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12 U.S.C. § 290 — Use of earnings transferred to the Treasury
Federal law — U.S. Code and appendices · legal_authorities
The net earnings derived by the United States from Federal reserve banks shall, in the discretion of the Secretary, be used to supplement the gold reserve held against outstanding United States notes, or shall be applied to the reduction of the outstanding bonded indebtedness of the United States under regulations to be prescribed by the Secretary of the Treasury. Should a Federal reserve bank be dissolved or go into liquidation, any surplus remaining, after the payment of all debts, dividend requirements as hereinbefore provided, and the par value of the stock, shall be paid to and become the property of the United States and shall be similarly applied.
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Stable record: federal_law:legal_authorities:record_usc_ce8470d5113e4e1faedc9b8b
Source file: Laws/federal/codes/united-states-code/title-12/section-290-use-of-earnings-transferred-to-the-treasury--4ba21d1cba.md
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Source location: Title 12, Chapter 3, § 290; chapter-003-federal-reserve-system.md
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The net earnings derived by the United States from Federal reserve banks shall, in the discretion of the Secretary, be used to supplement the gold reserve held against outstanding United States notes, or shall be applied to the reduction of the outstanding bonded indebtedness of the United States under regulations to be prescribed by the Secretary of the Treasury. Should a Federal reserve bank be dissolved or go into liquidation, any surplus remaining, after the payment of all debts, dividend requirements as hereinbefore provided, and the par value of the stock, shall be paid to and become the property of the United States and shall be similarly applied.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Dividends and surplus funds of reserve banks**
(1) **Stockholder dividends**
(A) *Dividend amount* — After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders of the bank shall be entitled to receive an annual dividend on paid-in capital stock of—
(i) in the case of a stockholder with total consolidated assets of more than $10,000,000,000, the smaller of—
(I) the rate equal to the high yield of the 10-year Treasury note auctioned at the last auction held prior to the payment of such dividend; and
(II) 6 percent; and
(ii) in the case of a stockholder with total consolidated assets of $10,000,000,000 or less, 6 percent.
(B) *Dividend cumulative* — The entitlement to dividends under subparagraph (A) shall be cumulative.
(C) *Inflation adjustment* — The Board of Governors of the Federal Reserve System shall annually adjust the dollar amounts of total consolidated assets specified under subparagraph (A) to reflect the change in the Gross Domestic Product Price Index, published by the Bureau of Economic Analysis.
(2) **Deposit of net earnings in surplus fund** — That portion of net earnings of each Federal reserve bank which remains after dividend claims under paragraph (1)(A) have been fully met shall be deposited in the surplus fund of the bank.
(3) **Limitation on surplus funds**
(A) *In general* — The aggregate amount of the surplus funds of the Federal reserve banks may not exceed $6,825,000,000.
(B) *Transfer to the general fund* — Any amounts of the surplus funds of the Federal reserve banks that exceed, or would exceed, the limitation under subparagraph (A) shall be transferred to the Board of Governors of the Federal Reserve System for transfer to the Secretary of the Treasu
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 289
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Federal law — U.S. Code and appendices · legal_authorities
Federal reserve banks, including the capital stock and surplus therein and the income derived therefrom shall be exempt from Federal, State, and local taxation, except taxes upon real estate.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 531
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Federal law — U.S. Code and appendices · legal_authorities
Page 107
TITLE 12—BANKS AND BANKING
§ 301
by the amount of any transfer by such bank
under paragraph (1).
(Dec. 23, 1913, ch. 6, § 7(a), (b), 38 Stat. 258; Mar.
3, 1919, ch. 101, § 1, 40 Stat. 1314; June 16, 1933, ch.
89, § 4, 48 Stat. 163; Pub. L. 103–66, title III,
§ 3002(a), Aug. 10, 1993, 107 Stat. 337; Pub. L.
103–325, title VI, § 602(d), Sept. 23, 1994, 108 Stat.
2291; Pub. L. 106–113, div. B, § 1000(a)(5) [title III,
§ 302], Nov. 29, 1999, 113 Stat. 1536, 1501A–304; Pub.
L. 114–94, div. C, title XXXII, §§ 32202, 32203(a),
Dec. 4, 2015, 129 Stat. 1739; Pub. L. 115–123, div. C,
title II, § 30205, Feb. 9, 2018, 132 Stat. 127; Pub. L.
115–174, title II, § 217, May 24, 2018, 132 Stat. 1326.)
Editorial Notes
CODIFICATION
Section is comprised of subsec. (a) [formerly first un-
designated par.] of section 7 of act Dec. 23, 1913, and
subsec. (b) [enacted by Pub. L. 106–113, div. B,
§ 1000(a)(5) [title III, § 302(2)], Nov. 29, 1999, 113 Stat. 1536,
1501A–304] of section 7. Another subsec. (b) of section 7
is classified to section 290 of this title. Subsec. (c) of
section 7 is classified to section 531 of this title.
AMENDMENTS
2018—Subsec. (a)(3)(A). Pub. L. 115–174 substituted
‘‘$6,825,000,000’’ for ‘‘$7,500,000,000’’.
Pub.
L.
115–123
substituted
‘‘$7,500,000,000’’
for
‘‘$10,000,000,000’’.
2015—Subsec. (a)(1)(A). Pub. L. 114–94, § 32203(a)(1),
amended subpar. (A) generally. Prior to amendment,
text read as follows: ‘‘After all necessary expenses of a
Federal reserve bank have been paid or provided for,
the stockholders of the bank shall be entitled to re-
ceive an annual dividend of 6 percent on paid-in capital
stock.’’
Subsec. (a)(1)(C). Pub. L. 114–94, § 32203(a)(2), added
subpar. (C).
Subsec. (a)(3). Pub. L. 114–94, § 32202, added p
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 290
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