The Secretary of the Treasury is authorized and directed to receive deposits of gold or of gold certificates or of Special Drawing Right certificates with the Treasurer or any designated depositary of the United States when tendered by any Federal Reserve bank or Federal Reserve agent for credit to its or his account with the Board of Governors of the Federal Reserve System. The Secretary shall prescribe by regulation the form of receipt to be issued by the Treasurer or designated depositary to the Federal Reserve bank or Federal Reserve agent making the deposit, and a duplicate of such receipt shall be delivered to the Board of Governors of the Federal Reserve System by the Treasurer at Washington upon proper advices from any designated depositary that such deposit has been made. Deposits so made shall be held subject to the orders of the Board of Governors of the Federal Reserve System and deposits of gold or gold certificates shall be payable in gold certificates, and deposits of Special Drawing Right certificates shall be payable in Special Drawing Right certificates, on the order of the Board of Governors of the Federal Reserve System to any Federal Reserve bank or Federal Reserve agent at the Treasury or at the subtreasury of the United States nearest the place of business of such Federal Reserve bank or such Federal Reserve agent. The order used by the Board of Governors of the Federal Reserve System in making such payments shall be signed by the chairman or vice chairman, or such other officers or members as the Board may by regulation prescribe. The form of such order shall be approved by the Secretary of the Treasury.
The expenses necessarily incurred in carrying out these provisions, including the cost of the certificates or receipts issued for deposits received, and all expenses incident to the handling of such deposits shall be paid by the Board of Governors of the Federal Reserve System and included in its assessments against the several Federal Reserve banks.
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Dec. 23, 1913, ch. 6, § 16June 21, 1917, ch. 32, § 840 Stat. 238May 29, 1920, ch. 214, § 141 Stat. 654Jan. 30, 1934, ch. 6, § 2(b)(7)48 Stat. 339Aug. 23, 1935, ch. 61449 Stat. 704Pub. L. 89–3, § 279 Stat. 5Pub. L. 90–269, § 782 Stat. 50Pub. L. 90–349, § 5(d)82 Stat. 189( (pars.), as added , ; amended , ; , (8), , 340; , title II, § 203(a), ; , , ; , , ; , , .)
Editorial Notes
References in Text
section 411 of this titleWords “this section”, referred to in last par., mean section 16 of act . For classification to this title of section 16, see Codification note set out under .
Pub. L. 97–258, § 5(b)96 Stat. 1068Section six of the Act of March fourteenth, nineteen hundred, as amended by the Acts of March fourth, nineteen hundred and seven, March second, nineteen hundred and eleven, and June twelfth, nineteen hundred and sixteen, referred to in text, which was classified to section 429 of former Title 31, was repealed by , , , the first section of which enacted Title 31, Money and Finance.
Codification
Pub. L. 90–269section 415 of this titlesection 411 of this titleSection is comprised of the fourteenth to sixteenth pars. of section 16 of act . Section was formerly comprised of the fifteenth to eighteenth pars. of section 16 of act , before repeal of the sixth and seventeenth pars. of section 16 by , see 1968 Amendment notes set out under this section and . For classification to this title of other pars. of section 16, see Codification note set out under .
On authority of act , which abolished offices of Assistant Treasurers and distributed their functions, the 1926 ed. of the Code omitted two references to Assistant Treasurers; those references were restored by act .
Amendments
Pub. L. 90–34912 U.S.C. 4671968—, which directed amendment of “[t]he fifteenth paragraph of section 16 of the Federal Reserve Act, as amended (),” by inserting “or of Special Drawing Right certificates” after “gold certificates” in the first sentence and substituting “Deposits so made shall be held subject to the orders of the Board of Governors of the Federal Reserve System and deposits of gold or gold certificates shall be payable in gold certificates, and deposits of Special Drawing Right certificates shall be payable in Special Drawing Right certificates, on the order of the Board of Governors of the Federal Reserve System to any Federal Reserve bank or Federal Reserve agent at the Treasury or at the subtreasury of the United States nearest the place of business of such Federal Reserve bank or such Federal Reserve agent.” for the third sentence, was executed to the first par. of this section to reflect the probable intent of Congress.
Pub. L. 90–269section 408 of Title 3112 U.S.C. 467, which directed striking out of “[t]he paragraph which, prior to the amendments made by this Act [amending sections 248, 391, and 413 to 416 of this title and sections 405b, 408a, 408b, and 821 of Title 31, Money and Finance, and repealing ], was the eighteenth paragraph of section 16 of the Federal Reserve Act ()”, was executed, to reflect the probable intent of Congress (see H.R. Rept. No. 1095, 90th Cong., pp. 1–7 (purpose of legislation), 10 (Ramseyer version) (1968)), by striking out the third par. of this section (seventeenth par. of section 16 of act ), which read as follows: “Deposits made under this section standing to the credit of any Federal Reserve bank with the Board of Governors of the Federal Reserve System shall, at the option of said bank, be counted as part of the lawful reserve which it is required to maintain against outstanding Federal Reserve notes.”
Pub. L. 89–312 U.S.C. 4671965—, which directed amendment of “[t]he eighteenth paragraph of section 16 of the Federal Reserve Act, as amended (), * * * by substituting a period for the comma after the word ‘notes’ and striking out the remainder of the paragraph”, was executed to the third par. of this section (seventeenth par. of section 16 of act ) to reflect the probable intent of Congress.
1934—Act , which directed general amendment of the sixteenth and eighteenth pars. of act , was executed to the first and third pars. of this section (fifteenth and seventeenth pars. of section 16 of act , respectively) to reflect the probable intent of Congress. Prior to amendment, the first par. of this section authorized and directed the Secretary of the Treasury to receive deposits of gold coin or gold certificates and to prescribe by regulation the form of a receipt to be issued to the Federal reserve bank or agent; the third par. of this section provided that a Federal reserve bank’s gold deposits could count towards its reserve requirement.
Statutory Notes and Related Subsidiaries
Change of Name
Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Executive Documents
Transfer of Functions
section 55 of this titleFor transfer of functions to Secretary of the Treasury, see note set out under .