18 U.S.C. § 493

Historical and Revision Notes

section 616(b) of title 15Dec. 23, 1913, ch. 6, § 12B(t)June 16, 1933, ch. 89, § 848 Stat. 178Aug. 23, 1935, ch. 614, § 10149 Stat. 684July 17, 1916, ch. 245, § 3139 Stat. 383July 17, 1916, ch. 245, § 211(f)Mar. 4, 1923, ch. 25242 Stat. 1460Mar. 4, 1923, ch. 25242 Stat. 1472Jan. 22, 1932, ch. 8, § 16(b)47 Stat. 11July 22, 1932, ch. 522, § 21(b)47 Stat. 738June 13, 1933, ch. 64, § 8(b)48 Stat. 134June 16, 1933, ch. 98, § 64(b)48 Stat. 268June 27, 1934, ch. 847, § 512(b)48 Stat. 1265Based on sections 264(t), 982, 1126, 1138d(b), 1316, 1441(b), 1467(b), 1731(b) of title 12, U.S.C., 1940 ed., Banks and Banking, and , U.S.C. 1940 ed., Commerce and Trade (, as added , , and amended , ; (second paragraph), ; , as added , title I, § 2, ; , title II, § 216(f), ; , ; , ; , ; , ; , ).

Each of the nine sections from which this section was derived contained similar provisions with respect to one or more named agencies or corporations. The punishment was the same in each section except that in sections 982, 1126, and 1316 of title 12, U.S.C., 1940 ed., Banks and Banking, the maximum fine was $5,000. This section adopts the $10,000 maximum fine provided in the other six former sections.

This section condenses and simplifies the form of the former sections without change of substance, except where the maximum fine differs as noted above.

The enumeration of “note, bond, debenture, coupon, obligation, instrument, or writing” does not occur in any one of the original sections but is an adequate enumeration of the instruments mentioned in each.

Certain specific agencies are enumerated by name as are “land bank, intermediate credit bank, bank for cooperatives,” but the phrase “or any lending, mortgage, insurance, credit, or savings and loan corporation or association” was used to embrace the following: National Farm Loan Association, Federal Savings and Loan Insurance Corporation, Federal Savings and Loan Associations, National Agricultural Credit Corporation, Production Credit Corporations, Production Credit Associations, Home Loan Banks, National Mortgage Associations, and Central Bank for Cooperatives, Regional Agricultural Credit Corporation, or any instrumentalities created for similar purposes.

section 2 of this titleReference to persons causing, procuring, aiding or assisting was omitted as unnecessary, such persons being principals by .

The section was written in two paragraphs; the first denouncing forgery, counterfeiting, and altering; the second, passing, uttering, and publishing. This arrangement, together with the simplified style of the rewritten section, will permit the repeal of similar provisions in at least nine complicated sections now in title 12, U.S.C., 1940 ed., Banks and Banking.

Section 1138d(f) of title 12, U.S.C., 1940 ed., Banks and Banking, was omitted from this revision and recommended for repeal. It provides as follows: “Whoever conspires with another to accomplish any of the acts made unlawful by the preceding provisions of this section shall, on conviction thereof, be subject to the same fine or imprisonment, or both, as is applicable in the case of conviction for doing such unlawful act.”

United States v. Halbrooksection 371 of this titleThe only case construing such subsection (f) is , D.C. Mo. 1941, 36 F. Supp. 345, in which the District Judge said by way of obiter dictum in a footnote that “Under this section no overt act need be shown as is true in the case of a prosecution under section 37 of the Criminal Code”, now .

section 88 of title 18section 371 of this titleIndeed the indictment upon which Halbrook was acquitted was drawn under , U.S.C., 1940 ed., now , which required allegation and proof of an overt act and provided punishment by fine of not more than $10,000, or imprisonment for not more than 2 years, or both. The second indictment charged only substantive violations and involved neither conspiracy section.

section 1138d(f) of title 12It will be noted that , U.S.C., 1940 ed., Banks and Banking, applies in terms only to the Farm Credit Administration, intermediate credit banks, Federal Farm Mortgage Corporation, and by reference to the banks for cooperatives, Production Credit Associations and Production Credit Corporations, and is not applicable to land banks, loan associations, Federal Housing Administration, Home Owners’ Loan Corporation, or other institutions.

section 1138d(f) of title 12section 88 of title 18section 371 of this titleIt is also noted that in the only reported case involving this section, the United States attorney drew his conspiracy indictment not under , U.S.C., 1940 ed., Banks and Banking, but under , U.S.C., 1940 ed., which is now , indicating considerable doubt as to the scope and effect of section 1138d(f) of said title 12, U.S.C., 1940 ed., Banks and Banking.

There is no sound reason for differentiating between types of credit, insurance, banking and lending agencies in the punishment of conspiracy or in the requirement as to proof of overt acts. Since conspiracies involving offenses equally serious such as obstruction of justice, bribery, embezzlements, counterfeiting and false statements and offenses against the Treasury of the United States as well as the Federal Deposit Insurance Corporation and the Home Owners’ Loan Corporation are punishable under the general conspiracy statute, the same rule should be applied to lesser agencies.

The blanket provision for punishment of “any person who willfully violates any other provision of this Act” was omitted as useless, in view of the specific provisions for penalties elsewhere in the Act.

Editorial Notes

Amendments

Pub. L. 107–562001— substituted “10 years” for “five years” in two places.

Pub. L. 103–3221994— substituted “fined under this title” for “fined not more than $10,000” in two places.

Pub. L. 91–4681970— inserted National Credit Union Administration and insured credit unions in enumeration of lending agencies.

Pub. L. 90–191967— substituted “Department of Housing and Urban Development” for “Federal Housing Administration”.

Pub. L. 87–3531961— struck out reference to the Federal Farm Mortgage Corporation.

Statutory Notes and Related Subsidiaries

Abolition of Home Owners’ Loan Corporation

act June 30, 1953, ch. 170, § 2167 Stat. 126section 1463 of Title 12For dissolution and abolition of Home Owners’ Loan Corporation, referred to in this section, by , , see note set out under , Banks and Banking.

Executive Documents

Exceptions From Transfer of Functions

June 4, 195367 Stat. 633Functions of corporations of Department of Agriculture, boards of directors and officers of such corporations; Advisory Board of Commodity Credit Corporation; and Farm Credit Administration or any agency, officer or entity of, under, or subject to supervision of said Administration excepted from functions of officers, agencies, and employees transferred to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, § 1, eff. , 18 F.R. 3219, , set out in the Appendix to Title 5, Government Organization and Employees.

Abolition of Reconstruction Finance Corporation

June 30, 195771 Stat. 647Reorg. Plan No. 1 of 1957, § 6(a), eff. , 22 F.R. 4633, , set out in the Appendix to Title 5, Government Organization and Employees, abolished the Reconstruction Finance Corporation.

Farm Credit Administration

section 2241 of Title 12Establishment of Farm Credit Administration as independent agency, and other changes in status, function, etc., see Ex. Ord. No. 6084 set out prec. , Banks and Banking. See also section 2001 et seq. of Title 12.