12 U.S.C. § 332: Depositaries of public money…

Summary

The Treasury Secretary can choose banks or trust companies that are members of the Federal Reserve to hold public money and to act as the government’s financial agents. Those banks must follow Treasury rules, carry out the duties required, and provide satisfactory security — for example, U.S. bonds or other guarantees — to protect the public funds and ensure they do their jobs.

Title 12, §332

Banks and Banking, Source: USLM XML via OLRC

All banks or trust companies incorporated by special law or organized under the general laws of any State, which are members of the Federal reserve system, when designated for that purpose by the Secretary of the Treasury, shall be depositaries of public money, under such regulations as may be prescribed by the Secretary; and they may also be employed as financial agents of the Government; and they shall perform all such reasonable duties, as depositaries of public money and financial agents of the Government, as may be required of them. The Secretary of the Treasury shall require of the banks and trust companies thus designated satisfactory security, by the deposit of United States bonds or otherwise, for the safe keeping and prompt payment of the public money deposited with them and for the faithful performance of their duties as financial agents of the Government.

Notes & Related Subsidiaries

Editorial Notes

Codification Section is comprised of the fifteenth par. of section 9 of act Dec. 23, 1913, as amended. The fifteenth par. constituted the thirteenth par. of section 9 in 1928 (45 Stat. 492), became the fourteenth par. in 1935 (49 Stat. 704), and became the fifteenth par. in 1950 (64 Stat. 458). For further details, see Codification notes set out under section 321 and 329a of this title.

§332 Depositaries of Public Money; Financial Agents; Security Required

Summary

Title 12, §332

Notes & Related Subsidiaries

Editorial Notes

Citations & Metadata