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12 U.S.C. § 355 — 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
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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Source file: Laws/federal/codes/united-states-code/title-12/section-355-purchase-and-sale-of-obligations-of-national-state-and-municipal-governm--683c05bc9a.md
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Source location: Title 12, Chapter 3, § 355; chapter-003-federal-reserve-system.md
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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
#### Codification
Section, act Dec. 23, 1913, ch. 6, § 14(h), as added June 8, 1979, Pub. L. 96–18, § 2, 93 Stat. 35, which authorized the Secretary of the Treasury to borrow and sell in open market, and required the repurchase and return of obligations to Federal Reserve Banks, was effective only during the two-year period that began June 8, 1979, as provided by section 3(a) of Pub. L. 96–18.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 359a
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Federal law — U.S. Code and appendices · legal_authorities
The Board of Governors of the Federal Reserve System shall be authorized and empowered:
**(a) Examination of accounts and affairs of banks; publication of weekly statements; reports of liabilities and assets of depository institutions; covered institutions**
(1) To examine at its discretion the accounts, books, and affairs of each Federal reserve bank and of each member bank and to require such statements and reports as it may deem necessary. The said board shall publish once each week a statement showing the condition of each Federal reserve bank and a consolidated statement for all Federal reserve banks. Such statements shall show in detail the assets and liabilities of the Federal reserve banks, single and combined, and shall furnish full information regarding the character of the money held as reserve and the amount, nature, and maturities of the paper and other investments owned or held by Federal reserve banks.
(2) To require any depository institution specified in this paragraph to make, at such intervals as the Board may prescribe, such reports of its liabilities and assets as the Board may determine to be necessary or desirable to enable the Board to discharge its responsibility to monitor and control monetary and credit aggregates. Such reports shall be made (A) directly to the Board in the case of member banks and in the case of other depository institutions whose reserve requirements under sections 461, 463, 464, 465, and 466 of this title exceed zero, and (B) for all other reports to the Board through the (i) Federal Deposit Insurance Corporation in the case of insured State savings associations that are insured depository institutions (as defined in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Savings associations**
(1) **Examination and safe and sound operation**
(A) *Federal savings associations* — The Comptroller shall provide for the examination and safe and sound operation of Federal savings associations.
(B) *State savings associations* — The Corporation shall provide for the examination and safe and sound operation of State savings associations.
(2) **Regulations for savings associations** — The Comptroller may prescribe regulations with respect to savings associations, as the Comptroller determines to be appropriate to carry out the purposes of this chapter.
(3) **Safe and sound housing credit to be encouraged** — The Comptroller and the Corporation shall exercise all powers granted to the Comptroller and the Corporation under this chapter so as to encourage savings associations to provide credit for housing safely and soundly.
**(b) Accounting and disclosure**
(1) **In general** — The Comptroller shall, by regulation, prescribe uniform accounting and disclosure standards for savings associations, to be used in determining savings associations’ compliance with all applicable regulations.
(2) **Specific requirements for accounting standards** — Subject to [section 1464(t) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1464/t&num=0&edition=prelim), the uniform accounting standards prescribed under paragraph (1) shall—
(A) incorporate generally accepted accounting principles to the same degree that such principles are used to determine compliance with regulations prescribed by the Federal banking agencies; and
(B) allow for no deviation from full compliance with such standards as are in effect after December 31, 1993.
(3) **Authority to prescribe more stringent accounting standards** —
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1463
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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
The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the “Federal Reserve Act.”
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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).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2160
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Federal law — U.S. Code and appendices · legal_authorities
Any Federal reserve bank may make advances for periods not exceeding fifteen days to its member banks on their promissory notes secured by the deposit or pledge of bonds, notes, certificates of indebtedness, or Treasury bills of the United States, or by the deposit or pledge of debentures or other such obligations of Federal intermediate credit banks which are eligible for purchase by Federal reserve banks under [section 350 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section350&num=0&edition=prelim), or by the deposit or pledge of bonds issued under the provisions of subsection (c) of section 1463 11 See References in Text note below. of this title; and any Federal reserve bank may make advances for periods not exceeding ninety days to its member banks on their promissory notes secured by such notes, drafts, bills of exchange, or bankers’ acceptances as are eligible for rediscount or for purchase by Federal reserve banks under the provisions of this chapter, or secured by such obligations as are eligible for purchase under [section 355 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section355&num=0&edition=prelim). All such advances shall be made at rates to be established by such Federal reserve banks, such rates to be subject to the review and determination of the Board of Governors of the Federal Reserve System. If any member bank to which any such advance has been made shall, during the life or continuance of such advance, and despite an official warning of the reserve bank of the district or of the Board of Governors of the Federal Reserve System to the contrary, increase its outstanding loans secured by collateral in the form of stocks, bonds, debentures, or other such obligations, or lo
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Federal law — U.S. Code and appendices · legal_authorities
Page 132
TITLE 12—BANKS AND BANKING
§ 354
1 See References in Text note below.
fers and bankers’ acceptances and bills of ex-
change of the kinds and maturities by this chap-
ter made eligible for rediscount, with or without
the indorsement of a member bank.
(Dec. 23, 1913, ch. 6, § 14 (par.), 38 Stat. 264; Aug.
23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)
Editorial Notes
REFERENCES IN TEXT
This chapter, referred to in text, was in the original
‘‘this Act’’, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251,
known as the Federal Reserve Act. For complete classi-
fication of this Act to the Code, see References in Text
note set out under section 226 of this title and Tables.
CODIFICATION
Section is comprised of introductory provisions of
section 14 of act Dec. 23, 1913. Subsecs. (a) to (g) of sec-
tion 14 are set out as sections 354 to 359 and 348a of this
title, respectively.
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.
§ 354. Transactions involving gold coin, bullion,
and certificates
Every Federal reserve bank shall have power
to deal in gold coin and bullion at home or
abroad, to make loans thereon, exchange Fed-
eral reserve notes for gold, gold coin, or gold
certificates, and to contract for loans of gold
coin or bullion, giving therefor, when necessary,
acceptable
security,
including
the
hypothecation of United States bonds or other
securities which Federal reserve banks are au-
thorized to hold.
(Dec. 23, 1913, ch. 6, § 14(a), 38 Stat. 264.)
Editorial Notes
CODIFICATION
Section is comprised of subsec. (a) of section 14 of act
Dec. 23, 1913. For classification to this title of remain-
der
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 355
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