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12 U.S.C. § 2160 — Purchase and sale by Federal Reserve System
Federal law — U.S. Code and appendices · legal_authorities
Any member of the Federal Reserve System may buy and sell bonds, debentures, or other similar obligations issued under the authority of this chapter and any Federal Reserve bank may buy and sell such obligations to the same extent and subject to the same limitations placed upon the purchase and sale by said banks of State, county, district, and municipal bonds under [section 355 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section355&num=0&edition=prelim).
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Source file: Laws/federal/codes/united-states-code/title-12/section-2160-purchase-and-sale-by-federal-reserve-system--2b7d6071fe.md
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Source location: Title 12, Chapter 23, § 2160; chapter-023-farm-credit-system.md
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Any member of the Federal Reserve System may buy and sell bonds, debentures, or other similar obligations issued under the authority of this chapter and any Federal Reserve bank may buy and sell such obligations to the same extent and subject to the same limitations placed upon the purchase and sale by said banks of State, county, district, and municipal bonds under [section 355 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section355&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
Every Federal Reserve bank shall have power:
(1) To buy and sell, at home or abroad, bonds and notes of the United States, bonds issued under the provisions of subsection (c) of section 1463 11 See References in Text note below. of this title and having maturities from date of purchase of not exceeding six months, and bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county, district, political subdivision, or municipality in the continental United States, including irrigation, drainage and reclamation districts, and obligations of, or fully guaranteed as to principal and interest by, a foreign government or agency thereof, such purchases to be made in accordance with rules and regulations prescribed by the Board of Governors of the Federal Reserve System. Notwithstanding any other provision of this chapter, any bonds, notes, or other obligations which are direct obligations of the United States or which are fully guaranteed by the United States as to principal and interest may be bought and sold without regard to maturities but only in the open market.
(2) To buy and sell in the open market, under the direction and regulations of the Federal Open Market Committee, any obligation which is a direct obligation of, or fully guaranteed as to principal and interest by, any agency of the United States.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 92–181, title IV, § 4.5, Dec. 10, 1971, 85 Stat. 611; Pub. L. 96–592, title IV, § 401, Dec. 24, 1980, 94 Stat. 3446; Pub. L. 99–205, title II, § 205(f)(3), Dec. 23, 1985, 99 Stat. 1706, provided for establishment of a finance committee for banks organized and operated under subchapters I, II, and III of this chapter. See [section 2160 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2160&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2158
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** There is hereby established the Federal Farm Credit Banks Funding Corporation (hereinafter in this section referred to as the “Corporation”), which shall be an institution of the Farm Credit System.
**(b) Duties** The Corporation—
(1) shall issue, market, and handle the obligations of the banks of the Farm Credit System, and interbank or intersystem flow of funds as may from time to time be required;
(2) acting for the banks of the Farm Credit System, subject to approval of the Farm Credit Administration, shall determine the amount, maturities, rates of interest, terms, and conditions of participation by the several banks in each issue of joint, consolidated, or System-wide obligations; and
(3) shall exercise such other powers as were provided to the predecessor Federal Farm Credit Banks Funding Corporation in accordance with its charter issued under [section 2211 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2211&num=0&edition=prelim), in effect immediately before January 6, 1988.
**(c) Officers and committees**
(1) **Designation** — The board of directors may designate such officers and committees for such terms and such purposes as may be agreed on by the board.
(2) **Issuance of obligations** — When appropriate to the board’s functions under this section, a committee of the board of directors of the Corporation, or representatives thereof, may act on behalf of the board in connection with the issuance of joint, consolidated, and System-wide obligations.
**(d) Board of directors**
(1) **Composition** — The board of directors shall be composed of nine voting members and one nonvoting member, as follows:
(A) Four voting members shall be current or former directors of the System banks elected
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2162
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Federal law — U.S. Code and appendices · legal_authorities
Page 1328
TITLE 12—BANKS AND BANKING
§ 2156
§ 205(f)(2), Dec. 23, 1985, 99 Stat. 1679, 1706; Pub. L.
100–233, title II, § 207(c), title III, § 303, Jan. 6,
1988, 101 Stat. 1608, 1620; Pub. L. 100–399, title III,
§ 303, Aug. 17, 1988, 102 Stat. 995.)
Editorial Notes
AMENDMENTS
1988—Subsec. (a). Pub. L. 100–233, § 303(a), amended
subsec. (a) generally. Prior to amendment, subsec. (a)
read as follows: ‘‘Each bank of the System shall be
fully liable on notes, bonds, debentures, or other obli-
gations issued by it individually, and shall be liable for
the interest payments on long-term notes, bonds, de-
bentures, or other obligations issued by other banks op-
erating under the same subchapter of this chapter.
Each bank shall also be primarily liable for the portion
of any issue of consolidated or System-wide obligations
made on its behalf and be jointly and severally liable
for the payment of any additional sums as called upon
by the Farm Credit Administration in order to make
payments of interest or principal which any bank pri-
marily liable therefor shall be unable to make. Such
calls shall be made first upon the other banks oper-
ating under the same subchapter of this chapter as the
defaulting bank, and second upon banks operating
under other subchapters of this chapter, taking into
consideration the capital, surplus, bonds, debentures,
or other obligations which each may have outstanding
at the time of such assessment.’’
Subsec. (c). Pub. L. 100–233, § 207(c), redesignated sub-
sec. (d) as (c), and struck out former subsec. (c) which
provided that for purposes of this part, the term
‘‘bank’’ included the Capital Corporation.
Subsec. (d). Pub. L. 100–399 redesignated subsec. (e) as
(d).
Pub. L. 100–233, § 207(c), redesignated subsec. (d) as (c)
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2160
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