---
kind: "section"
citation: "12 U.S.C. § 391"
title: "12"
title_heading: "Banks and Banking"
number: "391"
heading: "Federal reserve banks as Government depositaries and fiscal agents"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/391"
units:
  - "Chapter 3 — Federal Reserve System"
  - "Subchapter XI — Depositaries and Fiscal Agents"
---

# §391. Federal reserve banks as Government depositaries and fiscal agents


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](/usc/12/1715z–22a.md?p=4) of the Treasury, be deposited in Federal [reserve banks](/usc/12/221a.md?p=a), which [banks](/usc/12/221a.md?p=a), when required by the [Secretary](/usc/12/1715z–22a.md?p=4) 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](/usc/12/221a.md?p=a), and disbursements may be made by checks drawn against such deposits.


## Source credit

(Dec. 23, 1913, ch. 6, § 15 (par.), 38 Stat. 265; Pub. L. 90–269, § 2, Mar. 18, 1968, 82 Stat. 50.)

## Notes

### Editorial Notes

### Codification

Section is comprised of first par. of section 15 of act Dec. 23, 1913. Par. 2 of section 15 and par. 3 of section 15, as added Mar. 4, 1923, ch. 252, title IV, § 406, 42 Stat. 1480, are classified to sections 392 and 393, respectively, of this title.

### Amendments

1968—Pub. L. 90–269 struck out provision which excepted funds provided in this chapter for the redemption of Federal Reserve notes from deposit in Federal reserve banks.