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12 U.S.C. § 359 — Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations
Federal law — U.S. Code and appendices · legal_authorities
Every Federal reserve bank shall have power to purchase and sell in the open market, either from or to domestic banks, firms, corporations, or individuals, acceptances of Federal intermediate credit banks and of national agricultural credit corporations, whenever the Board of Governors of the Federal Reserve System shall declare that the public interest so requires.
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Source file: Laws/federal/codes/united-states-code/title-12/section-359-purchase-and-sale-of-acceptances-of-intermediate-credit-banks-and-agricu--26dc42ee7c.md
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Source location: Title 12, Chapter 3, § 359; chapter-003-federal-reserve-system.md
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Every Federal reserve bank shall have power to purchase and sell in the open market, either from or to domestic banks, firms, corporations, or individuals, acceptances of Federal intermediate credit banks and of national agricultural credit corporations, whenever the Board of Governors of the Federal Reserve System shall declare that the public interest so requires.
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Federal law — U.S. Code and appendices · legal_authorities
Any Federal reserve bank may, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, purchase and sell in the open market, at home or abroad, either from or to domestic or foreign banks, firms, corporations, or individuals, cable transfers and bankers’ acceptances and bills of exchange of the kinds and maturities by this chapter made eligible for rediscount, with or without the indorsement of a member bank.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 353
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Federal law — U.S. Code and appendices · legal_authorities
Page 134
TITLE 12—BANKS AND BANKING
§ 357
change arising out of commercial transactions,
as hereinbefore defined.
(Dec. 23, 1913, ch. 6, § 14(c), 38 Stat. 264.)
Editorial Notes
CODIFICATION
Section is comprised of subsec. (c) of section 14 of act
Dec. 23, 1913. For classification to this title of remain-
der of section 14, see Codification note under section 353
of this title.
§ 357. Establishment of rates of discount
Every Federal reserve bank shall have power
to establish from time to time, subject to review
and determination of the Board of Governors of
the Federal Reserve System, rates of discount to
be charged by the Federal reserve bank for each
class of paper, which shall be fixed with a view
of accommodating commerce and business, but
each such bank shall establish such rates every
fourteen days, or oftener if deemed necessary by
the Board.
(Dec. 23, 1913, ch. 6, § 14(d), 38 Stat. 264; Apr. 13,
1920, ch. 128, 41 Stat. 550; Mar. 4, 1923, ch. 252,
title IV, § 407, 42 Stat. 1480; Aug. 23, 1935, ch. 614,
title II, §§ 203(a), 206(b), 49 Stat. 704, 706.)
Editorial Notes
CODIFICATION
Section is comprised of subsec. (d) of section 14 of act
Dec. 23, 1913. For classification to this title of remain-
der of section 14, see Codification note under section 353
of this title.
AMENDMENTS
1935—Act Aug. 23, 1935, § 206(b), inserted words at end
of section beginning ‘‘but each such’’.
Statutory Notes and Related Subsidiaries
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of
Federal Reserve Board to Board of Governors of the
Federal Reserve System.
§ 358. Establishment of accounts for purposes of
open-market operations; correspondents and
agencies
Every Federal reserve bank shall have power
to establish accounts with other Fe
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 359
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