12-U.S.C.-391

§391 – Federal Reserve Banks As Government Depositaries and Fiscal Agents

Pathway

Title 12 > Chapter 3 > Subchapter XI > Section 391

Details

• Reference: Section 391
• Legend: §391 – Federal Reserve Banks As Government Depositaries and Fiscal Agents
• USCode Year: 2013

Provision Content

The moneys held in the general fund of the Treasury, except the 5 per centum fund for the redemption of outstanding national-bank notes may, upon the direction of the Secretary of the Treasury, be deposited in Federal reserve banks, which banks, when required by the Secretary of the Treasury, shall act as fiscal agents of the United States; and the revenues of the Government or any part thereof may be deposited in such banks, and disbursements may be made by checks drawn against such deposits.

(Dec. 23, 1913, ch. 6, §15 (par.), 38 Stat. 265; Pub. L. 90–269, §2, Mar. 18, 1968, 82 Stat. 50.)

Codification

Section is comprised of first par. of section 15 of act Dec. 23, 1913. Par. 2 of section 15 and par. 3 of section 15, as added Mar. 4, 1923, ch. 252, title IV, §406, 42 Stat. 1480, are classified to sections 392 and 393, respectively, of this title.

Amendments

1968—Pub. L. 90–269 struck out provision which excepted funds provided in this chapter for the redemption of Federal Reserve notes from deposit in Federal reserve banks.

U.S. Encyclopedia of Law Coverage

12-U.S.C.-373 in the Legal Encyclopedia: Banking Law

In this entry about 12-U.S.C.-373, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.

12-U.S.C.-371B-1 in the Legal Encyclopedia: Federal Reserve System

In this entry about 12-U.S.C.-371B-1, find legal reference material, bibliographies and premiere content related to federal reserve system in the American Encyclopedia of Law, presenting a comprehensive view of the United States federal reserve system-specific issues, written by authorities in the field.

Topic Map

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