PocketLaw | USC 12 | POWERS AND DUTIES OF FEDERAL RESERVE BANKS

POWERS AND DUTIES OF FEDERAL RESERVE BANKS

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General enumeration of powers

Deposits; exchange and collection; member and nonmember banks or other depository institutions; charges

Discount of obligations arising out of actual commercial transactions

Discount or purchase of bills to finance agricultural shipments

Rediscount of notes, drafts, and bills for member banks; limitation of amount

Discount of acceptances

Advances to member banks on their notes

Advances to member bank groups; inadequate amounts of eligible and acceptable assets; liability of individual banks in group; distribution of loans among banks of group; rate of interest; notes accepted for advances as collateral security for Federal reserve notes; foreign obligations as security for advances

Advances to individual member banks on time or demand notes; maturities; time notes secured by mortgage loans covering one-to-four family residences

Advances to individuals, partnerships, and corporations; security; interest rate

Transactions between Federal Reserve banks and branch or agency of foreign bank; matters considered

Discount of obligations given for agricultural purposes or based upon livestock; collateral security for Federal reserve notes

Transactions with foreign banks; supervision of Board of Governors of the Federal Reserve System

Rediscount for intermediate credit banks of obligations given for agricultural purposes; discount of notes made pursuant to section 1031

Purchase and sale of debentures and like obligations of intermediate credit banks and agricultural credit corporations

Obligations of cooperative marketing association as issued or drawn for agricultural purposes

Limitation on amount of obligations of certain maturities which may be discounted and rediscounted

Repealed. Pub. L. 85–699, title VI, §601, Aug. 21, 1958, 72 Stat. 697

Purchase and sale of cable transfers, acceptances and bills

Transactions involving gold coin, bullion, and certificates

Purchase and sale of obligations of National, State, and municipal governments; open market operations; purchases and sales from or to United States; maximum aggregate amount of obligations acquired directly from or loaned directly to United States

Purchase of commercial paper from member banks and sale of same

Establishment of rates of discount

Establishment of accounts for purposes of open-market operations; correspondents and agencies

Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations

Omitted

Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances

Bills receivable, bills of exchange, acceptances; regulations by Board of Governors

Sections
362 to 364

Omitted