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12 U.S.C. § 246 — Powers of Secretary of the Treasury as affected by chapter

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 89 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law doesn't take away any powers the Secretary of the Treasury already had over the Treasury Department. If the Federal Reserve Board's or a Federal Reserve agent's powers under this law seem to conflict with the Treasury Secretary's powers, the Treasury Secretary's supervision comes first.

This section protects the Treasury Secretary's existing authority. Nothing in this chapter takes away any power the Secretary of the Treasury already had by law to supervise, manage, and control the Treasury Department and its bureaus. If a power this chapter gives to the Federal Reserve Board of Governors, or to a Federal Reserve agent, appears to conflict with the Treasury Secretary's powers, that power must be used subject to the Treasury Secretary's supervision and control.
the actual law source: uscode.house.gov ↗public domain

Nothing in this chapter contained shall be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury which relate to the supervision, management, and control of the Treasury Department and bureaus under such department, and wherever any power vested by this chapter in the Board of Governors of the Federal Reserve System or the Federal reserve agent appears to conflict with the powers of the Secretary of the Treasury, such powers shall be exercised subject to the supervision and control of the Secretary.

Source credit: (Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 261
  • 1922Amended · Act of June 3, 1922, ch. 205 · 42 Stat. 621
  • 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704

A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.

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