12 U.S.C. § 485 — Examination of Federal reserve banks
submitted 151 years ago by Congress to r/title-12-BANKS-AND-BANKING · 55 words · no verdicts yet
The Federal Reserve Board must examine each Federal Reserve Bank at least once a year. Ten member banks can jointly ask for a special examination. The Board must then order that special examination and report.
The Board of Governors of the Federal Reserve System must order an examination of each Federal Reserve Bank at least once every year.
If ten member banks jointly ask for it, the Board must also order a special examination of any Federal Reserve Bank, along with a report on that bank's condition.
The Board of Governors of the Federal Reserve System shall, at least once each year, order an examination of each Federal reserve bank, and upon joint application of ten member banks the Board of Governors of the Federal Reserve System shall order a special examination and report of the condition of any Federal reserve bank.
Source credit: (R.S. § 5240 (par.); Feb. 19, 1875, ch. 89, 18 Stat. 329; Dec. 23, 1913, ch. 6, § 21, 38 Stat. 272; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)
- 1875Enacted · Act of Feb. 19, 1875, ch. 89 · 18 Stat. 329
- 1913Amended · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 272
- 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
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