12 U.S.C. § 262 — Powers

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 95 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Federal Advisory Council can talk directly with the Federal Reserve's Board of Governors about business conditions. It can also share its views in writing or in person on issues the Board handles. The Council can request information and suggest ideas on interest rates, bank reserves, and other reserve-system matters.

This section is one undivided provision. It gives the Federal Advisory Council three powers, which it can use itself or through its officers. First, the Council can meet directly with the Federal Reserve's Board of Governors to discuss general business conditions in the country. Second, the Council can make oral or written statements about matters within the Board's authority. Third, the Council can ask the Board for information, and can make recommendations about discount rates (what the Fed charges banks to borrow money), rediscount business, how much money reserve banks issue in notes, reserve levels in the different Federal Reserve districts, reserve banks buying and selling gold or securities, open-market operations (buying and selling securities to influence the money supply), and the general business of the reserve banking system as a whole.

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

The Federal Advisory Council shall have power, by itself or through its officers, (1) to confer directly with the Board of Governors of the Federal Reserve System on general business conditions; (2) to make oral or written representations concerning matters within the jurisdiction of said board; (3) to call for information and to make recommendations in regard to discount rates, rediscount business, note issues, reserve conditions in the various districts, the purchase and sale of gold or securities by reserve banks, open-market operations by said banks, and the general affairs of the reserve banking system.

Source credit: (Dec. 23, 1913, ch. 6, § 12 (par.), 38 Stat. 263; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)

history & why it existsrecord from the source credit

1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 263
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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