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12 U.S.C. § 354 — Transactions involving gold coin, bullion, and certificates
Federal law — U.S. Code and appendices · legal_authorities
Every Federal reserve bank shall have power to deal in gold coin and bullion at home or abroad, to make loans thereon, exchange Federal 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 authorized to hold.
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Source location: Title 12, Chapter 3, § 354; chapter-003-federal-reserve-system.md
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Every Federal reserve bank shall have power to deal in gold coin and bullion at home or abroad, to make loans thereon, exchange Federal 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 authorized to hold.
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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 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
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