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12 U.S.C. § 357 — Establishment of rates of discount
Federal law — U.S. Code and appendices · legal_authorities
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.
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Source location: Title 12, Chapter 3, § 357; chapter-003-federal-reserve-system.md
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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.
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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
Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice and protest by such bank as to its own indorsement exclusively, any Federal reserve bank may discount notes, drafts, and bills of exchange arising out of actual commercial transactions; that is, notes, drafts, and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which have been used, or are to be used, for such purposes, the Board of Governors of the Federal Reserve System to have the right to determine or define the character of the paper thus eligible for discount, within the meaning of this chapter. Nothing in this chapter contained shall be construed to prohibit such notes, drafts, and bills of exchange, secured by staple agricultural products, or other goods, wares, or merchandise from being eligible for such discount, and the notes, drafts, and bills of exchange of factors issued as such making advances exclusively to producers of staple agricultural products in their raw state shall be eligible for such discount; but such definition shall not include notes, drafts, or bills covering merely investments or issued or drawn for the purpose of carrying or trading in stocks, bonds, or other investment securities, except bonds and notes of the Government of the United States. Notes, drafts, and bills admitted to discount under the terms of this paragraph must have a maturity at the time of discount of not more than ninety days, exclusive of grace.
(3)
(A) 11 So in original. In unusual and exigent circumstances, the Board of Governors of the Federal Reserve System, by the affirmative vote of not less than five members, may authorize any Federal reserve bank, during such periods as the said board may determine, at
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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
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