EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

				Three Months Ended
(Dollars in Millions)				March 31, 2009
Earnings
	1	.	Net income attributable to U.S. Bancorp	$	529
	2	.	Applicable income taxes, including interest expense related to unrecognized tax positions		101
	3	.	Income before income taxes (1 + 2)	$	630
	4	.	Fixed charges:
			a.  Interest expense excluding interest on deposits*	$	496
			b.  Portion of rents representative of interest and amortization of debt expense		24
			c.  Fixed charges excluding interest on deposits (4a + 4b)		520
			d.  Interest on deposits		324
			e.  Fixed charges including interest on deposits (4c + 4d)	$	844
	5	.	Amortization of interest capitalized	$	–
	6	.	Earnings excluding interest on deposits (3 + 4c + 5)		1,150
	7	.	Earnings including interest on deposits (3 + 4e + 5)		1,474
	8	.	Fixed charges excluding interest on deposits (4c)		520
	9	.	Fixed charges including interest on deposits (4e)		844
Ratio of Earnings to Fixed Charges
	10	.	Excluding interest on deposits (line 6/line 8)		2.21
	11	.	Including interest on deposits (line 7/line 9)		1.75

* Excludes interest expense related to unrecognized tax positions.

  U.S. Bancorp 51