Title 12 — Banks and BankingRelease 119-73not60
§420 Control and Direction of Plates and Dies; Expense of Issue and Retirement of Notes Paid by Banks
Title 12 › Chapter 3— FEDERAL RESERVE SYSTEM › Subchapter XII— FEDERAL RESERVE NOTES › § 420
Summary
The Treasury Secretary must control the plates and dies used to print notes. Federal Reserve banks pay the costs to produce, issue, and retire them, and the Fed Board must bill banks enough to cover those costs.
Full Legal Text
Title 12, §420
Banks and Banking — Source: USLM XML via OLRC
The plates and dies to be procured by the Secretary of the Treasury for the printing of such circulating notes shall remain under his control and direction, and the expenses necessarily incurred in executing the laws relating to the procuring of such notes, and all other expenses incidental to their issue and retirement, shall be paid by the Federal reserve banks, and the Board of Governors of the Federal Reserve System shall include in its estimate of expenses levied against the Federal reserve banks a sufficient amount to cover the expenses herein provided for.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
Phrase “herein provided for”, referred to in text, probably means as provided for in section 16 of act Dec. 23, 1913. For classification to this title of section 16, see Codification note set out under section 411 of this title. Codification Section is comprised of the ninth par. (formerly the tenth par.) of section 16 of act Dec. 23, 1913. For classification to this title of other pars. of section 16, see Codification note set out under section 411 of this title.
Amendments
1994—Pub. L. 103–325, which directed amendment of “[t]he 10th undesignated paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 420)” by substituting “Secretary of the Treasury” for “Comptroller of the Currency” and “Board of Governors of the Federal Reserve System” for “Federal Reserve Board”, was executed by making the substitutions in this section to reflect the probable intent of Congress.
Reference
Citations & Metadata
Citation
12 U.S.C. § 420
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60