12 U.S.C. § 95 — Emergency limitations and restrictions on business of members of Federal Reserve System; designation of legal holiday for national banking associations; exceptions; “State” defined

(a) During an emergency the President declares by proclamation, no bank that belongs to the Federal Reserve System can do any banking business — unless the Secretary of the Treasury, with the President's approval, sets rules, limits, and restrictions allowing it. This rule exists to keep the National Banking System and Federal Reserve System running safely, protect the currency Congress created through those systems, and stop unsafe banks from burdening interstate commerce by taking deposits people can withdraw by check. Anyone who breaks this rule — an individual, partnership, corporation, association, or any of their directors, officers, or employees — commits a misdemeanor. If convicted, they can be fined up to $10,000. A person (as opposed to a company) can also be imprisoned for up to ten years. Each day the violation continues counts as a separate crime. (b)(1) If a State has an emergency — a natural disaster, riot, insurrection, war, or other crisis caused by nature or people — the Comptroller of the Currency can declare any day a legal holiday for national banks in that state. If the emergency affects only part of the state, the Comptroller can limit the holiday to that part. If a state or a state official with legal authority declares a day a holiday for a ceremony or emergency, that same day automatically becomes a legal holiday for all national banks (or their affected offices) in that state or area. A national bank can choose to close or stay open on a state-declared holiday, unless the Comptroller orders otherwise in writing. (b)(2) For this subsection, “State” means any of the 50 states, the District of Columbia, Puerto Rico, the Northern Mariana Islands, Guam, the Virgin Islands, American Samoa, the Trust Territory of the Pacific Islands, or any other U.S. territory or possession.