22 U.S.C. § 290l–3 — Federal Reserve banks as depositories

submitted 36 years ago by Pub. L. 101-513 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 45 words · no verdicts yet

in plain englishAI-generated · not legal advice

If the Bank asks, a Federal Reserve bank may hold its money or act as its financial agent. The Federal Reserve's Board of Governors generally 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 may do so. The Board of Governors of the Federal Reserve System exercises general supervision over how Federal Reserve banks carry out these functions.

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

Any Federal Reserve Bank 1 which is requested to do so by the Bank may act as its depository, or as its fiscal agent, and the Board of Governors of the Federal Reserve System shall exercise general supervision over the carrying out of these functions.

Source credit: (Pub. L. 101–513, title V, § 562(c)(5), Nov. 5, 1990, 104 Stat. 2034.)

history & why it existsrecord from the source credit

1990Enacted · Pub. L. 101-513 · 104 Stat. 2034

A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-513 on 1990-11-05.

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