ALLcrimesfood&drugstaxestelecomcommercehealthconservationtransportationagricultureveteransbrowse all titles »
0

12 U.S.C. § 352 — Limitation on amount of obligations of certain maturities which may be discounted and rediscounted

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 86 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Federal Reserve Board can limit how much of a bank's assets go toward longer-term discounts. This covers paper maturing in three to six months for discounts. It also covers paper maturing in six to nine months for rediscounts.

The Board of Governors of the Federal Reserve System can make a regulation limiting how much of a Federal Reserve bank's assets can go toward two kinds of paper. First, notes, drafts, acceptances, or bills that mature in more than three months but not more than six months (not counting grace-period days) -- the kind a Federal Reserve bank discounts. Second, notes, drafts, bills, or acceptances that mature in more than six months but not more than nine months -- the kind a Federal Reserve bank rediscounts (buys from another bank that already discounted it). The Board sets each limit as a percentage of the Federal Reserve bank's total assets.
the actual law source: uscode.house.gov ↗public domain

The Board of Governors of the Federal Reserve System may, by regulation, limit to a percentage of the assets of a Federal reserve bank the amount of notes, drafts, acceptances, or bills having a maturity in excess of three months, but not exceeding six months, exclusive of days of grace, which may be discounted by such bank, and the amount of notes, drafts, bills, or acceptances having a maturity in excess of six months, but not exceeding nine months, which may be rediscounted by such bank.

Source credit: (Dec. 23, 1913, ch. 6, § 13A (par.), formerly § 13a, as added Mar. 4, 1923, ch. 252, title IV, § 404, 42 Stat. 1480; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; renumbered § 13A, Pub. L. 102–242, title I, § 142(e)(1), Dec. 19, 1991, 105 Stat. 2281.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 42 Stat. 1480
  • 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
  • 1991Amended · Pub. L. 102-242 · 105 Stat. 2281

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

all 0 arguments · sorted by: best

0/280

no arguments yet — make the first case