1d 
FEDERAL RESERVE ACT Sec. 1 
ents or agencies. Whenever any such account has been 
opened or agency or correspondent has been appointed 
by a Federal reserve bank, with the consent of or under 
the order and direction of the Federal Reserve Board, 
any other Federal reserve bank may, with the consent 
and approval of the Federal Reserve Board, be permitted 
to carry on or conduct, through the Federal reserve 
bank opening such account or appointing such agency 
or correspondent, any transaction authorized by this 
section under rules and regulations to be prescribed by 
the board; 
() To purchase and sell in the open market, either 
from or to domestic banks, firms, corporations, or indi- 
viduals, acceptances of Federal Intermediate Credit 
Banks and of National Agricultural Credit Corporations, 
whenever the Federal Reserve Board shall declare that 
the public interest so requires. 
GOVERNMENT DEPOSITS 
JSsemended by Sec, 15.° The moneys held in the general fund of the 
Mer. 4, 19% (Treasury, except the five per centum fund for the re- 
2). demption of outstanding national-bank notes and the 
funds provided in this Act for the redemption of Federal 
reserve notes may, upon the direction of the Secretary 
of the Treasury, be deposited in Federal reserve banks, 
which banks, when required by the Secretary of the 
Treasury, shall act as fiscal agents of the United States, 
and the revenues of the Government or any part thereof 
may be deposited in such banks, and disbursements may 
be made by checks drawn against such deposits. 
No public funds of the Philippine Islands, or of the 
postal savings, or any Government funds, shall be depos- 
ited in the continental United States in any bank not 
belonging to the system established by this Act: '® Pro- 
vided, however, That nothing in this Act shall be construed 
to deny the right of the Secretary of the Treasury to use 
member banks as depositories.!* 
» This section in effect amended by Appropriation Act of 1920, approved May 29, 1920, 
Appendix, p. 89. 
10 Under sec. 7 of the act approved Apr. 24, 1017, sec. 8 of the act approved Sept. 24, 
1917, and sec. 8 of the act approved Apr. 4, 1918, the proceeds of sale of Liberty bonds of 
the first, second, and third issues may be deposited in nonmember banks, See Appen- 
iix, pp. 73, 74, 75. The act of May 18, 1916, amending the Postal Savings Act, authorizes 
the deposit of postal savings funds in nonmember banks. See Appendix, p. 71, 
11 Under the last paragraph of sec, 8 hereof, State member banks may be designated as 
depositaries of public money and under sec. 5153 of the Revised Statutes as amended 
(see Appendix, p. 79) national banking associations way be designated as depositaries of 
public monayv