1. Federal
Reserve Banks as Depositaries and Fiscal Agents of United States The moneys held in the general fund of
the Treasury, except the five 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.
[12 USC 391. As amended
by the act of March 18, 1968 (82 Stat. 50). Also, in effect amended
by act of May 29, 1920 (41 Stat. 654).
Reimbursement as fiscal
agents is provided by 31 USC 3302(f) as follows:
“(f) When authorized
by the Secretary, an official or agent of the Government having custody
or possession of public money, or performing other fiscal agent services,
may be allowed necessary expenses to collect, keep, transfer, and
pay out public money and to perform those services. However, money
appropriated for those expenses may not be used to employ or pay officers
and employees of the Government.”]
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2. Nonmember Banks as Depositaries of United States No public funds of the Philippine Islands, or 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 Act: Provided, however, That nothing in
this Act shall be construed to deny the right of the Secretary of
the Treasury to use member banks as depositaries.
[12 USC 392. Part of
original Federal Reserve Act; not specifically amended, but amended
in effect by the following statutes permitting the deposit of government
funds in nonmember banks: Under section 10 of the act of June 11,
1942, all insured banks designated for the purpose by the Secretary
of the Treasury may be depositaries of public moneys of the United
States under the Liberty Bond Acts, the proceeds of sales of Liberty
bonds may be deposited in nonmember banks; and under the Internal
Revenue Code, the Secretary of the Treasury may authorize banks or
trust companies to receive taxes. For designation of state member
banks as depositaries of public money, see section 9 of the Federal
Reserve Act; for designation of national banks as depositaries of
public money, see section 5153 of the Revised Statutes. “Continental
United States” means “the States of the United States and the District
of Columbia.” (Federal Reserve Act, section 1, third paragraph.) Presidential
Proclamation No. 2695 of July 4, 1946 (60 Stat. 1352; 12 USC 1394
note) recognizes the independence of the Philippine Islands. Therefore
the words “of the Philippine Islands or” have been omitted from the
U.S. Code.]
3. Depositaries
and Fiscal Agents of Federal Intermediate Credit Banks The Federal Reserve banks are authorized to act as
depositaries for and fiscal agents of any Federal land bank, Federal
intermediate credit bank, bank for cooperatives, or other institutions
of the Farm Credit System.
[12 USC 393. As added
by act of March 4, 1923 (42 Stat. 1480); and amended by act of Dec.
10, 1971 (85 Stat. 625).]
