§ 290. Use of earnings transferred to the Treasury

Statutory 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.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1913
Pub. L. 63–6 § 7(b) · 38 Stat. 103
Enacted · 12 U.S.C. § 290
Dec. 23, 1913, ch. 6, § 7(b), 38 Stat. 258
Source evidence
Code source credit
Dec. 23, 1913, ch. 6, § 7(b), 38 Stat. 258
Enacted provision · exact public law section
Sec. 5. That for the purposes of this Act the arbitrators herein provided for, or either of them, shall have power to administer oaths and affirmations, sign subpoenas, require the attendance and testimony of witnesses, and the production of such books, papers, contracts, agreements, and documents material to a just determination of the matters under investigation as may be ordered by the court; and may invoke the aid of the United States courts to compel witnesses to attend and testify and to produce such books, papers, contracts, agreements, and documents to the same extent and under the Vol. 24, p. 383; Vol. 25, p. 858; Vol. 26, p. 743. same conditions and penalties as is provided for in the Act to regulate commerce, approved February fourth, eighteen hundred and eighty-seven, and the amendments thereto.
1993
Omnibus Budget Reconciliation Act of 1993
Pub. L. 103–66 title III § 3002(c)(1) · 107 Stat. 312
Inserted · 12 U.S.C. § 290
Pub. L. 103–66 inserted section catchline
Source evidence
Code amendment note
Pub. L. 103–66 inserted section catchline.
Enacted provision · exact public law section
(1) The penultimate undesignated paragraph of section 7 of the Federal Reserve Act (12 U.S.C. 290) is amended by striking “The net earnings derived” and inserting “(b) Use of Earnings Transferred to the Treasury.—The net earnings derived”.

2 of 2 references resolved to an enrolled provision

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. 106–113, div. B, § 1000(a)(5) [title III, § 302(2)], Nov. 29, 1999, 113 Stat. 1536, 1501A–304] of section 7 are classified to section 289 of this title. Subsec. (c) of section 7 is classified to section 531 of this title.

Amendments

1993—Pub. L. 103–66 inserted section catchline.

Credits

1913–1993 · 2 acts

1913Dec. 23, 1913, ch. 6, § 7(b), 38 Stat. 258
1993Pub. L. 103–66, title III, § 3002(c)(1), Aug. 10, 1993, 107 Stat. 337.

Show as published

(Dec. 23, 1913, ch. 6, § 7(b), 38 Stat. 258; Pub. L. 103–66, title III, § 3002(c)(1), Aug. 10, 1993, 107 Stat. 337.)