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12 U.S.C. § 353 — Purchase and sale of cable transfers, acceptances and bills
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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Source file: Laws/federal/codes/united-states-code/title-12/section-353-purchase-and-sale-of-cable-transfers-acceptances-and-bills--4dc9df0f48.md
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Source location: Title 12, Chapter 3, § 353; chapter-003-federal-reserve-system.md
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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
The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the “Federal Reserve Act.”
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 226
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 248
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 354
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 355
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Federal law — U.S. Code and appendices · legal_authorities
Every Federal reserve bank shall have power to purchase from member banks and to sell, with or without its indorsement, bills of exchange arising out of commercial transactions, as hereinbefore defined.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 356
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 357
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 358
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Federal law — U.S. Code and appendices · legal_authorities
Every Federal reserve bank shall have power to purchase and sell in the open market, either from or to domestic banks, firms, corporations, or individuals, acceptances of Federal intermediate credit banks and of national agricultural credit corporations, whenever the Board of Governors of the Federal Reserve System shall declare that the public interest so requires.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 359
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** As used in this section—
(1) the term “Federal property manager” means—
(A) the Federal Housing Finance Agency, in its capacity as conservator of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation;
(B) the Corporation, with respect to residential mortgage loans and mortgage-backed securities held by any bridge depository institution pursuant to [section 1821(n) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/n&num=0&edition=prelim); and
(C) the Board, with respect to any mortgage or mortgage-backed securities or pool of securities held, owned, or controlled by or on behalf of a Federal reserve bank, other than mortgages or securities held, owned, or controlled in connection with open market operations under sections 348a and 353 to 359 of this title,11 See References in Text note below. or as collateral for an advance or discount that is not in default;
(2) the term “consumer” has the same meaning as in [section 1602 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1602&num=0&edition=prelim);
(3) the term “insured depository institution” has the same meaning as in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim); and
(4) the term “servicer” has the same meaning as in [section 2605(i)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2605/i/2&num=0&edition=prelim).
**(b) Homeowner assistance by agencies**
(1) **In general** — To the extent that the Federal property manager holds, owns, or controls mortgages, mortgage backed 22 So in original. Probably should be “mortgage-backed”. securiti
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5220b
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Federal law — U.S. Code and appendices · legal_authorities
Page 131
TITLE 12—BANKS AND BANKING
§ 353
Editorial Notes
REFERENCES IN TEXT
Title I of the Federal Farm Loan Act, referred to in
text, is title I of act July 17, 1916, ch. 245, 39 Stat. 360.
Title I was classified to chapter 7 (§ 641 et seq.) of this
title, and was repealed by Pub. L. 92–181, title V,
§ 5.26(a), Dec. 10, 1971, 85 Stat. 624.
CODIFICATION
Section is comprised of third par. of section 13A, for-
merly section 13a, as added Mar. 4, 1923. Pars. 1, 2, 4 and
5 of section 13A are set out as sections 348, 349, 351 and
352 of this title, respectively.
Statutory Notes and Related Subsidiaries
NATIONAL AGRICULTURAL CREDIT CORPORATION
Title II of the Agricultural Credits Act, act Mar. 4,
1923, title II, §§ 201–217, 42 Stat. 1461, authorized creation
of national agricultural credit corporations, prior to re-
peal by Pub. L. 86–230, Sept. 18, 1959, § 24, 73 Stat. 466.
Prior to such repeal, act June 16, 1933, § 77, 48 Stat. 292,
had prohibited the creation, after June 16, 1933, of na-
tional agricultural credit corporations authorized to be
formed under the Agricultural Credits Act.
§ 351. Obligations of cooperative marketing asso-
ciation as issued or drawn for agricultural
purposes
Notes, drafts, bills of exchange, or acceptances
issued or drawn by cooperative marketing asso-
ciations composed of producers of agricultural
products shall be deemed to have been issued or
drawn for an agricultural purpose, within the
meaning of sections 348 and 349 to 352 of this
title, if the proceeds thereof have been or are to
be advanced by such association to any members
thereof for an agricultural purpose, or have been
or are to be used by such association in making
payments to any members thereof on account of
agricultural products delivered by such
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 353
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