---
kind: "section"
citation: "15 U.S.C. § 635"
title: "15"
title_heading: "Commerce and Trade"
number: "635"
heading: "Deposit of moneys; depositaries, custodians, and fiscal agents; contributions to employees’ compensation funds"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/635"
units:
  - "Chapter 14A — Aid to Small Business"
---

# §635. Deposit of moneys; depositaries, custodians, and fiscal agents; contributions to employees’ compensation funds

- (a) All moneys of the [Administration](/usc/15/636e.md?p=1) not otherwise employed may be deposited with the Treasury of the United States subject to check by authority of the [Administration](/usc/15/636e.md?p=1). The Federal Reserve banks are authorized and directed to act as depositaries, custodians, and fiscal agents for the [Administration](/usc/15/636e.md?p=1) in the general performance of its powers conferred by this chapter. Any banks insured by the Federal Deposit Insurance Corporation, when designated by the Secretary of the Treasury, shall act as custodians and financial agents for the [Administration](/usc/15/636e.md?p=1). Each Federal Reserve bank, when designated by the [Administrator](/usc/15/637c.md?p=1) as fiscal agent for the [Administration](/usc/15/636e.md?p=1), shall be entitled to be reimbursed for all expenses incurred as such fiscal agent.
- (b) The [Administrator](/usc/15/637c.md?p=1) shall contribute to the employees’ compensation fund, on the basis of annual billings as determined by the Secretary of Labor, for the benefit payments made from such fund on account of employees engaged in carrying out functions financed by the revolving fund established by [section 633(c) of this title](/usc/15/633.md?p=c). The annual billings shall also include a statement of the fair portion of the cost of the [administration](/usc/15/636e.md?p=1) of such fund, which shall be paid by the [Administrator](/usc/15/637c.md?p=1) into the Treasury as miscellaneous receipts.

## Source credit

(Pub. L. 85–536, § 2[6], July 18, 1958, 72 Stat. 387.)

## Notes

### Editorial Notes

### Prior Provisions

Prior similar provisions were contained in section 206 of act July 30, 1953, ch. 282, title II, 67 Stat. 235, which was previously classified to this section. See Codification note set out under section 631 of this title.