12 U.S.C. § 361 — Bills receivable, bills of exchange, acceptances; regulations by Board of Governors
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 56 words · no verdicts yet
Federal Reserve banks can buy, sell, and trade bills receivable and bills of exchange. This includes foreign and domestic bills, plus certain acceptances. The Federal Reserve Board can set rules limiting how banks do this.
The discount and rediscount and the purchase and sale by any Federal reserve bank of any bills receivable and of domestic and foreign bills of exchange, and of acceptances authorized by this chapter, shall be subject to such restrictions, limitations, and regulations as may be imposed by the Board of Governors of the Federal Reserve System.
Source credit: (Dec. 23, 1913, ch. 6, § 13 (par.), 38 Stat. 264; Sept. 7, 1916, ch. 461, 39 Stat. 753; Aug. 23, 1935, ch. 614, § 203(a), 49 Stat. 704.)
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 264
- 1916Amended · Act of Sept. 7, 1916, ch. 461 · 39 Stat. 753
- 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
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