12 U.S.C. § 90 : US Code - Section 90: Depositaries of public moneys and financial agents of Government

Search 12 U.S.C. § 90 : US Code - Section 90: Depositaries of public moneys and financial agents of Government

All national banking associations, 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 the associations thus designated to give
satisfactory security, by the deposit of United States bonds and
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: Provided, That
the Secretary shall, on or before the 1st of January of each year,
make a public statement of the securities required during that year
for such deposits. And every association so designated as receiver
or depositary of the public money shall take and receive at par all
of the national currency bills, by whatever association issued,
which have been paid into the Government for internal revenue, or
for loans or stocks: Provided, That the Secretary of the Treasury
shall distribute the deposits herein provided for, as far as
practicable, equitably between the different States and sections.
Any national banking association may, upon the deposit with it of
any funds by any State or political subdivision thereof or any
agency or other governmental instrumentality of one or more States
or political subdivisions thereof, including any officer, employee,
or agent thereof in his official capacity, give security for the
safekeeping and prompt payment of the funds so deposited to the
same extent and of the same kind as is authorized by the law of the
State in which such association is located in the case of other
banking institutions in the State.
Any national banking association may, upon the deposit with it of
any funds by any federally recognized Indian tribe, or any officer,
employee, or agent thereof in his or her official capacity, give
security for the safekeeping and prompt payment of the funds so
deposited by the deposit of United States bonds and otherwise as
may be prescribed by the Secretary of the Treasury for public funds
under the first paragraph of this section.
Notwithstanding the Federal Property and Administrative Services
Act of 1949, as amended, the Secretary may select associations as
financial agents in accordance with any process the Secretary deems
appropriate and their reasonable duties may include the provision
of electronic benefit transfer services (including State-
administered benefits with the consent of the States), as defined
by the Secretary.