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12 U.S.C. § 353 — Purchase and sale of cable transfers, acceptances and bills

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 73 words · no verdicts yet

in plain englishAI-generated · not legal advice

A Federal Reserve Bank may buy and sell certain financial instruments in the open market. These include cable transfers, bankers' acceptances, and bills of exchange that qualify for rediscount under this law. It can trade with domestic or foreign banks, firms, or individuals, with or without a member bank's endorsement.

This section lets a Federal Reserve Bank trade certain financial instruments in the open market, following rules the Board of Governors of the Federal Reserve System sets. A Federal Reserve Bank may buy and sell, at home or abroad, cable transfers, bankers' acceptances, and bills of exchange — but only the kinds and lengths (maturities) that this chapter already makes eligible for rediscount. It can trade these with domestic or foreign banks, firms, corporations, or individuals. The trade can happen with or without a member bank's endorsement on the instrument.
the actual law source: uscode.house.gov ↗public domain

Any Federal reserve bank may, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, purchase and sell in the open market, at home or abroad, either from or to domestic or foreign banks, firms, corporations, or individuals, cable transfers and bankers’ acceptances and bills of exchange of the kinds and maturities by this chapter made eligible for rediscount, with or without the indorsement of a member bank.

Source credit: (Dec. 23, 1913, ch. 6, § 14 (par.), 38 Stat. 264; 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. 264
  • 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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