---
kind: "section"
citation: "12 U.S.C. § 332"
title: "12"
title_heading: "Banks and Banking"
number: "332"
heading: "Depositaries of public money; financial agents; security required"
release: "119-102"
url: "https://uscodex.org/usc/12/332"
units:
  - "Chapter 3 — Federal Reserve System"
  - "Subchapter VIII — State Banks as Members of System"
---

# §332. Depositaries of public money; financial agents; security required


All [banks](/usc/12/221a.md?p=a) or trust [companies](/usc/12/24a.md?p=g-1) incorporated by special law or organized under the general laws of any [State](/usc/12/1707.md?p=d), which are [members](/usc/12/1426a.md?p=g-1) of the Federal reserve system, when 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 of the [banks](/usc/12/221a.md?p=a) and trust [companies](/usc/12/24a.md?p=g-1) thus designated satisfactory security, by the [deposit](/usc/12/5301.md?p=18-A) of United States bonds or 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.


## Source credit

(Dec. 23, 1913, ch. 6, § 9 (par.), as added May 7, 1928, ch. 507, 45 Stat. 492.)

## Notes

### Editorial Notes

### Codification

Section is comprised of the fifteenth par. of section 9 of act Dec. 23, 1913, as amended. The fifteenth par. constituted the thirteenth par. of section 9 in 1928 (45 Stat. 492), became the fourteenth par. in 1935 (49 Stat. 704), and became the fifteenth par. in 1950 (64 Stat. 458). For further details, see Codification notes set out under sections 321 and 329a of this title.