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22 U.S.C. § 282d — Federal Reserve banks as depositories
submitted 71 years ago by ch. 788 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 48 words · no verdicts yet
in plain englishAI-generated · not legal advice
If the Corporation asks, a Federal Reserve Bank must act as its depository or handle its money matters. The Federal Reserve Board oversees this work.
Any Federal Reserve bank that the Corporation asks to serve this role must act as the Corporation's depository — holding its funds — or as its fiscal agent, handling its financial transactions. The Board of Governors of the Federal Reserve System is responsible for supervising and directing how the Federal Reserve banks carry out these functions for the Corporation.
the actual law source: uscode.house.gov ↗public domain
Any Federal Reserve bank which is requested to do so by the Corporation shall act as its depository or as its fiscal agent, and the Board of Governors of the Federal Reserve System shall supervise and direct the carrying out of these functions by the Federal Reserve banks.
Source credit: (Aug. 11, 1955, ch. 788, § 6, 69 Stat. 669.)
history & why it existsrecord from the source credit
- 1955Enacted · Act of Aug. 11, 1955, ch. 788 · 69 Stat. 669
A history note hasn’t been published yet. The record shows enactment by ch. 788 on 1955-08-11.
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