§ 90. — Depositaries of public moneys and financial agents of Government.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 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, 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. Except for title III of the Act, which is classified generally
to subchapter IV (Sec. 251 et seq.) of chapter 4 of Title 41, Public
Contracts, the Act was repealed and reenacted by Pub. L. 107-217,
Secs. 1, 6(b), Aug. 21, 2002, 116 Stat. 1062, 1304, as chapters 1 to 11
of Title 40, Public Buildings, Property, and Works.
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.
