12 U.S.C. § 392
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§ 392. Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries
No public funds of the postal savings, or any Government funds, shall be deposited in the continental United States in any bank not belonging to the system established by this chapter: Provided, however , That nothing in this chapter shall be construed to deny the right of the Secretary of the Treasury to use member banks as depositaries.
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