
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC90]

 
                       TITLE 12--BANKS AND BANKING
 
                        CHAPTER 2--NATIONAL BANKS
 
SUBCHAPTER IV--REGULATION OF THE BANKING BUSINESS; POWERS AND DUTIES OF 
                             NATIONAL BANKS
 
Sec. 90. Depositaries of public moneys and financial agents of 
        Government
        
    All national banking associations, designated for that purpose by 
the Secretary of the Treasury, shall be depositaries of public money, 
under such regulations as may be prescribed by the Secretary; and they 
may also be employed as financial agents of the Government; and they 
shall perform all such reasonable duties, as depositaries of public 
money and financial agents of the Government, as may be required of 
them. The Secretary of the Treasury shall require the associations thus 
designated to give satisfactory security, by the deposit of United 
States bonds and otherwise, for the safe-keeping and prompt payment of 
the public money deposited with them, and for the faithful performance 
of their duties as financial agents of the Government: Provided, That 
the Secretary shall, on or before the 1st of January of each year, make 
a public statement of the securities required during that year for such 
deposits. And every association so designated as receiver or depositary 
of the public money shall take and receive at par all of the national 
currency bills, by whatever association issued, which have been paid 
into the Government for internal revenue, or for loans or stocks: 
Provided, That the Secretary of the Treasury shall distribute the 
deposits herein provided for, as far as practicable, equitably between 
the different States and sections.
    Any national banking association may, upon the deposit with it of 
any funds by any State or political subdivision thereof or any agency or 
other governmental instrumentality of one or more States or political 
subdivisions thereof, including any officer, employee, or agent thereof 
in his official capacity, give security for the safekeeping and prompt 
payment of the funds so deposited to the same extent and of the same 
kind as is authorized by the law of the State in which such association 
is located in the case of other banking institutions in the State.
    Any national banking association may, upon the deposit with it of 
any funds by any federally recognized Indian tribe, or any officer, 
employee, or agent thereof in his or her official capacity, give 
security for the safekeeping and prompt payment of the funds so 
deposited by the deposit of United States bonds and otherwise as may be 
prescribed by the Secretary of the Treasury for public funds under the 
first paragraph of this section.
    Notwithstanding the Federal Property and Administrative Services Act 
of 1949, as amended [40 U.S.C. 471 et seq.], the Secretary may select 
associations as financial agents in accordance with any process the 
Secretary deems appropriate and their reasonable duties may include the 
provision of electronic benefit transfer services (including State-
administered benefits with the consent of the States), as defined by the 
Secretary.

(R.S. Sec. 5153; Mar. 3, 1901, ch. 871, 31 Stat. 1448; Mar. 4, 1907, ch. 
2913, Sec. 3, 34 Stat. 1290; Dec. 23, 1913, ch. 6, Sec. 27, 38 Stat. 
274; Aug. 4, 1914, ch. 225, 38 Stat. 682; June 25, 1930, ch. 604, 46 
Stat. 809; Aug. 18, 1950, ch. 754, 64 Stat. 463; Pub. L. 96-153, title 
III, Sec. 323(f), Dec. 21, 1979, 93 Stat. 1120; Pub. L. 104-208, div. A, 
title I, Sec. 101(f) [Sec. 2(1)], Sept. 30, 1996, 110 Stat. 3009-314, 
3009-386.)

                       References in Text

    The Federal Property and Administrative Services Act of 1949, 
referred to in text, is act June 30, 1949, ch. 288, 63 Stat. 377, as 
amended. For complete classification of this Act to the Code, see Short 
Title note set out under section 471 of Title 40, Public Buildings, 
Property, and Works, and Tables.

                          Codification

    R.S. Sec. 5153 derived from act June 3, 1864, ch. 106, Sec. 45, 13 
Stat. 113, which was the National Bank Act. See section 38 of this 
title.


                               Amendments

    1996--Pub. L. 104-208 added fourth par.
    1979--Pub. L. 96-153 added third par.
    1950--Act Aug. 18, 1950, permitted national banks to accept and give 
security for deposits of funds made by agencies or governmental 
instrumentalities or States or political subdivisions thereof and by 
their officers, employees or agents.
    1930--Act June 25, 1930, added second par.
