§ 334. Issuance of Federal Reserve or national bank notes

341 words·~2 min read·/usc/title-18/section-334

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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.

(June 25, 1948, ch. 645, 62 Stat. 700; Pub. L. 103–322, title XXXIII, § 330016(1)(K), Sept. 13, 1994, 108 Stat. 2147.)

Historical and Revision Notes

Based on sections 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.)

Connections1 cite this · traces to 2

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U.S. Code

§ 581
Repealed. June 25, 1948, ch. 645, § 21, 62 Stat. 862, eff. Sept. 1, 1948

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U.S. Code

10 references not yet in our index

June 25, 1948, ch. 645
62 Stat. 700
Pub. L. 103–322, title XXXIII, § 330016(1)(K)
108 Stat. 2147
Sept. 26, 1918, ch. 177, § 7
40 Stat. 972
Aug. 23, 1935, ch. 614, § 316
49 Stat. 712
section 592 of title 12
Pub. L. 103–322

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cites case law

§ 334

Issuance of Federal Reserve or national bank notes

U.S.C.×1

U.S.C.§ 1

U.S.C.§ 656

ActJune 25, 1948, ch. 645

Stat.62 Stat. 700

Pub. L.Pub. L. 103–322, title XXXIII, § 330016(1)(K)

Stat.108 Stat. 2147

ActSept. 26, 1918, ch. 177, § 7

Cites 12 · showing 7Cited by 1 across 1 source