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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. § 391 Federal reserve banks as Government depositaries and fiscal agents us united_states_code code_section 12 BANKS AND BANKING 3 FEDERAL RESERVE SYSTEM 391 12 U.S.C. § 391 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/s391 data/legal/raw/us/code/title-12/usc12.xml 65874b09b0518d3e1f5109df19a1b07aed2e0baa4b881688c29847cd8912f85b e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa d7375fb8ced4070d9bb10e48d5b927399f16844b7f18913170b8f1b2d118f505 2026-07-04 official
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12 U.S.C. § 391 - Federal reserve banks as Government depositaries and fiscal agents

Text

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. 90269, § 2, Mar. 18, 1968, 82 Stat. 50.)

Notes

Editorial Notes

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.

Amendments1968—Pub. L. 90269 struck out provision which excepted funds provided in this chapter for the redemption of Federal Reserve notes from deposit in Federal reserve banks.