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18 U.S.C. § 334 — Issuance of Federal Reserve or national bank notes

submitted 78 years ago by ch. 645 to r/title-18-CRIMES-AND-CRIMINAL-PROCEDURE · 116 words · no verdicts yet

in plain englishAI-generated · not legal advice

A Federal Reserve Agent, or an employee of one or of the Federal Reserve Board, who issues Federal Reserve notes without following the law faces up to five years in prison, a fine, or both. So does an officer who improperly countersigns or delivers national bank circulating notes outside what the law allows.

This section punishes two kinds of unlawful note issuance. First, a Federal Reserve Agent, or an agent or employee of that Agent or of the Federal Reserve Board of Governors, who issues or circulates Federal Reserve notes without following, or in violation of, the laws governing how those notes may be issued and circulated. Second, an officer acting under chapter 2 of Title 12 who countersigns or delivers circulating notes to a national bank or to any other company or person, except exactly as that chapter allows. Either offense is punished by a fine under this title, up to five years in prison, or both.
the actual law source: uscode.house.gov ↗public domain

Whoever, being a Federal Reserve Agent, or an agent or employee of such Federal Reserve Agent, or of the Board of Governors of the Federal Reserve System, issues or puts in circulation any Federal Reserve notes, without complying with or in violation of the provisions of law regulating the issuance and circulation of such Federal Reserve notes; or

Whoever, being an officer acting under the provisions of chapter 2 of Title 12, countersigns or delivers to any national banking association, or to any other company or person, any circulating notes contemplated by that chapter except in strict accordance with its provisions—

Shall be fined under this title or imprisoned not more than five years, or both.

Source credit: (June 25, 1948, ch. 645, 62 Stat. 700; Pub. L. 103–322, title XXXIII, § 330016(1)(K), Sept. 13, 1994, 108 Stat. 2147.)

history & why it existsrecord from the source credit
  • 1948Enacted · Act of June 25, 1948, ch. 645 · 62 Stat. 700
  • 1994Amended · Pub. L. 103-322 · 108 Stat. 2147

A history note hasn’t been published yet. The record shows enactment by ch. 645 on 1948-06-25.

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