EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

				Three Months Ended		Six Months Ended
(Dollars in Millions)				June 30, 2010		June 30, 2010
Earnings
	1.	Net income attributable to U.S. Bancorp		$	766	$	1,435
	2.	Applicable income taxes, including interest expense related to unrecognized tax positions			199		360
	3.	Net income attributable to U.S Bancorp before income taxes (1 + 2)		$	965	$	1,795
	4.	Fixed charges:
		a.	Interest expense excluding interest on deposits*	$	409	$	814
		b.	Portion of rents representative of interest and amortization of debt expense		26		52
		c.	Fixed charges excluding interest on deposits (4a + 4b)		435		866
		d.	Interest on deposits		229		465
		e.	Fixed charges including interest on deposits (4c + 4d)	$	664	$	1,331
	5.	Amortization of interest capitalized		$	–	$	–
	6.	Earnings excluding interest on deposits (3 + 4c + 5)			1,400		2,661
	7.	Earnings including interest on deposits (3 + 4e + 5)			1,629		3,126
	8.	Fixed charges excluding interest on deposits (4c)			435		866
	9.	Fixed charges including interest on deposits (4e)			664		1,331
Ratio of Earnings to Fixed Charges
	10.	Excluding interest on deposits (line 6/line 8)			3.22		3.07
	11.	Including interest on deposits (line 7/line 9)			2.45		2.35

* Excludes interest expense related to unrecognized tax positions.

  60 U.S. Bancorp