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12 U.S.C. § 348a — Transactions with foreign banks; supervision of Board of Governors of the Federal Reserve System

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 203 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Federal Reserve Board must closely supervise all dealings any Federal Reserve Bank has with foreign banks. No Reserve Bank officer may negotiate with a foreign bank without the Board's permission first. The Board can send its own representatives to these talks, and every Reserve Bank involved must file a full written report on what happened.

This section has no lettered subsections; it is one connected rule. Special supervision: The Board of Governors of the Federal Reserve System must exercise "special supervision" over every relationship and transaction of any kind that a Federal Reserve Bank enters into with a foreign bank or banker, or with any group of foreign banks or bankers. All such relationships and transactions are subject to whatever regulations, conditions, and limitations the Board prescribes. Permission required to negotiate: No officer or other representative of a Federal Reserve Bank may negotiate, of any kind, with officers or representatives of a foreign bank or banker without first getting the Board's permission. Board's own participation: The Board has the right, at its discretion, to be represented in any such conference or negotiation by whichever representative or representatives it designates. Reporting requirement: A Federal Reserve Bank that takes part in such a conference or negotiation must file a full written report with the Board — covering the conferences or negotiations, all understandings or agreements reached, any transactions agreed upon, and all other material facts. A duly authorized officer of that Reserve Bank must submit the report.
the actual law source: uscode.house.gov ↗public domain

The Board of Governors of the Federal Reserve System shall exercise special supervision over all relationships and transactions of any kind entered into by any Federal reserve bank with any foreign bank or banker, or with any group of foreign banks or bankers, and all such relationships and transactions shall be subject to such regulations, conditions, and limitations as the Board may prescribe. No officer or other representative of any Federal reserve bank shall conduct negotiations of any kind with the officers or representatives of any foreign bank or banker without first obtaining the permission of the Board of Governors of the Federal Reserve System. The Board of Governors of the Federal Reserve System shall have the right, in its discretion, to be represented in any conference or negotiations by such representative or representatives as the Board may designate. A full report of all conferences or negotiations, and all understandings or agreements arrived at or transactions agreed upon, and all other material facts appertaining to such conferences or negotiations, shall be filed with the Board of Governors of the Federal Reserve System in writing by a duly authorized officer of each Federal reserve bank which shall have participated in such conferences or negotiations.

Source credit: (Dec. 23, 1913, ch. 6, § 14(g), as added June 16, 1933, ch. 89, § 10, 48 Stat. 181; amended 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 · 48 Stat. 181
  • 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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