12 U.S.C. § 391 — Federal reserve banks as Government depositaries and fiscal agents

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 85 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary of the Treasury can direct that general Treasury funds be deposited in Federal Reserve banks. Those banks must then act as the government's fiscal agents when the Secretary requires it. Government revenue can be deposited there, and payments can be made by checks drawn on those deposits.

The money held in the Treasury's general fund — except for the 5 percent fund kept to redeem outstanding national-bank notes — may be deposited in Federal Reserve banks whenever the Secretary of the Treasury directs it. When the Secretary requires it, those banks must act as fiscal agents for the United States. Government revenue, or any part of it, may be deposited in these banks, and payments may be made using checks drawn against those deposits.

the actual law source: uscode.house.gov ↗public domain

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.

Source credit: (Dec. 23, 1913, ch. 6, § 15 (par.), 38 Stat. 265; Pub. L. 90–269, § 2, Mar. 18, 1968, 82 Stat. 50.)

history & why it existsrecord from the source credit

1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 265
1968Amended · Pub. L. 90-269 · 82 Stat. 50

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

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