12 U.S.C. § 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 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.
Notes of Decisions
Cited in 26
cases (2 in the last 5 years), 1935–2025 · leading case: Starr Int'l Co. v. United States, 856 F.3d 953 (Fed. Cir. 2017).
Starr Int'l Co. v. United States, 856 F.3d 953 (Fed. Cir. 2017). “” 12 U.S.C. § 391 ; see also Starr Int’l Co.”
Advanced Software Design Corp. v. Fed. Reserve Bank, 583 F.3d 1371 (Fed. Cir. 2009). “The district court discussed whether the Reserve Banks, in their limited role as “fiscal agents” for the Treasury pursuant to 12 U.S.C. § 391 , acted in an agency capacity when they entered into the contracts with Fiserv.”
United States v. Wells Fargo, 943 F.3d 588 (2d Cir. 2019). “See 12 U.S.C. §§ 391‐395. Congress specified the fiscal agency relationship for the purpose of putting the FRBs under the direction of the Treasury Department in certain limited circumstances, not to preclude an agency relationship between the United States and the FRBs in other…”
Bank of Guam v. United States, 578 F.3d 1318 (Fed. Cir. 2009). “§ 301 ; 12 U.S.C. § 391 ; 31 U.S.C. §§ 3102-3104 (pertaining to bonds, notes, and Treasury bills); 31 U.”
First Agric. Nat'l Bank of Berkshire Cnty. v. State Tax Comm'n, 392 U.S. 339 (1968). “12 U. S. C. § 391 . By 1935, the power of national banks to issue currency had ceased and now Federal Reserve banks are the only banking institutions that can do so.”
Fasano v. Fed. Reserve Bank, 457 F.3d 274 (3rd Cir. 2006). “12 U.S.C. § 391 . The United States, while not a capital stockholder in the Federal Reserve Banks, is the residual interest-holder in the unlikely event of a Federal Reserve Bank’s liquidation.”
Bloomberg L.P. v. Bd. of Governors of the Fed. Reserve Sys., 649 F. Supp. 2d 262 (S.D.N.Y. 2009). “, 12 U.S.C. § 391 ; 31 C.F.R. § 210.7 . 2 .”
Starr Int'l Co., Inc. v. Fed. Reserve Bank of New York, 742 F.3d 37 (2d Cir. 2014). “” 12 U.S.C. § 391 ; see generally Bd. of Governors of the Fed.”
Fed. Reserve Bank of St. Louis, a United States Corp. v. Metrocentre Improvement Dist. 1, City of Little Rock, Arkansas, 657 F.2d 183 (8th Cir. 1981). “12 U.S.C. § 391 ; (d) It performs services formerly performed by the Assistant Treasurer of the United States.”
First Agric. Nat'l Bank of Berkshire Cnty. v. State Tax Comm'n, 229 N.E.2d 245 (Mass. 1967). “No longer are national banks the exclusive depository of government funds but Federal reserve banks and all member banks, regardless of whether they are State or national banks, are authorized to be Federal Depositories.”
Jet Courier Servs., Inc., Pdq Air Servs., Inc., Dixie Airways, Inc. v. Fed. Reserve Bank of Atlanta, 713 F.2d 1221 (6th Cir. 1983). “12 U.S.C. § 391 . They hold the legal reserves of member banks, issue currency, facilitate check clearance and collection, and have supervisory duties as to member banks.”
Kennedy C. Scott v. Fed. Reserve Bank of Kansas City, 406 F.3d 532 (8th Cir. 2005). “12 U.S.C. § 391 (stating that the Federal Reserve Banks are fiscal agents of the government); see, e.”
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