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LegalText 12 U.S.C. § 392 Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries us united_states_code code_section 12 BANKS AND BANKING 3 FEDERAL RESERVE SYSTEM 392 12 U.S.C. § 392 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/s392 data/legal/raw/us/code/title-12/usc12.xml 2e76b5373d0e29ade1423b20eec39f7afaa1d2e6128d087ab4948695c70edd6e e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa 7fa30c82371c4eb8cf18f1305421eeee0bf357b73a4024722acda93717433efb 2026-07-04 official
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12 U.S.C. § 392 - Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries

Text

No public funds of the postal savings, or any Government funds, shall be deposited in the continental United States in any bank not belonging to the system established by this chapter: Provided, however, That nothing in this chapter shall be construed to deny the right of the Secretary of the Treasury to use member banks as depositaries.

(Dec. 23, 1913, ch. 6, § 15 (par.), 38 Stat. 265; Proc. No. 2695, eff. July 4, 1946, 11 F.R. 7517, 60 Stat. 1352.)

Notes

Editorial Notes

References in TextThis chapter, referred to in text, was in the original “this Act”, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.

Codification Words “of the Philippine Islands, or” after “No public funds” were deleted on authority of 1946 Proc. No. 2695, which granted independence to the Philippine Islands pursuant to section 1394 of Title 22. Proc. No. 2695 is set out as a note under section 1394 of Title 22, Foreign Relations and Intercourse. Section is comprised of second par. of section 15 of act Dec. 23, 1913. Par. 1 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 391 and 393, respectively, of this title.