Sec. 15. government deposits
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## Sec. 15 government deposits The moneys held in the general fund of the Treasury, except the five 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. **[**[12 U.S.C. 39117](/us/usc/t12/s39117)**]** 17Item 1 of the section designated as section 2 following section 664 of the Treasury, Postal Service, and General Government Appropriations Act, 1997 (as enacted by section 101(f) of P.L. 104–208) provided for the selection of national banks as financial agents.
Item 2 of such section reads as follows: “2. Make conforming changes to 12 U.S.C. 265, 266, 391, 1452(d), 1767, 1789a, 2013, 2122 and to 31 U.S.C. 3122 and 3303.”. Due to the inexact nature of the direction, no change is shown here. ### **[**2. Nonmember banks as depositaries of United States**]** No public funds of the Philippine Islands, or of the postal savings, or any Government funds, shall be deposited in the continental United States in any bank not belonging to the system established by this Act: *Provided, however, *That nothing in this Act shall be construed to deny the right of the Secretary of the Treasury to use member banks as depositaries. **[**[12 U.S.C. 392](/us/usc/t12/s392)**]** ### **[**3.
Depositaries and fiscal agents of Federal Intermediate Credit Banks**]** The Federal Reserve banks are authorized to act as depositaries for and fiscal agents of any Federal land bank, Federal intermediate credit bank, bank for cooperatives, or other institutions of the Farm Credit System. **[**[12 U.S.C. 393](/us/usc/t12/s393)**]** **[**1. Issuance of Federal Reserve notes; nature of obligations; where redeemable**]**
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U.S. Code
- Insured banks as depositaries of public money; duties; security; discrimination between banks prohibited; repeal of inconsistent laws§ 265
- Banks and trust companies as depositaries§ 3122
- Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries§ 392
- Federal reserve banks as depositaries for Farm Credit System§ 393
1 reference not yet in our index
- 12 USC 39117
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