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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. § 290 Use of earnings transferred to the Treasury us united_states_code code_section 12 BANKS AND BANKING 3 FEDERAL RESERVE SYSTEM 290 12 U.S.C. § 290 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/s290 data/legal/raw/us/code/title-12/usc12.xml 11caaeaf0daff303d46eeacb21502de68af8df74d3c7491a80d68f1aa6307ff8 e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa 062a6d7246749c45684befc66ad2d3332c9451bcb64d80e8eb821fb08d83de09 2026-07-04 official
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12 U.S.C. § 290 - Use of earnings transferred to the Treasury

Text

The net earnings derived by the United States from Federal reserve banks shall, in the discretion of the Secretary, be used to supplement the gold reserve held against outstanding United States notes, or shall be applied to the reduction of the outstanding bonded indebtedness of the United States under regulations to be prescribed by the Secretary of the Treasury. Should a Federal reserve bank be dissolved or go into liquidation, any surplus remaining, after the payment of all debts, dividend requirements as hereinbefore provided, and the par value of the stock, shall be paid to and become the property of the United States and shall be similarly applied.

(Dec. 23, 1913, ch. 6, § 7(b), 38 Stat. 258; Pub. L. 10366, title III, § 3002(c)(1), Aug. 10, 1993, 107 Stat. 337.)

Notes

Editorial Notes

Codification Section is comprised of subsec. (b) [formerly second undesignated par.] of section 7 of act Dec. 23, 1913. Subsec. (a) and another subsec. (b) [enacted by Pub. L. 106113, div. B, § 1000(a)(5) [title III, § 302(2)], Nov. 29, 1999, 113 Stat. 1536, 1501A304] of section 7 are classified to section 289 of this title. Subsec. (c) of section 7 is classified to section 531 of this title.

Amendments1993—Pub. L. 10366 inserted section catchline.