
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC290]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 3--FEDERAL RESERVE SYSTEM
 
SUBCHAPTER VI--CAPITAL AND STOCK OF FEDERAL RESERVE BANKS; DIVIDENDS AND 
                                EARNINGS
 
Sec. 290. Use of earnings transferred to 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.

(Dec. 23, 1913, ch. 6, Sec. 7(b), 38 Stat. 258; Pub. L. 103-66, title 
III, Sec. 3002(c)(1), Aug. 10, 1993, 107 Stat. 337.)

                          Codification

    Section is comprised of subsec. (b) [formerly second undesignated 
par.] of section 7 of act Dec. 23, 1913. Subsec. (a) and another subsec. 
(b) [enacted by Pub. L. 106-113, div. B, Sec. 1000(a)(5) [title III, 
Sec. 302(2)], Nov. 29, 1999, 113 Stat. 1536, 1501A-304] of section 7 are 
classified to section 289 of this title. Subsec. (c) of section 7 is 
classified to section 531 of this title.


                               Amendments

    1993--Pub. L. 103-66 inserted section catchline.
