12 U.S.C. § 357 — Establishment of rates of discount

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 75 words · no verdicts yet

in plain englishAI-generated · not legal advice

Each Federal Reserve Bank can set its own discount rates — the fees it charges banks for different kinds of paper. The Board of Governors must review and approve these rates. Each bank has to set new rates at least every two weeks.

Every Federal Reserve Bank has the power to set discount rates from time to time — the rates it charges for handling each type of paper (like loans or notes). The Board of Governors of the Federal Reserve System must review and approve these rates. The rates must be set with the goal of helping trade and business. Each Reserve Bank must set new rates at least every 14 days, or more often if the Board thinks it's necessary.

the actual law source: uscode.house.gov ↗public domain

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 credit: (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.)

history & why it existsrecord from the source credit

1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 264
1920Amended · Act of Apr. 13, 1920, ch. 128 · 41 Stat. 550
1923Amended · Act of Mar. 4, 1923, ch. 252 · 42 Stat. 1480
1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704, 706

A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.

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