12 U.S.C. § 358 — Establishment of accounts for purposes of

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 Federal reserve banks for exchange purposes and, with the con- sent or upon the order and direction of the Board of Governors of the Federal Reserve Sys- tem 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 pur- chasing, selling, and collecting bills of ex- change, and to buy and sell, with or without its indorsement, through such correspondents or agencies, bills of exchange (or acceptances) aris- ing out of actual commercial transactions which have not more than ninety days to run, exclu- sive of days of grace, and which bear the signa- ture of two or more responsible parties, and, with the consent of the Board of Governors of the Federal Reserve System, to open and main- tain banking accounts for such foreign cor- respondents or agencies, or for foreign banks or bankers, or for foreign states as defined in sec- tion 632 of this title. 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. (Dec. 23, 1913, ch. 6, § 14(e), 38 Stat. 264; Sept. 7, 1916, ch. 461, 39 Stat. 754; June 21, 1917, ch. 32, § 6, 40 Stat. 235; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Apr. 7, 1941, ch. 43, § 1, 55 Stat. 131.) Editorial Notes CODIFICATION Section is comprised of subsec. (e) 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 1941—Act Apr. 7, 1941, inserted in first sentence ‘‘, or for foreign banks or bankers, or for foreign states as de- fined in section 632 of this title’’ after ‘‘foreign cor- respondents or agencies’’. 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. § 359. Purchase and sale of acceptances of inter- mediate credit banks and agricultural credit corporations 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 inter- mediate credit banks and of national agricul- tural credit corporations, whenever the Board of Governors of the Federal Reserve System shall declare that the public interest so requires. (Dec. 23, 1913, ch. 6, § 14(f), as added Mar. 4, 1923, ch. 252, title IV, § 405, 42 Stat. 1480; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.) Editorial Notes CODIFICATION Section is comprised of subsec. (f) of section 14 of act Dec. 23, 1913, as added Mar. 4, 1923. For classification to this title of remainder of section 14, see Codification note under section 353 of this title. 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.