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12 U.S.C. § 391 — Federal reserve banks as Government depositaries and fiscal agents
Federal law — U.S. Code and appendices · legal_authorities
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.
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Source file: Laws/federal/codes/united-states-code/title-12/section-391-federal-reserve-banks-as-government-depositaries-and-fiscal-agents--dc9b8755f7.md
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Source location: Title 12, Chapter 3, § 391; chapter-003-federal-reserve-system.md
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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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section:
(1) **Access request** — The term “access request” means a request to a Federal reserve bank for access to a reserve bank master account and services, including any written documentation or formal indication that an entity intends to seek access to a reserve bank master account and services.
(2) **Official accountholder** — The term “official accountholder” means—
(A) a foreign state, as defined in [section 632 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section632&num=0&edition=prelim);
(B) a central bank, as defined in [section 632 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section632&num=0&edition=prelim), other than a commercial bank;
(C) a public international organization entitled to enjoy privileges, exemptions, and immunities as an international organization under the International Organizations Immunities Act ([22 U.S.C. 288](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section288&num=0&edition=prelim) et seq.); and
(D) any governmental entity for which the Secretary of the Treasury has directed a Federal reserve bank to receive deposits as fiscal agent of the United States under [section 391 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section391&num=0&edition=prelim).
(3) **Reserve bank master account and services** — The term “reserve bank master account and services” means an account in which a Federal reserve bank—
(A) receives deposits for an entity other than an official accountholder; or
(B) provides any service under [section 248a(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section248a/b&num=0&edition=prelim) to
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Federal law — U.S. Code and appendices · legal_authorities
Page 156
TITLE 12—BANKS AND BANKING
§ 391
derwriting, purchasing, and selling investment
securities, or issuing securities, to the extent
permitted to national banking associations by
the provisions of section 24 of this title: Pro-
vided further, That nothing in this paragraph
shall be construed as affecting in any way
such right as any bank, banking association,
savings bank, trust company, or other banking
institution, may otherwise possess to sell,
without recourse or agreement to repurchase,
obligations evidencing loans on real estate; or
(2) For any person, firm, corporation, asso-
ciation, business trust, or other similar orga-
nization to engage, to any extent whatever
with others than his or its officers, agents or
employees, in the business of receiving depos-
its subject to check or to repayment upon
presentation of a pass book, certificate of de-
posit, or other evidence of debt, or upon re-
quest of the depositor, unless such person,
firm, corporation, association, business trust,
or other similar organization (A) shall be in-
corporated under, and authorized to engage in
such business by, the laws of the United States
or of any State, Territory, or District, and
subjected, by the laws of the United States, or
of the State, Territory, or District wherein lo-
cated, to examination and regulation, or (B)
shall be permitted by the United States, any
State, territory, or district to engage in such
business and shall be subjected by the laws of
the United States, or such State, territory, or
district to examination and regulations or, (C)
shall submit to periodic examination by the
banking authority of the State, Territory, or
District where such business is carried on and
shall make and publish periodic reports of its
condition, exh
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 391
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