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22 U.S.C. § 290i–5 — Federal Reserve banks as depositories

submitted 45 years ago by Pub. L. 97-35 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 48 words · no verdicts yet

in plain englishAI-generated · not legal advice

If the Bank asks, a Federal Reserve bank must hold its money or act as its financial agent. The Federal Reserve's Board of Governors oversees this work.

If the Bank asks a Federal Reserve bank to serve as its depository — a place that holds its money — or as its fiscal agent — a bank that handles its financial business — that Federal Reserve bank must do so. The Board of Governors of the Federal Reserve System supervises and directs how Federal Reserve banks carry out these duties.
the actual law source: uscode.house.gov ↗public domain

Any Federal Reserve bank which is requested to do so by the Bank shall act as its depository or as its fiscal agent, and the Board of Governors of the Federal Reserve System shall supervise and direct the carrying out of these functions by the Federal Reserve banks.

Source credit: (Pub. L. 97–35, title XIII, § 1337, Aug. 13, 1981, 95 Stat. 742.)

history & why it existsrecord from the source credit
  • 1981Enacted · Pub. L. 97-35 · 95 Stat. 742

A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-35 on 1981-08-13.

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