§ 1. — Office of Comptroller of the Currency.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1]
TITLE 12--BANKS AND BANKING
CHAPTER 1--THE COMPTROLLER OF THE CURRENCY
Sec. 1. Office of Comptroller of the Currency
There shall be in the Department of the Treasury a bureau charged
with the execution of all laws passed by Congress relating to the issue
and regulation of a national currency secured by United States bonds
and, under the general supervision of the Board of Governors of the
Federal Reserve System, of all Federal Reserve notes, except for the
cancellation and destruction, and accounting with respect to such
cancellation and destruction, of Federal Reserve notes unfit for
circulation, the chief officer of which bureau shall be called the
Comptroller of the Currency, and shall perform his duties under the
general directions of the Secretary of the Treasury. The Comptroller of
the Currency shall have the same authority over matters within the
jurisdiction of the Comptroller as the Director of the Office of Thrift
Supervision has over matters within the Director's jurisdiction under
section 1462a(b)(3) of this title. The Secretary of the Treasury may not
delay or prevent the issuance of any rule or the promulgation of any
regulation by the Comptroller of the Currency.
(R.S. Sec. 324; Dec. 23, 1913, ch. 6, Sec. 10, 38 Stat. 261; June 3,
1922, ch. 205, 42 Stat. 621; Aug. 23, 1935, ch. 614, title II,
Sec. 203(a), 49 Stat. 704; Pub. L. 89-427, Sec. 1, May 20, 1966, 80
Stat. 161; Pub. L. 103-325, title III, Sec. 331(b)(2), Sept. 23, 1994,
108 Stat. 2232.)
References in Text
The bureau, referred to in text, is known as the Office of the
Comptroller of the Currency.
Codification
R.S. Sec. 324 derived from act June 3, 1864, ch. 106, Sec. 1, 13
Stat. 99, which was the National Bank Act. See section 38 of this title.
Section is comprised of R.S. Sec. 324, as amended by the eighth
paragraph of act Dec. 23, 1913, Sec. 10.
Amendments
1994--Pub. L. 103-325 inserted at end ``The Comptroller of the
Currency shall have the same authority over matters within the
jurisdiction of the Comptroller as the Director of the Office of Thrift
Supervision has over matters within the Director's jurisdiction under
section 1462a(b)(3) of this title. The Secretary of the Treasury may not
delay or prevent the issuance of any rule or the promulgation of any
regulation by the Comptroller of the Currency.''
1966--Pub. L. 89-427 inserted exception relating to cancellation and
destruction, and accounting with respect to the cancellation and
destruction, of Federal Reserve notes unfit for circulation.
Change of Name
Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve
Board to Board of Governors of the Federal Reserve System.
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the
Currency, referred to in this section, were not included in transfer of
functions of officers, agencies, and employees of Department of the
Treasury to Secretary of the Treasury, made by Reorg. Plan No. 26 of
1950, Sec. 1, eff. July 31, 1950, 15 F.R. 4935, 64 Stat. 1280. See
section 321(c)(2) of Title 31, Money and Finance.
Section Referred to in Other Sections
This section is referred to in title 31 section 307.
