12 U.S.C. § 290
Use of earnings transferred to the Treasury
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.
Notes of Decisions
Cited in 11
cases, 1973–2019 · leading case: United States v. Wells Fargo, 943 F.3d 588 (2d Cir. 2019).
United States v. Wells Fargo, 943 F.3d 588 (2d Cir. 2019). “§ 289 , but do not possess a residual equity interest in Federal Reserve Banks’ assets, see 12 U.S.C. § 290”); Jesse H. Choper, John C.”
Fasano v. Fed. Reserve Bank, 457 F.3d 274 (3rd Cir. 2006). “12 U.S.C. § 290 . Congress has on occasion treated the Federal Reserve Banks as the Government’s own rainy day fund, directing, for example, the payment of $3.”
Jet Courier Servs., Inc., Pdq Air Servs., Inc., Dixie Airways, Inc. v. Fed. Reserve Bank of Atlanta, 713 F.2d 1221 (6th Cir. 1983). “Any remaining earnings are paid into the surplus fund, 12 U.S.C. § 289 , where they may be used by the United States Treasury to supplement the gold reserve.”
Lee Constr. Co. v. Fed. Reserve Bank of Richmond, 558 F. Supp. 165 (D. Maryland 1982). “12 U.S.C. § 290 . However, despite the ostensibly private ownership of Federal Reserve Banks and despite the private election of six of the nine members of the board of directors of each Bank, the affairs of each Federal Reserve Bank are conducted under the close supervision and…”
Starr Int'l Co. v. Fed. Reserve Bank, 906 F. Supp. 2d 202 (S.D.N.Y. 2012). “at 278 (citing 12 U.S.C. § 290 ). . As of 2008, Section 13(3) permitted the Federal Reserve to assist a distressed “individual, partnership, or corporation.”
United States v. John C. Hollingshead, 672 F.2d 751 (9th Cir. 1982). “12 U.S.C. § 290 (1976). The erroneously admitted hearsay indicated no more.”
Fed. Reserve Bank of Boston v. Comm'r of Corporations & Taxation of the Commonwealth of Massachusetts, 499 F.2d 60 (1st Cir. 1974). “The limited income generated is used to pay expenses and dividends limited to 6 percent. Any remaining earnings are paid into the surplus fund, 12 U.”
Berini v. Fed. Reserve Bank of St. Louis, 420 F. Supp. 2d 1021 (E.D. Mo. 2005). “12 U.S.C. § 290 . Plaintiff also argues that the IRS has issued a more pertinent list of factors by which to classify an entity as an instrumentality in Revenue Ruling 89-49, 1989- 1 C.”
Fed. Reserve Bank v. Comm'r of Corporations & Taxation of the Commonwealth, 368 F. Supp. 94 (D. Mass. 1973). “” This latter argument is premised on the Bank’s preclusion from profit-making by 12 U.S.C. § 290 and the fact that the “Guidelines for Design and Construction of Federal Reserve Bank Buildings” require new buildings to have sufficient space for future expansion.”
Fed. Reserve Bank v. Comm'r of Corp. & Taxation, 382 F. Supp. 207 (D. Mass. 1974). “§ 289 ) are paid into the bank’s surplus fund, which may be used to supplement the United States gold reserve or to reduce the outstanding bonded indebtedness of the United States (12 U. S.C. § 290). We conclude that the bank building is to be used by its owner, the bank,…”
Applicability of the Serv. Contract Act of 1965 to Fed. Reserve Banks (OLC 1978). “Should a federal reserve bank go into liquidation, any surplus becomes the property of the United States, 12 U.S.C. § 290 . See generally Board of Governors, The Federal Reserve System: Purposes and Functions (5th ed.”
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