§ 290. — Use of earnings transferred to Treasury.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 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.
