Title 12, Banks and BankingRelease 119-102
§281 Capital
Title 12 › CHAPTER 3 — FEDERAL RESERVE SYSTEM › SUBCHAPTER VI — CAPITAL AND STOCK OF FEDERAL RESERVE BANKS; DIVIDENDS AND EARNINGS › § 281
Summary
A Federal Reserve Bank cannot start operating unless its owners have pledged at least $4,000,000 in capital.
Full Legal Text
Title 12, §281
Banks and Banking, Source: USLM XML via OLRC
No Federal reserve bank shall commence business with a subscribed capital less than $4,000,000.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of part of the thirteenth par. of section 2 of act Dec. 23, 1913. Some of the other provisions of the thirteenth par. are classified to section 224 of this title, and some were not included in the Code. For classification of other pars. of section 2 of this Act, see Codification note set out under section 222 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 281
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102