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12 U.S.C. § 354 — Transactions involving gold coin, bullion, and certificates

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 67 words · no verdicts yet

in plain englishAI-generated · not legal advice

Federal Reserve Banks may buy, sell, and lend against gold coin and bullion, both in the U.S. and abroad. They can exchange their own notes for gold or gold certificates. They may also borrow gold, offering U.S. bonds or other approved securities as collateral.

This section has no lettered subsections; it states one rule. Every Federal Reserve Bank has the power to deal in gold coin and gold bullion, whether inside the United States or abroad. It can make loans using gold as collateral. It can trade its own Federal Reserve notes for gold, gold coin, or gold certificates. It can also arrange to borrow gold coin or bullion, and when necessary, offer acceptable security for that loan — including pledging United States government bonds or other securities that Federal Reserve banks are allowed to hold.
the actual law source: uscode.house.gov ↗public domain

Every Federal reserve bank shall have power to deal in gold coin and bullion at home or abroad, to make loans thereon, exchange Federal reserve notes for gold, gold coin, or gold certificates, and to contract for loans of gold coin or bullion, giving therefor, when necessary, acceptable security, including the hypothecation of United States bonds or other securities which Federal reserve banks are authorized to hold.

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

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 264

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

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