PRIA, Government Policy, Made Personal

Summary

People who work for the Federal Reserve or its Board must follow the law when they issue or release Federal Reserve notes to the public. If they issue or circulate those notes in ways that break the rules, they can be punished. An officer who signs or delivers certain national bank notes must act exactly as chapter 2 of Title 12 allows. If they do not, they can be fined under federal law, jailed for up to five years, or both.

Title 18, §334

Crimes and Criminal Procedure, Source: USLM XML via OLRC

Whoever, being a Federal Reserve Agent, or an agent or employee of such Federal Reserve Agent, or of the Board of Governors of the Federal Reserve System, issues or puts in circulation any Federal Reserve notes, without complying with or in violation of the provisions of law regulating the issuance and circulation of such Federal Reserve notes; or Whoever, being an officer acting under the provisions of chapter 2 of Title 12, countersigns or delivers to any national banking association, or to any other company or person, any circulating notes contemplated by that chapter except in strict accordance with its provisions— Shall be fined under this title or imprisoned not more than five years, or both.

Notes & Related Subsidiaries

Historical and Revision Notes

Based on section 581 and 592 of title 12, U.S.C., 1940 ed., Banks and Banking (R.S. §§ 5187, 5209; Sept. 26, 1918, ch. 177, § 7, 40 Stat. 972; Aug. 23, 1935, ch. 614, § 316, 49 Stat. 712). This section consolidates section 581 and part of section 592 of title 12, U.S.C., 1940 ed., Banks and Banking. The punishment provision was drawn from said section 592 as being the latest expression of congressional intent, in preference to the provision of said section 581 which authorized a fine “not more than double the amount so countersigned and delivered and imprisonment not more than 15 years”. The words “shall be guilty of a misdemeanor” were omitted as unnecessary in view of definition of misdemeanor in section 1 of this title. Likewise the words “upon conviction in any district court of the United States” were omitted as unnecessary since punishment can follow only after conviction. (See reviser’s note under section 656 of this title for statement of reasons for dividing said section 592 into three revised sections, with consequent changes in phraseology, style, and arrangement.)

Editorial Notes

Amendments

1994—Pub. L. 103–322 substituted “fined under this title” for “fined not more than $5,000”.

§334 Issuance of Federal Reserve or National Bank Notes