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Board of Governors of the Federal Reserve System
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Federal Reserve Board of Governors

Federal Reserve Act

Section 17. Deposit of bonds by national banks

1. Repeal of provisions requiring national banks to deposit bonds with United States Treasurer

So much of the provisions of section fifty-one hundred and fifty-nine of the Revised Statutes of the United States, and section four of the Act of June twentieth, eighteen hundred and seventy-four, and section eight of the Act of July twelfth, eighteen hundred and eighty-two, and of any other provisions of existing statutes as require that before any national banking association shall be authorized to commence banking business it shall transfer and deliver to the Treasurer of the United States a stated amount of United States registered bonds, and so much of those provisions or of any other provisions of existing statutes as require any national banking association now or hereafter organized to maintain a minimum deposit of such bonds with the Treasurer is hereby repealed.

[12 USC 101a note. As amended by act of June 21, 1917 (40 Stat. 239).]

Last update: May 23, 2013