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U.S. Code as of:
01/19/04
Section 265. Insured banks as depositaries of public money; duties; security; discrimination between banks prohibited; repeal of inconsistent laws
All insured banks designated for that purpose by the Secretary of
the Treasury shall be depositaries of public money of the United
States (including, without being limited to, revenues and funds of
the United States, and any funds the deposit of which is subject to
the control or regulation of the United States or any of its
officers, agents, or employees, and Postal Savings funds), and the
Secretary is authorized to deposit public money in such
depositaries, 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 insured banks thus designated satisfactory security
by the deposit of United States bonds or otherwise, for the
safekeeping and prompt payment of public money deposited with them
and for the faithful performance of their duties as financial
agents of the Government: Provided, That no such security shall be
required for the safekeeping and prompt payment of such parts of
the deposits of the public money in such banks as are insured
deposits and each officer, employee, or agent of the United States
having official custody of public funds and lawfully depositing the
same in an insured bank shall, for the purpose of determining the
amount of the insured deposits, be deemed a depositor in such
custodial capacity separate and distinct from any other officer,
employee, or agent of the United States having official custody of
public funds and lawfully depositing the same in the same insured
bank in custodial capacity. Notwithstanding any other provision of
law, no department, board, agency, instrumentality, officer,
employee, or agent of the United States shall issue or permit to
continue in effect any regulations, rulings, or instructions or
enter into or approve any contracts or perform any other acts
having to do with the deposit, disbursement, or expenditure of
public funds, or the deposit, custody, or advance of funds subject
to the control of the United States as trustee or otherwise which
shall discriminate against or prefer national banking associations,
State banks members of the Federal Reserve System, or insured banks
not members of the Federal Reserve System, by class, or which shall
require those enjoying the benefits, directly or indirectly, of
disbursed public funds so to discriminate. All Acts or parts
thereof in conflict herewith are repealed. The terms "insured bank"
and "insured deposit" as used in this section shall be construed
according to the definitions of such terms in section 1813 of this
title.
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