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12 U.S.C. § 356 — Purchase of commercial paper from member banks and sale of same
Federal law — U.S. Code and appendices · legal_authorities
Every Federal reserve bank shall have power to purchase from member banks and to sell, with or without its indorsement, bills of exchange arising out of commercial transactions, as hereinbefore defined.
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Source file: Laws/federal/codes/united-states-code/title-12/section-356-purchase-of-commercial-paper-from-member-banks-and-sale-of-same--d2edf820cb.md
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Source location: Title 12, Chapter 3, § 356; chapter-003-federal-reserve-system.md
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Every Federal reserve bank shall have power to purchase from member banks and to sell, with or without its indorsement, bills of exchange arising out of commercial transactions, as hereinbefore defined.
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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.
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Federal law — U.S. Code and appendices · legal_authorities
Page 133
TITLE 12—BANKS AND BANKING
§ 356
market or directly from or to the United States bonds,
notes, or other obligations which were direct obliga-
tions of the United States or which were fully guaran-
teed by the United States and, after Apr. 30, 1979, had
allowed such obligations to be purchased but only in
the open market.
Pub. L. 96–18, § 3(b), inserted provision that notwith-
standing any other provision of this chapter, any
bonds, notes, or other obligations which are direct obli-
gations of the United States or which are fully guaran-
teed by the United States as to principal and interest
may be bought and sold without regard to maturities
but only in the open market.
Par. (2). Pub. L. 96–18, §§ 1(b), 3(a), temporarily sub-
stituted ‘‘the United States or any agency of the
United States, and to lend, under the direction and reg-
ulations of the Federal Open Market Committee, any
such obligation to the Secretary of the Treasury’’ for
‘‘any agency of the United States’’. See Effective and
Termination Dates of 1979 Amendment note set out
below.
Pars. (3), (4). Pub. L. 96–18, §§ 1(c), 3(a), temporarily
added pars. (3) and (4). See Effective and Termination
Dates of 1979 Amendment note set out below.
1978—Par. (1). Pub. L. 95–534 substituted ‘‘May 1, 1979’’
for ‘‘May 1, 1978’’ and ‘‘April 30, 1979’’ for ‘‘April 30,
1978’’.
1977—Par. (1). Pub. L. 95–154 substituted ‘‘May 1, 1978’’
for ‘‘October 1, 1977’’ and ‘‘April 30, 1978’’ for ‘‘Sep-
tember 30, 1977’’.
Pub. L. 95–128 substituted ‘‘October 1, 1977’’ for ‘‘No-
vember 1, 1978’’ and ‘‘September 30, 1977’’ for ‘‘October
31, 1978’’.
Pub. L. 95–22 substituted ‘‘November 1, 1978’’ for ‘‘No-
vember 1, 1976’’ and ‘‘October 31, 1978’’ for ‘‘October 31,
1976’’.
1975—Par. (1). Pub. L. 94–125 substi
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 356
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.