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12 U.S.C. § 358 — Establishment of accounts for purposes of open-market operations; correspondents and agencies
Federal law — U.S. Code and appendices · legal_authorities
Every Federal reserve bank shall have power to establish accounts with other Federal reserve banks for exchange purposes and, with the consent or upon the order and direction of the Board of Governors of the Federal Reserve System and under regulations to be prescribed by said Board, to open and maintain accounts in foreign countries, appoint correspondents, and establish agencies in such countries wheresoever it may be deemed best for the purpose of purchasing, selling, and collecting bills of exchange, and to buy and sell, with or without its indorsement, through such correspondents or agencies, bills of exchange (or acceptances) arising out of actual commercial transactions which have not more than ninety days to run, exclusive of days of grace, and which bear the signature of two or more responsible parties, and, with the consent of the Board of Governors of the Federal Reserve System, to open and maintain banking accounts for such foreign correspondents or agencies, or for foreign banks or bankers, or for foreign states as defined in [section 632 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section632&num=0&edition=prelim). Whenever any such account has been opened or agency or correspondent has been appointed by a Federal reserve bank, with the consent of or under the order and direction of the Board of Governors of the Federal Reserve System, any other Federal reserve bank may, with the consent and approval of the Board of Governors of the Federal Reserve System, be permitted to carry on or conduct, through the Federal reserve bank opening such account or appointing such agency or correspondent, any transaction authorized by this section under rules and regulations to be prescribed by the board.
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Source file: Laws/federal/codes/united-states-code/title-12/section-358-establishment-of-accounts-for-purposes-of-open-market-operations-corresp--4736204034.md
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Source location: Title 12, Chapter 3, § 358; chapter-003-federal-reserve-system.md
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Every Federal reserve bank shall have power to establish accounts with other Federal reserve banks for exchange purposes and, with the consent or upon the order and direction of the Board of Governors of the Federal Reserve System and under regulations to be prescribed by said Board, to open and maintain accounts in foreign countries, appoint correspondents, and establish agencies in such countries wheresoever it may be deemed best for the purpose of purchasing, selling, and collecting bills of exchange, and to buy and sell, with or without its indorsement, through such correspondents or agencies, bills of exchange (or acceptances) arising out of actual commercial transactions which have not more than ninety days to run, exclusive of days of grace, and which bear the signature of two or more responsible parties, and, with the consent of the Board of Governors of the Federal Reserve System, to open and maintain banking accounts for such foreign correspondents or agencies, or for foreign banks or bankers, or for foreign states as defined in [section 632 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section632&num=0&edition=prelim). Whenever any such account has been opened or agency or correspondent has been appointed by a Federal reserve bank, with the consent of or under the order and direction of the Board of Governors of the Federal Reserve System, any other Federal reserve bank may, with the consent and approval of the Board of Governors of the Federal Reserve System, be permitted to carry on or conduct, through the Federal reserve bank opening such account or appointing such agency or correspondent, any transaction authorized by this section under rules and regulations to be prescribed 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.
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
Notwithstanding any other provision of law, all suits of a civil nature at common law or in equity to which any corporation organized under the laws of the United States shall be a party, arising out of transactions involving international or foreign banking, or banking in a dependency or insular possession of the United States, or out of other international or foreign financial operations, either directly or through the agency, ownership, or control of branches or local institutions in dependencies or insular possessions of the United States or in foreign countries, shall be deemed to arise under the laws of the United States, and the district courts of the United States shall have original jurisdiction of all such suits; and any defendant in any such suit may, at any time before the trial thereof, remove such suits from a State court into the district court of the United States for the proper district by following the procedure for the removal of causes otherwise provided by law. Such removal shall not cause undue delay in the trial of such case and a case so removed shall have a place on the calendar of the United States court to which it is removed relative to that which it held on the State court from which it was removed.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 632
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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
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 358
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