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12 U.S.C. § 417 — Custody and safe-keeping of notes issued to and collateral deposited with Reserve agent

submitted 109 years ago by ch. 32 to r/title-12-BANKS-AND-BANKING · 156 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section requires Federal Reserve notes and certain valuables to be jointly held. A Federal Reserve agent and their Federal Reserve bank must keep them in joint custody. Both are equally responsible for keeping these items safe.

All Federal Reserve notes, gold certificates, Special Drawing Right certificates, and lawful money that are issued to, or deposited with, a Federal Reserve agent under the Federal Reserve Act must be held for that agent under rules set by the Board of Governors of the Federal Reserve System. They must be kept in the joint custody of the agent and the Federal Reserve bank the agent works with. That agent and that Federal Reserve bank are jointly responsible for keeping these notes, certificates, and money safe. This rule does not stop a Federal Reserve agent from depositing gold certificates and Special Drawing Right certificates with the Board of Governors instead — to be held under the Board's control and released on the agent's order — or with the Treasurer of the United States, for purposes the law allows.
the actual law source: uscode.house.gov ↗public domain

All Federal Reserve notes and all gold certificates, Special Drawing Right certificates, and lawful money issued to or deposited with any Federal Reserve agent under the provisions of the Federal Reserve Act shall hereafter be held for such agent, under such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe, in the joint custody of himself and the Federal Reserve bank to which he is accredited. Such agent and such Federal Reserve bank shall be jointly liable for the safe-keeping of such Federal Reserve notes, gold certificates, Special Drawing Right certificates, and lawful money. Nothing herein contained, however, shall be construed to prohibit a Federal Reserve agent from depositing gold certificates and Special Drawing Right certificates with the Board of Governors of the Federal Reserve System, to be held by such Board subject to his order, or with the Treasurer of the United States for the purposes authorized by law.

Source credit: (June 21, 1917, ch. 32, § 7 (par.), 40 Stat. 238; Jan. 30, 1934, ch. 6, § 2(b)(6), 48 Stat. 339; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 90–349, § 5(c), June 19, 1968, 82 Stat. 189.)

history & why it existsrecord from the source credit
  • 1917Enacted · Act of June 21, 1917, ch. 32 · 40 Stat. 238
  • 1934Amended · Act of Jan. 30, 1934, ch. 6 · 48 Stat. 339
  • 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
  • 1968Amended · Pub. L. 90-349 · 82 Stat. 189

A history note hasn’t been published yet. The record shows enactment by ch. 32 on 1917-06-21.

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