12 U.S.C. § 248 — Enumerated powers

Page 93 TITLE 12—BANKS AND BANKING § 248 (Dec. 23, 1913, ch. 6, § 10(12), as added Pub. L. 111–203, title XI, § 1108(b), July 21, 2010, 124 Stat. 2126.) Editorial Notes CODIFICATION Section is comprised of par. (12) of section 10 of act Dec. 23, 1913. No par. between pars. (10) and (12) has been enacted. For classification to this title of other pars. of section 10, see Codification note set out under section 241 of this title. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title. § 248. Enumerated powers 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 institu- tions; 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 nec- essary. The said board shall publish once each week a statement showing the condition of each Federal reserve bank and a consolidated state- ment for all Federal reserve banks. Such state- ments shall show in detail the assets and liabil- ities of the Federal reserve banks, single and combined, and shall furnish full information re- garding the character of the money held as re- serve 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 speci- fied in this paragraph to make, at such intervals as the Board may prescribe, such reports of its liabilities and assets as the Board may deter- mine 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 re- serve 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), State nonmember banks, savings banks, and mutual savings banks, (ii) National Credit Union Administra- tion Board in the case of insured credit unions, (iii) the Comptroller of the Currency in the case of any Federal savings association which is an insured depository institution (as defined in sec- tion 1813 of this title) or which is a member as defined in section 1422 of this title, and (iv) such State officer or agency as the Board may des- ignate in the case of any other type of bank, savings association, or credit union. The Board shall endeavor to avoid the imposition of unnec- essary burdens on reporting institutions and the duplication of other reporting requirements. Ex- cept as otherwise required by law, any data pro- vided to any department, agency, or instrumen- tality of the United States pursuant to other re- porting requirements shall be made available to the Board. The Board may classify depository institutions for the purposes of this paragraph and may impose different requirements on each such class. (b) Permitting or requiring rediscounting of paper at specified rate To permit, or, on the affirmative vote of at least five members of the Board of Governors, to require Federal reserve banks to rediscount the discounted paper of other Federal reserve banks at rates of interest to be fixed by the Board. (c) Suspending reserve requirements To suspend for a period not exceeding thirty days, and from time to time to renew such sus- pension for periods not exceeding fifteen days, any reserve requirements specified in this chap- ter. (d) Supervising and regulating issue and retire- ment of notes To supervise and regulate through the Sec- retary of the Treasury the issue and retirement of Federal Reserve notes, except for the can- cellation and destruction, and accounting with respect to such cancellation and destruction, of notes unfit for circulation, and to prescribe rules and regulations under which such notes may be delivered by the Secretary of the Treas- ury to the Federal Reserve agents applying therefor. (e) Adding to or reclassifying reserve cities To add to the number of cities classified as re- serve cities under existing law in which national banking associations are subject to the reserve requirements set forth in section 20 of this Act, or to reclassify existing reserve cities or to ter- minate their designation as such. (f) Suspending or removing officers or directors of reserve banks To suspend or remove any officer or director of any Federal reserve bank, the cause of such removal to be forthwith communicated in writ- ing by the Board of Governors of the Federal Re- serve System to the removed officer or director and to said bank. (g) Requiring writing off of doubtful or worth- less assets of banks To require the writing off of doubtful or worthless assets upon the books and balance sheets of Federal reserve banks. (h) Suspending operations of or liquidating or reorganizing banks To suspend, for the violation of any of the pro- visions of this chapter, the operations of any Federal reserve bank, to take possession there- of, administer the same during the period of sus- pension, and, when deemed advisable, to liq- uidate or reorganize such bank. (i) Requiring bonds of agents; safeguarding prop- erty in hands of agents To require bonds of Federal reserve agents, to make regulations for the safeguarding of all col- Page 94 TITLE 12—BANKS AND BANKING § 248 1 See References in Text note below. lateral, bonds, Federal reserve notes, money, or property of any kind deposited in the hands of such agents, and said board shall perform the duties, functions, or services specified in this chapter, and make all rules and regulations nec- essary to enable said board effectively to per- form the same. (j) Exercising supervision over reserve banks To exercise general supervision over said Fed- eral reserve banks. (k) Delegation of certain functions; power to del- egate; review of delegated activities To delegate, by published order or rule and subject to subchapter II of chapter 5, and chap- ter 7, of title 5, any of its functions, other than those relating to rulemaking or pertaining prin- cipally to monetary and credit policies, to one or more administrative law judges, members or employees of the Board, or Federal Reserve banks. The assignment of responsibility for the performance of any function that the Board de- termines to delegate shall be a function of the Chairman. The Board shall, upon the vote of one member, review action taken at a delegated level within such time and in such manner as the Board shall by rule prescribe. The Board of Governors may not delegate to a Federal reserve bank its functions for the establishment of poli- cies for the supervision and regulation of deposi- tory institution holding companies and other fi- nancial firms supervised by the Board of Gov- ernors. (l) Employing attorneys, experts, assistants, and clerks; salaries and fees To employ such attorneys, experts, assistants, clerks, or other employees as may be deemed necessary to conduct the business of the board. All salaries and fees shall be fixed in advance by said board and shall be paid in the same manner as the salaries of the members of said board. All such attorneys, experts, assistants, clerks, and other employees shall be appointed without re- gard to the provisions of the Act of January six- teenth, eighteen hundred and eighty-three (vol- ume twenty-two, United States Statutes at Large, page four hundred and three), and amend- ments thereto, or any rule or regulation made in pursuance thereof: Provided, That nothing here- in shall prevent the President from placing said employees in the classified service. (m) [Repealed] (n) Board’s authority to examine depository in- stitutions and affiliates To examine, at the Board’s discretion, any de- pository institution, and any affiliate of such depository institution, in connection with any advance to, any discount of any instrument for, or any request for any such advance or discount by, such depository institution under this chap- ter. (o) Authority to appoint conservator or receiver The Board may appoint the Federal Deposit Insurance Corporation as conservator or re- ceiver for a State member bank under section 1821(c)(9) of this title. (p) Authority The Board may act in its own name and through its own attorneys in enforcing any pro- vision of this title,1 regulations promulgated hereunder, or any other law or regulation, or in any action, suit, or proceeding to which the Board is a party and which involves the Board’s regulation or supervision of any bank, bank holding company (as defined in section 1841 of this title), or other entity, or the administration of its operations. (q) Uniform protection authority for Federal re- serve facilities (1) Notwithstanding any other provision of law, to authorize personnel to act as law en- forcement officers to protect and safeguard the premises, grounds, property, personnel, includ- ing members of the Board, of the Board, or any Federal reserve bank, and operations conducted by or on behalf of the Board or a reserve bank. (2) The Board may, subject to the regulations prescribed under paragraph (5), delegate author- ity to a Federal reserve bank to authorize per- sonnel to act as law enforcement officers to pro- tect and safeguard the bank’s premises, grounds, property, personnel, and operations conducted by or on behalf of the bank. (3) Law enforcement officers designated or au- thorized by the Board or a reserve bank under paragraph (1) or (2) are authorized while on duty to carry firearms and make arrests without war- rants for any offense against the United States committed in their presence, or for any felony cognizable under the laws of the United States committed or being committed within the build- ings and grounds of the Board or a reserve bank if they have reasonable grounds to believe that the person to be arrested has committed or is committing such a felony. Such officers shall have access to law enforcement information that may be necessary for the protection of the property or personnel of the Board or a reserve bank. (4) For purposes of this subsection, the term ‘‘law enforcement officers’’ means personnel who have successfully completed law enforce- ment training and are authorized to carry fire- arms and make arrests pursuant to this sub- section. (5) The law enforcement authorities provided for in this subsection may be exercised only pur- suant to regulations prescribed by the Board and approved by the Attorney General. (r) Voting; documentation of determinations (1) Any action that this chapter provides may be taken only upon the affirmative vote of 5 members of the Board may be taken upon the unanimous vote of all members then in office if there are fewer than 5 members in office at the time of the action. (2)(A) Any action that the Board is otherwise authorized to take under section 343(3) of this title may be taken upon the unanimous vote of all available members then in office, if— (i) at least 2 members are available and all available members participate in the action; (ii) the available members unanimously de- termine that— (I) unusual and exigent circumstances exist and the borrower is unable to secure adequate credit accommodations from other sources; Page 95 TITLE 12—BANKS AND BANKING § 248 2 So in original. Two subsecs. (s) have been enacted. (II) action on the matter is necessary to prevent, correct, or mitigate serious harm to the economy or the stability of the financial system of the United States; (III) despite the use of all means available (including all available telephonic, tele- graphic, and other electronic means), the other members of the Board have not been able to be contacted on the matter; and (IV) action on the matter is required be- fore the number of Board members otherwise required to vote on the matter can be con- tacted through any available means (includ- ing all available telephonic, telegraphic, and other electronic means); and (iii) any credit extended by a Federal reserve bank pursuant to such action is payable upon demand of the Board. (B) The available members of the Board shall document in writing the determinations re- quired by subparagraph (A)(ii), and such written findings shall be included in the record of the action and in the official minutes of the Board, and copies of such record shall be provided as soon as practicable to the members of the Board who were not available to participate in the ac- tion and to the Chairman of the Committee on Banking, Housing, and Urban Affairs of the Sen- ate and to the Chairman of the Committee on Financial Services of the House of Representa- tives. (s) 2 Federal Reserve transparency and release of information (1) In general In order to ensure the disclosure in a timely manner consistent with the purposes of this chapter of information concerning the bor- rowers and counterparties participating in emergency credit facilities, discount window lending programs, and open market operations authorized or conducted by the Board or a Federal reserve bank, the Board of Governors shall disclose, as provided in paragraph (2)— (A) the names and identifying details of each borrower, participant, or counterparty in any credit facility or covered transaction; (B) the amount borrowed by or transferred by or to a specific borrower, participant, or counterparty in any credit facility or cov- ered transaction; (C) the interest rate or discount paid by each borrower, participant, or counterparty in any credit facility or covered transaction; and (D) information identifying the types and amounts of collateral pledged or assets transferred in connection with participation in any credit facility or covered transaction. (2) Mandatory release date In the case of— (A) a credit facility, the Board shall dis- close the information described in paragraph (1) on the date that is 1 year after the effec- tive date of the termination by the Board of the authorization of the credit facility; and (B) a covered transaction, the Board shall disclose the information described in para- graph (1) on the last day of the eighth cal- endar quarter following the calendar quarter in which the covered transaction was con- ducted. (3) Earlier release date authorized The Chairman of the Board may publicly re- lease the information described in paragraph (1) before the relevant date specified in para- graph (2), if the Chairman determines that such disclosure would be in the public interest and would not harm the effectiveness of the relevant credit facility or the purpose or con- duct of covered transactions. (4) Definitions For purposes of this subsection, the fol- lowing definitions shall apply: (A) Credit facility The term ‘‘credit facility’’ has the same meaning as in section 714(f)(1)(A) of title 31. (B) Covered transaction The term ‘‘covered transaction’’ means— (i) any open market transaction with a nongovernmental third party conducted under section 353 of this title or section 354, 355, or 356 of this title, after July 21, 2010; and (ii) any advance made under section 347b of this title after July 21, 2010. (5) Termination of credit facility by operation of law A credit facility shall be deemed to have ter- minated as of the end of the 24-month period beginning on the date on which the credit fa- cility ceases to make extensions of credit and loans, unless the credit facility is otherwise terminated by the Board before such date. (6) Consistent treatment of information Except as provided in this subsection or sec- tion 343(3)(D) of this title, or in section 714(f)(3)(C) of title 31, the information de- scribed in paragraph (1) and information con- cerning the transactions described in section 714(f) of such title, shall be confidential, in- cluding for purposes of section 552(b)(3) of title 5, until the relevant mandatory release date described in paragraph (2), unless the Chair- man of the Board determines that earlier dis- closure of such information would be in the public interest and would not harm the effec- tiveness of the relevant credit facility or the purpose of conduct of the relevant trans- actions. (7) Protection of personal privacy This subsection and section 343(3)(C) of this title, section 714(f)(3)(C) of title 31, and sub- section (a) or (c) of section 1109 of the Dodd- Frank Wall Street Reform and Consumer Pro- tection Act shall not be construed as requiring any disclosure of nonpublic personal informa- tion (as defined for purposes of section 6802 of title 15) concerning any individual who is ref- erenced in collateral pledged or assets trans- ferred in connection with a credit facility or covered transaction, unless the person is a borrower, participant, or counterparty under the credit facility or covered transaction. Page 96 TITLE 12—BANKS AND BANKING § 248 (8) Study of FOIA exemption impact (A) Study The Inspector General of the Board of Gov- ernors of the Federal Reserve System shall— (i) conduct a study on the impact that the exemption from section 552(b)(3) of title 5 (known as the Freedom of Informa- tion Act) established under paragraph (6) has had on the ability of the public to ac- cess information about the administration by the Board of Governors of emergency credit facilities, discount window lending programs, and open market operations; and (ii) make any recommendations on whether the exemption described in clause (i) should remain in effect. (B) Report Not later than 30 months after July 21, 2010, the Inspector General of the Board of Governors of the Federal Reserve System shall submit a report on the findings of the study required under subparagraph (A) to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Com- mittee on Financial Services of the House of Representatives, and publish the report on the website of the Board. (9) Rule of construction Nothing in this section is meant to affect any pending litigation or lawsuit filed under section 552 of title 5 (popularly known as the Freedom of Information Act) on or before July 21, 2010. (s) 2 Assessments, fees, and other charges for cer- tain companies (1) In general The Board shall collect a total amount of as- sessments, fees, or other charges from the companies described in paragraph (2) that is equal to the total expenses the Board esti- mates are necessary or appropriate to carry out the supervisory and regulatory respon- sibilities of the Board with respect to such companies. (2) Companies The companies described in this paragraph are— (A) all bank holding companies having total consolidated assets of $100,000,000,000 or more; (B) all savings and loan holding companies having total consolidated assets of $100,000,000,000 or more; and (C) all nonbank financial companies super- vised by the Board under section 5323 of this title. (3) Tailoring assessments In collecting assessments, fees, or other charges under paragraph (1) from each com- pany described in paragraph (2) with total con- solidated assets of between $100,000,000,000 and $250,000,000,000, the Board shall adjust the amount charged to reflect any changes in su- pervisory and regulatory responsibilities re- sulting from the Economic Growth, Regu- latory Relief, and Consumer Protection Act with respect to each such company. (Dec. 23, 1913, ch. 6, § 11, 38 Stat. 261; Sept. 7, 1916, ch. 461, 39 Stat. 752; Sept. 26, 1918, ch. 177, § 2, 40 Stat. 968; Mar. 3, 1919, ch. 101, § 3, 40 Stat. 1315; Feb. 27, 1921, ch. 75, 41 Stat. 1146; June 26, 1930, ch. 612, 46 Stat. 814; Mar. 9, 1933, ch. 1, title I, § 3, 48 Stat. 2; June 16, 1933, ch. 89, § 7, 48 Stat. 167; Aug. 23, 1935, ch. 614, title II, § 203(a), title III, §§ 321(a), 342, 49 Stat. 704, 713, 722; June 12, 1945, ch. 186, § 1(c), 59 Stat. 237; Pub. L. 86–114, § 3(b)(6), July 28, 1959, 73 Stat. 264; Pub. L. 86–251, § 3(c), Sept. 9, 1959, 73 Stat. 488; Pub. L. 87–722, § 3, Sept. 28, 1962, 76 Stat. 670; Pub. L. 89–427, § 2, May 20, 1966, 80 Stat. 161; Pub. L. 89–765, Nov. 5, 1966, 80 Stat. 1314; Pub. L. 90–269, § 1, Mar. 18, 1968, 82 Stat. 50; Pub. L. 95–251, § 2(a)(3), Mar. 27, 1978, 92 Stat. 183; Pub. L. 96–221, title I, § 102, Mar. 31, 1980, 94 Stat. 132; Pub. L. 97–258, § 5(b), Sept. 13, 1982, 96 Stat. 1068; Pub. L. 97–457, § 17(b), Jan. 12, 1983, 96 Stat. 2509; Pub. L. 101–73, title VII, § 744(i)(1), Aug. 9, 1989, 103 Stat. 439; Pub. L. 102–242, title I, §§ 133(f), 142(c), Dec. 19, 1991, 105 Stat. 2273, 2281; Pub. L. 102–550, title XVI, § 1603(d)(9), Oct. 28, 1992, 106 Stat. 4080; Pub. L. 103–325, title III, §§ 322(d), 331(d), title VI, § 602(g)(2), Sept. 23, 1994, 108 Stat. 2227, 2232, 2293; Pub. L. 106–102, title VII, § 735, Nov. 12, 1999, 113 Stat. 1479; Pub. L. 107–56, title III, § 364, Oct. 26, 2001, 115 Stat. 333; Pub. L. 107–297, title III, § 301, Nov. 26, 2002, 116 Stat. 2340; Pub. L. 111–203, title III, §§ 318(c), 366(1), title XI, §§ 1103(b), 1108(c), July 21, 2010, 124 Stat. 1527, 1556, 2118, 2126; Pub. L. 115–174, title IV, § 401(c)(2), May 24, 2018, 132 Stat. 1358.) Editorial Notes REFERENCES IN TEXT Sections 461, 463, 464, 465, and 466 of this title, referred to in subsec. (a)(2), was in the original ‘‘section 19 of the Federal Reserve Act’’. Provisions of section 19 re- lating to reserve requirements are classified to the cited sections. For complete classification of section 19 to the Code, see References in Text note set out under section 461 of this title. This chapter, referred to in subsecs. (c), (h), (i), (n), and (r)(1) and in par. (1) of the first subsec. (s) (relating to Federal Reserve transparency and release of infor- mation), was in the original ‘‘this Act’’, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under sec- tion 226 of this title and Tables. Reference in subsec. (e) to ‘‘section 20 of this Act’’ means section 20 of the Federal Reserve Act which is not classified to the Code. Since section 20 does not set forth any reserve requirements, section 19 of the Fed- eral Reserve Act might have been intended. For provi- sions of section 19 relating to reserve requirements, see note above. The Act of January sixteenth, eighteen hundred and eighty-three, referred to in subsec. (l), is act Jan. 16, 1883, ch. 27, 22 Stat. 403, which enacted section 42 of former Title 40, Public Buildings, Property, and Works, and sections 632, 633, 635, 637, 638, and 640 to 642a of former Title 5, Executive Departments and Govern- ment Officers and Employees. For complete classifica- tion of this Act to the Code, see Tables. Section 42 of former Title 40 was repealed and reenacted as section 8165 of Title 40, Public Buildings, Property, and Works, by Pub. L. 107–217, §§ 1, 6(b), Aug. 21, 2002, 116 Stat. 1062, 1304. The sections that were classified to former Title 5 were repealed by Pub. L. 89–554, § 8(a), Sept. 6, 1966, 80 Stat. 632, the first section of which enacted Title 5, Government Organization and Employees. For distribu- tion of former sections of Title 5 into the revised Title 5, see table at the beginning of Title 5. Page 97 TITLE 12—BANKS AND BANKING § 248 This title, referred to in subsec. (p), probably should read ‘‘this Act’’, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act, which does not contain titles. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables. Subsection (a) or (c) of section 1109 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, re- ferred to in par. (7) of the first subsec. (s) (relating to Federal Reserve transparency and release of informa- tion), is subsec. (a) or (c) of section 1109 of Pub. L. 111–203, title XI, 124 Stat. 2127, 2128, which is not classi- fied to the Code. July 21, 2010, referred to in par. (8)(B) of the first sub- sec. (s) (relating to Federal Reserve transparency and release of information), was in the original ‘‘the date of enactment of this section’’, which was translated as meaning the date of enactment of Pub. L. 111–203 which added such subsec. (s), to reflect the probable intent of Congress. The Economic Growth, Regulatory Relief, and Con- sumer Protection Act, referred to in par. (3) of the sec- ond subsec. (s) (relating to assessments, fees, and other charges for certain companies), is Pub. L. 115–174, May 24, 2018, 132 Stat. 1296. For complete classification of this Act to the Code, see Short Title of 2018 Amend- ment note set out under section 1601 of Title 15, Com- merce and Trade, and Tables. CODIFICATION In subsec. (k), ‘‘subchapter II of chapter 5, and chap- ter 7, of title 5’’ was substituted for ‘‘the Administra- tive Procedure Act’’ on authority of section 7(b) of Pub. L. 89–554, Sept. 6, 1966, 80 Stat. 631, the first section of which enacted Title 5, Government Organization and Employees. Section is comprised of section 11 of act Dec. 23, 1913. The fourteenth par. of section 16 of act Dec. 23, 1913, which formerly constituted subsec. (o) of this section, is now classified to section 248–1 of this title. AMENDMENTS 2018—Subsec. (s)(2). Pub. L. 115–174, § 401(c)(2)(A), sub- stituted ‘‘$100,000,000,000’’ for ‘‘$50,000,000,000’’ in sub- pars. (A) and (B). Subsec. (s)(3). Pub. L. 115–174, § 401(c)(2)(B), added par. (3). 2010—Subsec. (a)(2). Pub. L. 111–203, § 366(1)(A), which directed insertion of ‘‘State savings associations that are insured depository institutions (as defined in sec- tion 1813 of this title),’’ after ‘‘case of insured’’, was ex- ecuted by making the insertion after ‘‘case of insured’’ in subpar. (B)(i), to reflect the probable intent of Con- gress. Subsec. (a)(2)(B)(iii). Pub. L. 111–203, § 366(1)(B), (C), substituted ‘‘Comptroller of the Currency’’ for ‘‘Direc- tor of the Office of Thrift Supervision’’ and inserted ‘‘Federal’’ before ‘‘savings association which’’. Subsec. (a)(2)(B)(iv). Pub. L. 111–203, § 366(1)(D), sub- stituted ‘‘savings association’’ for ‘‘savings and loan as- sociation’’. Subsec. (k). Pub. L. 111–203, § 1108(c), inserted at end ‘‘The Board of Governors may not delegate to a Federal reserve bank its functions for the establishment of policies for the supervision and regulation of deposi- tory institution holding companies and other financial firms supervised by the Board of Governors.’’ Subsec. (s). Pub. L. 111–203, § 1103(b), added subsec. (s) relating to Federal Reserve transparency and release of information. Pub. L. 111–203, § 318(c), added subsec. (s) relating to assessments, fees, and other charges for certain compa- nies. 2002—Subsec. (r). Pub. L. 107–297 added subsec. (r). 2001—Subsec. (q). Pub. L. 107–56 added subsec. (q). 1999—Subsec. (m). Pub. L. 106–102 substituted ‘‘[Re- pealed]’’ for text of subsec. (m) which related to per- centage of capital and surplus represented by loans to be determined by the Federal Reserve Board. 1994—Subsec. (d). Pub. L. 103–325, § 602(g)(2), sub- stituted ‘‘Secretary of the Treasury’’ for ‘‘bureau under the charge of the Comptroller of the Currency’’ before ‘‘the issue and retirement’’ and for ‘‘Comptroller’’ be- fore ‘‘to the Federal Reserve agents’’. Subsec. (m). Pub. L. 103–325, § 322(d), which directed substitution of ‘‘15 percent’’ for ‘‘10 percentum’’ wher- ever appearing, was executed by substituting ‘‘15 per- cent’’ for ‘‘10 per centum’’ in two places to reflect the probable intent of Congress. Subsec. (p). Pub. L. 103–325, § 331(d), added subsec. (p). 1992—Subsecs. (o), (p). Pub. L. 102–550 redesignated subsec. (p) as (o). 1991—Subsec. (n). Pub. L. 102–242, § 142(c), which di- rected addition of subsec. (n) at end of section, was exe- cuted by adding subsec. (n) after subsec. (m). See Con- struction of 1991 Amendment note below. Subsec. (p). Pub. L. 102–242, § 133(f), added subsec. (p). 1989—Subsec. (a)(2)(iii). Pub. L. 101–73 substituted ‘‘the Director of the Office of Thrift Supervision in the case of any savings association which is an insured de- pository institution (as defined in section 1813 of this title)’’ for ‘‘Federal Home Loan Bank Board in the case of any institution insured by the Federal Savings and Loan Insurance Corporation’’. 1983—Subsec. (m). Pub. L. 97–457 substituted ‘‘under section 84(c)(4) of this title’’ for ‘‘under paragraph (8) of section 84 of this title’’ after ‘‘in the case of national banks’’. 1982—Subsec. (n). Pub. L. 97–258 struck out subsec. (n) which provided that, whenever in the judgment of the Secretary of the Treasury such action was necessary to protect the currency system of the United States, the Secretary of the Treasury, in his discretion, could re- quire any or all individuals, partnerships, associations, and corporations to pay and deliver to the Treasurer of the United States any or all gold coin, gold bullion, and gold certificates owned by such individuals, partner- ships, associations, and corporations and that, upon re- ceipt of such gold coin, gold bullion or gold certificates, the Secretary of the Treasury would pay therefor an equivalent amount of any other form of coin or cur- rency coined or issued under the laws of the United States. 1980—Subsec. (a). Pub. L. 96–221 designated existing provisions as par. (1) and added par. (2). 1978—Subsec. (k). Pub. L. 95–251 substituted ‘‘admin- istrative law judges’’ for ‘‘hearing examiners’’. 1968—Subsec. (c). Pub. L. 90–269 struck out require- ments for establishment by the Board of Governors of the Federal Reserve System of a graduated tax on the deficiency in the gold reserve whenever the reserve held against Federal Reserve notes fell below 25 percent and for an automatic increase in the rates of interest or discount fixed by the Board in an amount equal to the graduated tax imposed. 1966—Subsec. (d). Pub. L. 89–427 excepted the can- cellation and destruction, and the accounting with re- spect to the cancellation and destruction, of notes unfit for circulation from the area of responsibility exercised by the Board of Governors of the Federal Reserve Sys- tem through the Bureau of the Comptroller of the Cur- rency over the issue and retirement of Federal Reserve notes. Subsec. (k). Pub. L. 89–765 added subsec. (k). A former subsec. (k) was repealed by Pub. L. 87–722, § 3, Sept. 28, 1962, 76 Stat. 670. 1962—Subsec. (k). Pub. L. 87–722 repealed subsec. (k) which related to the authority of the Board of Gov- ernors of the Federal Reserve System to permit na- tional banks to act as trustees, etc., and is now covered by section 92a of this title. 1959—Subsec. (e). Pub. L. 86–114 substituted ‘‘reserve cities’’ for ‘‘reserve and central reserve cities’’ in two places. Subsec. (m). Pub. L. 86–251 struck out ‘‘in the form of notes’’ after ‘‘represented by obligations’’ in proviso. 1945—Subsec. (c). Act June 12, 1945, substituted ‘‘25 per centum’’ for ‘‘40 per centum’’, and ‘‘20 per centum’’ for ‘‘321⁄2 per centum’’ wherever appearing. Page 98 TITLE 12—BANKS AND BANKING § 248–1 1935—Subsec. (k). Act Aug. 23, 1935, § 342, amended last sentence of third par. Subsec. (m). Act Aug. 23, 1935, § 321(a), inserted pro- viso at end of first sentence. 1933—Subsec. (m). Act June 16, 1933, amended provi- sions generally. Subsec. (n). Act Mar. 9, 1933, added subsec. (n). 1930—Subsec. (k). Act June 26, 1930, added last par. 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. EFFECTIVE DATE OF 2018 AMENDMENT Except as otherwise provided, amendment by Pub. L. 115–174 effective 18 months after May 24, 2018, see sec- tion 401(d) of Pub. L. 115–174, set out as a note under section 5365 of this title. EFFECTIVE DATE OF 2010 AMENDMENT Amendment by section 318(c) of Pub. L. 111–203 effec- tive on the transfer date, see section 318(e) of Pub. L. 111–203, set out as an Effective Date note under section 16 of this title. Amendment by section 366(1) of Pub. L. 111–203 effec- tive on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress. Amendment by sections 1103(b) and 1108(c) of Pub. L. 111–203 effective 1 day after July 21, 2010, except as oth- erwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of this title. EFFECTIVE DATE OF 1992 AMENDMENT Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improve- ment Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, ex- cept that where amendment is to any provision of law added or amended by Pub. L. 102–242 effective after Dec. 19, 1992, then amendment by Pub. L. 102–550 effective on effective date of amendment by Pub. L. 102–242, see sec- tion 1609 of Pub. L. 102–550, set out as a note under sec- tion 191 of this title. EFFECTIVE DATE OF 1991 AMENDMENT Amendment by section 133(f) of Pub. L. 102–242 effec- tive 1 year after Dec. 19, 1991, see section 133(g) of Pub. L. 102–242, set out as a note under section 191 of this title. EFFECTIVE DATE OF 1980 AMENDMENT Pub. L. 96–221, title I, § 108, Mar. 31, 1980, 94 Stat. 141, provided that: ‘‘This title [enacting section 248a of this title, amending this section and sections 342, 347b, 355, 360, 412, 461, 463, 505, and 1425a of this title, and enacting provisions set out as notes under sections 226 and 355 of this title] shall take effect on the first day of the sixth month which begins after the date of the enactment of this title [Mar. 31, 1980], except that the amendments regarding sections 19(b)(7) and 19(b)(8)(D) of the Federal Reserve Act [section 461(b)(7) and (b)(8)(D) of this title] shall take effect on the date of enactment of this title.’’ EFFECTIVE DATE OF 1959 AMENDMENT Amendment by Pub. L. 86–114 effective three years after July 28, 1959, see section 3(b) of Pub. L. 86–114, set out as a Central Reserve and Reserve Cities note under former section 141 of this title. CONSTRUCTION OF 2018 AMENDMENT For construction of amendment by Pub. L. 115–174 as applied to certain foreign banking organizations, see section 401(g) of Pub. L. 115–174, set out as a note under section 5365 of this title. CONSTRUCTION OF 1991 AMENDMENT Pub. L. 102–550, title XVI, § 1603(e)(2), Oct. 28, 1992, 106 Stat. 4081, provided that: ‘‘The amendment made by section 142(c) of the Federal Deposit Insurance Corpora- tion Improvement Act of 1991 [Pub. L. 102–242] (adding a paragraph at the end of section 11 of the Federal Re- serve Act [this section]) shall be considered to have been executed before the amendment made by section 133(f) of the Federal Deposit Insurance Corporation Im- provement Act of 1991 [amending this section].’’ Executive Documents EXECUTIVE ORDER NO. 6359 Ex. Ord. No. 6359, Oct. 25, 1933, as amended by Ex. Ord. No. 11825, Dec. 31, 1974, 40 F.R. 1003, which provided for receipt on consignment of gold by the United States mints and assay offices, was revoked by Ex. Ord. No. 12553, Feb. 25, 1986, 51 F.R. 7237. EX. ORD. NO. 10547. INSPECTION OF STATISTICAL TRANSCRIPT CARDS Ex. Ord. No. 10547, July 27, 1954, 19 F.R. 4661, required statistical transcript cards submitted with, or prepared by the Internal Revenue Service from, corporation in- come tax returns for the taxable years ending after June 30, 1951, and before July 1, 1952, to be open to in- spection by the Board of Governors of the Federal Re- serve System as an aid in executing the powers con- ferred upon such Board by this section, such inspection to be in accordance and upon compliance with the rules and regulations prescribed by the Secretary of the Treasury in T.D. 6081, 19 F.R. 4666. § 248–1. Rules and regulations for transfer of funds and charges therefor among banks; clearing houses The Board of Governors of the Federal Reserve System shall make and promulgate from time to time regulations governing the transfer of funds and charges therefor among Federal reserve banks and their branches, and may at its discre- tion exercise the functions of a clearing house for such Federal reserve banks, or may des- ignate a Federal reserve bank to exercise such functions, and may also require each such bank to exercise the functions of a clearing house for depository institutions. (Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 268; Aug. 23, 1935, ch. 614, § 203(a), 49 Stat. 704; Pub. L. 96–221, title I, § 105(d), Mar. 31, 1980, 94 Stat. 140.) Editorial Notes CODIFICATION Section is comprised of the thirteenth par. (formerly the fourteenth par.) of section 16 of act Dec. 23, 1913, which was formerly classified to section 248(o) of this title. For classification to this title of other pars. of section 16, see Codification note set out under section 411 of this title. AMENDMENTS 1980—Pub. L. 96–221, which directed amendment of ‘‘[t]he fourteenth paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 248(o))’’ by substituting ‘‘deposi- tory institutions’’ for ‘‘its member banks’’, was exe- cuted by making the substitution in this section to re- flect the probable intent of Congress. Statutory Notes and Related Subsidiaries CHANGE OF NAME Section 203(a) of act Aug. 23, 1935, changed the name of the Federal Reserve Board to Board of Governors of the Federal Reserve System.