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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 12 U.S.C. § 332 Depositaries of public money; financial agents; security required us united_states_code code_section 12 BANKS AND BANKING 3 FEDERAL RESERVE SYSTEM 332 12 U.S.C. § 332 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip /us/usc/t12/s332 data/legal/raw/us/code/title-12/usc12.xml b3c46232c294cb3b6cdc93ca3b0ac6a264dc2f1302d7b247aab06a8c3b4cfd73 e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa ce6e82f6b0f76a6c6153cec82e760a1369b8c3d3fd8054c2d45a70b7b689d5d8 2026-07-04 official
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12 U.S.C. § 332 - Depositaries of public money; financial agents; security required

Text

All banks or trust companies incorporated by special law or organized under the general laws of any State, which are members of the Federal reserve system, when designated for that purpose by the Secretary of the Treasury, shall be depositaries of public money, under such regulations as may be prescribed by the Secretary; and they may also be employed as financial agents of the Government; and they shall perform all such reasonable duties, as depositaries of public money and financial agents of the Government, as may be required of them. The Secretary of the Treasury shall require of the banks and trust companies thus designated satisfactory security, by the deposit of United States bonds or otherwise, for the safe keeping and prompt payment of the public money deposited with them and for the faithful performance of their duties as financial agents of the Government.

(Dec. 23, 1913, ch. 6, § 9 (par.), as added May 7, 1928, ch. 507, 45 Stat. 492.)

Notes

Editorial Notes

Codification Section is comprised of the fifteenth par. of section 9 of act Dec. 23, 1913, as amended. The fifteenth par. constituted the thirteenth par. of section 9 in 1928 (45 Stat. 492), became the fourteenth par. in 1935 (49 Stat. 704), and became the fifteenth par. in 1950 (64 Stat. 458). For further details, see Codification notes set out under sections 321 and 329a of this title.