amount of reserves which would have been required of such bank if the reserve ratios in effect during the reserve computation period immediately preceding such effective date were applied may, at the discretion of the Board and in accordance with such rules and regulations as it may adopt, be reduced by 75 per centum during the first year which begins after such effective date, 50 per centum during the second year, and 25 per centum during the third year.
With respect to any bank which is a member of the Federal Reserve System on the effective date of the Monetary Control Act of 1980, the amount of reserves which would have been required of such bank if the reserve ratios in effect during the reserve computation period immediately preceding such effective date were applied that exceeds the amount of required reserves imposed pursuant to this subsection shall, in accordance with such rules and regulations as the Board may adopt, be reduced by 25 per centum during the first year which begins after such effective date, 50 per centum during the second year, and 75 per centum during the third year.
If a bank becomes a member bank during the four-year period beginning on the effective date of the Monetary Control Act of 1980, and if the amount of reserves which would have been required of such bank, determined as if the reserve ratios in effect during the reserve computation period immediately preceding such effective date were applied, and as if such bank had been a member during such period, exceeds the amount of reserves required pursuant to this subsection, the amount of reserves required to be maintained by such bank beginning on the date on which such bank becomes a member of the Federal Reserve System shall be the amount of reserves which would have been required of such bank if it had been a member on the day before such effective date, except that the amount of such excess shall, in accordance with such rules and regulations as the Board may adopt, be reduced by 25 per centum during the first year which begins after such effective date, 50 per centum during the second year, and 75 per centum during the third year.
Any bank which was a member bank on July 1, 1979, and which withdrew from membership in the Federal Reserve System during the period beginning July 1, 1979, and ending on March 31, 1980, shall maintain reserves during the first twelve-month period beginning on October 15, 1982, in amounts equal to one-half of those otherwise required by this subsection, during the second such twelve-month period in amounts equal to two-thirds of those otherwise required, and during the third such twelve-month period in amounts equal to five-sixths of those otherwise required.
Any bank which withdraws from membership in the Federal Reserve System after March 31, 1980, shall maintain reserves in the same amount as member banks are required to maintain under this subsection, pursuant to subparagraphs (B) and (C)(i).
This subparagraph applies to any depository institution that, on August 1, 1978, (i) was engaged in business as a depository institution in a State outside the continental limits of the United States, and (ii) was not a member of the Federal Reserve System at any time on or after such date. Such a depository institution shall not be required to maintain reserves against its deposits held or maintained at its offices located in a State outside the continental limits of the United States until the first day of the sixth calendar year which begins after the effective date of the Monetary Control Act of 1980. Such a depository institution shall maintain reserves against such deposits during the sixth calendar year which begins after such effective date in an amount equal to one-eighth of that otherwise required by paragraph (2), during the seventh such year in an amount equal to one-fourth of that otherwise required, during the eighth such year in an amount equal to three-eighths of that otherwise required, during the ninth such year in an amount equal to one-half of that otherwise required, during the tenth such year in an amount equal to five-eighths of that otherwise required, during the eleventh such year in an amount equal to three-fourths of that otherwise required, and during the twelfth such year in an amount equal to seven-eighths of that otherwise required.
This subsection shall not apply with respect to any financial institution which—
is organized solely to do business with other financial institutions;
is owned primarily by the financial institutions with which it does business; and
does not do business with the general public.
In individual cases, where a Federal supervisory authority waives a liquidity requirement, or waives the penalty for failing to satisfy a liquidity requirement, the Board shall waive the reserve requirement, or waive the penalty for failing to satisfy a reserve requirement, imposed pursuant to this subsection for the depository institution involved when requested by the Federal supervisory authority involved.
Notwithstanding the reserve requirement ratios established under paragraphs (2) and (5) of this subsection, a reserve ratio of zero per centum shall apply to any combination of reservable liabilities, which do not exceed $2,000,000 (as adjusted under subparagraph (B)), of each depository institution.
Each depository institution may designate, in accordance with such rules and regulations as the Board shall prescribe, the types and amounts of reservable liabilities to which the reserve ratio of zero per centum shall apply, except that transaction accounts which are designated to be subject to a reserve ratio of zero per centum shall be accounts which would otherwise be subject to a reserve ratio of 3 per centum under paragraph (2).
The Board shall minimize the reporting necessary to determine whether depository institutions have total reservable liabilities of less than $2,000,000 (as adjusted under subparagraph (B)). Consistent with the Board’s responsibility to monitor and control monetary and credit aggregates, depository institutions which have reserve requirements under this subsection equal to zero per centum shall be subject to less overall reporting requirements than depository institutions which have a reserve requirement under this subsection that exceeds zero per centum.
Beginning in 1982, not later than December 31 of each year, the Board shall issue a regulation increasing for the next succeeding calendar year the dollar amount specified in subparagraph (A), as previously adjusted under this subparagraph, by an amount obtained by multiplying such dollar amount by 80 per centum of the percentage increase in the total reservable liabilities of all depository institutions.
The increase in total reservable liabilities shall be determined by subtracting the amount of total reservable liabilities on June 30 of the preceding calendar year from the amount of total reservable liabilities on June 30 of the calendar year involved. In the case of any such twelve-month period in which there has been a decrease in the total reservable liabilities of all depository institutions, no adjustment shall be made. A decrease in total reservable liabilities shall be determined by subtracting the amount of total reservable liabilities on June 30 of the calendar year involved from the amount of total reservable liabilities on June 30 of the previous calendar year.
Balances maintained at a Federal Reserve bank by or on behalf of a depository institution may receive earnings to be paid by the Federal Reserve bank at least once each calendar quarter, at a rate or rates not to exceed the general level of short-term interest rates.
The Board may prescribe regulations concerning—
the payment of earnings in accordance with this paragraph;
the distribution of such earnings to the depository institutions which maintain balances at such banks, or on whose behalf such balances are maintained; and
the responsibilities of depository institutions, Federal Home Loan Banks, and the National Credit Union Administration Central Liquidity Facility with respect to the crediting and distribution of earnings attributable to balances maintained, in accordance with subsection (c)(1)(A), in a Federal Reserve bank by any such entity on behalf of depository institutions.
For purposes of this paragraph, the term “depository institution”, in addition to the institutions described in paragraph (1)(A), includes any trust company, corporation organized under section 25A [12 U.S.C. 611 et seq.] or having an agreement with the Board under section 25 [12 U.S.C. 601 et seq.], or any branch or agency of a foreign bank (as defined in section 3101 of this title).
Reserves held by a depository institution to meet the requirements imposed pursuant to subsection (b) shall, subject to such rules and regulations as the Board shall prescribe, be in the form of—
balances maintained for such purposes by such depository institution in the Federal Reserve bank of which it is a member or at which it maintains an account, except that (i) the Board may, by regulation or order, permit depository institutions to maintain all or a portion of their required reserves in the form of vault cash, except that any portion so permitted shall be identical for all depository institutions, and (ii) vault cash may be used to satisfy any supplemental reserve requirement imposed pursuant to subsection (b)(4), except that all such vault cash shall be excluded from any computation of earnings pursuant to subsection (b); and
balances maintained by a depository institution in a depository institution which maintains required reserve balances at a Federal Reserve bank, in a Federal Home Loan Bank, or in the National Credit Union Administration Central Liquidity Facility, if such depository institution, Federal Home Loan Bank, or National Credit Union Administration Central Liquidity Facility maintains such funds in the form of balances in a Federal Reserve bank of which it is a member or at which it maintains an account. Balances received by a depository institution from a second depository institution and used to satisfy the reserve requirement imposed on such second depository institution by this section shall not be subject to the reserve requirements of this section imposed on such first depository institution, and shall not be subject to assessments or reserves imposed on such first depository institution pursuant to section 7 of the Federal Deposit Insurance Act (12 U.S.C. 1817), section 404 of the National Housing Act (12 U.S.C. 1727),1 or section 202 of the Federal Credit Union Act (12 U.S.C. 1782).
The balances maintained to meet the reserve requirements of subsection (b) by a depository institution in a Federal Reserve bank or passed through a Federal Home Loan Bank or the National Credit Union Administration Central Liquidity Facility or another depository institution to a Federal Reserve bank may be used to satisfy liquidity requirements which may be imposed under other provisions of Federal or State law.
Source credit: (Dec. 23, 1913, ch. 6, § 19(a)–(c), formerly § 19 (pars.), 38 Stat. 270; June 21, 1917, ch. 32, § 10, 40 Stat. 239; Aug. 23, 1935, ch. 614, title III, § 324(a), 49 Stat. 714; renumbered § 19(a)–(c) and amended Pub. L. 89–597, § 2(a), Sept. 21, 1966, 80 Stat. 823; Pub. L. 91–151, title I, §§ 4(a), 5, Dec. 23, 1969, 83 Stat. 374, 375; Pub. L. 93–501, title I, § 101(a), Oct. 29, 1974, 88 Stat. 1557; Pub. L. 96–221, title I, §§ 103, 104(a), Mar. 31, 1980, 94 Stat. 133, 138; Pub. L. 97–35, title III, § 385, Aug. 13, 1981, 95 Stat. 433; Pub. L. 97–320, title IV, § 411, title VII, § 708, Oct. 15, 1982, 96 Stat. 1520, 1540; Pub. L. 101–73, title VII, § 744(i)(2), (3), Aug. 9, 1989, 103 Stat. 439; Pub. L. 109–351, title II, §§ 201, 202, title VI, § 603, Oct. 13, 2006, 120 Stat. 1968, 1969, 1980; Pub. L. 111–203, title III, § 366(2), July 21, 2010, 124 Stat. 1556.)
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 270
- 1917Amended · Act of June 21, 1917, ch. 32 · 40 Stat. 239
- 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 714
- 1966Amended · Pub. L. 89-597 · 80 Stat. 823
- 1969Amended · Pub. L. 91-151 · 83 Stat. 374, 375
- 1974Amended · Pub. L. 93-501 · 88 Stat. 1557
- 1980Amended · Pub. L. 96-221 · 94 Stat. 133, 138
- 1981Amended · Pub. L. 97-35 · 95 Stat. 433
- 1982Amended · Pub. L. 97-320 · 96 Stat. 1520, 1540
- 1989Amended · Pub. L. 101-73 · 103 Stat. 439
- 2006Amended · Pub. L. 109-351 · 120 Stat. 1968, 1969, 1980
- 2010Amended · Pub. L. 111-203 · 124 Stat. 1556
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
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