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12 U.S.C. § 359 — Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 55 words · no verdicts yet

in plain englishAI-generated · not legal advice

Federal Reserve Banks can buy and sell acceptances from Federal intermediate credit banks and national agricultural credit corporations, trading with banks, firms, corporations, or individuals. They can only do this when the Board of Governors declares it's in the public interest.

Every Federal Reserve Bank has the power to buy and sell, on the open market, acceptances issued by Federal intermediate credit banks and national agricultural credit corporations. It can trade with domestic banks, firms, corporations, or individuals — but only when the Board of Governors of the Federal Reserve System declares that doing so serves the public interest.
the actual law source: uscode.house.gov ↗public domain

Every Federal reserve bank shall have power to purchase and sell in the open market, either from or to domestic banks, firms, corporations, or individuals, acceptances of Federal intermediate credit banks and of national agricultural credit corporations, whenever the Board of Governors of the Federal Reserve System shall declare that the public interest so requires.

Source credit: (Dec. 23, 1913, ch. 6, § 14(f), as added Mar. 4, 1923, ch. 252, title IV, § 405, 42 Stat. 1480; 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 · 42 Stat. 1480
  • 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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