Title 12 — Banks and Banking
Chapter 3 — Federal Reserve System
§ 391. Federal reserve banks as Government depositaries and fiscal agents
Statutory 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.
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.
Pub. L. 63–6 § 15 · 38 Stat. 103
Enacted · 12 U.S.C. § 391
Dec. 23, 1913, ch. 6, § 15 (par.), 38 Stat. 265
Source evidence
Code source credit
Dec. 23, 1913, ch. 6, § 15 (par.), 38 Stat. 265Pub. L. 90–269 § 2 · 82 Stat. 50
Struck · 12 U.S.C. § 391
Pub. L. 90–269 struck out provision which excepted funds provided in this chapter for the redemption of Federal Reserve notes from deposit in Federal reserve banks
Source evidence
Code amendment note
Pub. L. 90–269 struck out provision which excepted funds provided in this chapter for the redemption of Federal Reserve notes from deposit in Federal reserve banks.Enacted provision · exact public law section
Sec. 2. The first sentence of section 15 of the Federal Reserve Act (12 U.S.C. 391) is amended by striking “and the funds provided in this Act for the redemption of Federal Reserve notes”.
1 of 2 references resolved to an enrolled provision · 1 partial
Editorial Notes
Codification
Section is comprised of first par. of section 15 of act . 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.
Amendments
1968—Pub. L. 90–269 struck out provision which excepted funds provided in this chapter for the redemption of Federal Reserve notes from deposit in Federal reserve banks.
Credits
1913–1968 · 2 acts
- 1913Dec. 23, 1913, ch. 6, § 15 (par.), 38 Stat. 265
- 1968Pub. L. 90–269, § 2, , 82 Stat. 50.
Show as published
(Dec. 23, 1913, ch. 6, § 15 (par.), 38 Stat. 265; Pub. L. 90–269, § 2, , 82 Stat. 50.)