Title 12, Banks and BankingRelease 119-102
§391 Federal Reserve Banks as Government Depositaries and Fiscal Agents
Title 12 › CHAPTER 3 — FEDERAL RESERVE SYSTEM › SUBCHAPTER XI — DEPOSITARIES AND FISCAL AGENTS › § 391
Summary
The Treasury Secretary can deposit general‑fund money (not the 5 percent note‑redemption fund) in Federal Reserve banks. Those banks can serve as the government's financial agents and make payments by check.
Full Legal Text
Title 12, §391
Banks and Banking, Source: USLM XML via OLRC
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
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of first par. of section 15 of act Dec. 23, 1913. 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 section 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.
Reference
Citations & Metadata
Citation
12 U.S.C. § 391
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102