Whoever, being a Federal Reserve Agent, or an agent or employee of such Federal Reserve Agent, or of the Board of Governors of the Federal Reserve System, issues or puts in circulation any Federal Reserve notes, without complying with or in violation of the provisions of law regulating the issuance and circulation of such Federal Reserve notes; or
Whoever, being an officer acting under the provisions of chapter
2 of Title
12, countersigns or delivers to any national banking association, or to any other company or person, any circulating notes contemplated by that chapter except in strict accordance with its provisions—
Shall be fined under this title or imprisoned not more than five years, or both.
Based on sections
592 of title
12, U.S.C., 1940 ed., Banks and Banking (R.S. §§ 5187,
5209; Sept. 26, 1918, ch. 177, § 7,40 Stat. 972; Aug. 23, 1935, ch. 614, § 316,49 Stat. 712).
This section consolidates section
581 and part of section
592 of title
12, U.S.C., 1940 ed., Banks and Banking.
The punishment provision was drawn from said section
592 as being the latest expression of congressional intent, in preference to the provision of said section
581 which authorized a fine “not more than double the amount so countersigned and delivered and imprisonment not more than 15 years”.
The words “shall be guilty of a misdemeanor” were omitted as unnecessary in view of definition of misdemeanor in section
1 of this title.
Likewise the words “upon conviction in any district court of the United States” were omitted as unnecessary since punishment can follow only after conviction.
(See reviser’s note under section
656 of this title for statement of reasons for dividing said section
592 into three revised sections, with consequent changes in phraseology, style, and arrangement.)
1994—Pub. L. 103–322substituted “fined under this title” for “fined not more than $5,000”.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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