BOW BEFORE THE FED

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Section 15. Government Deposits

1. Federal Reserve Banks as Depositaries and Fiscal Agents of United States

The moneys held in the general fund of the Treasury, except the five 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. [12 USC 391. As amended by the act of March 18, 1968 (82 Stat. 50). Also, in effect amended by Act of May 29, 1920 (41 Stat. 654).