22 U.S.C. § 283d — Federal Reserve banks as depositories

submitted 67 years ago by Pub. L. 86-147 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 48 words · no verdicts yet

in plain englishAI-generated · not legal advice

If the Bank asks, a Federal Reserve bank must act as its depository or agent. The Federal Reserve's Board of Governors oversees how Federal Reserve banks do this job.

If the Bank asks a Federal Reserve bank to serve as its depository (a place that holds its money) or as its fiscal agent (an entity that handles financial transactions for it), that Federal Reserve bank must do so. The Board of Governors of the Federal Reserve System supervises and directs how the Federal Reserve banks carry out these duties.

the actual law source: uscode.house.gov ↗public domain

Any Federal Reserve bank which is requested to do so by the Bank 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: (Pub. L. 86–147, § 6, Aug. 7, 1959, 73 Stat. 300.)

history & why it existsrecord from the source credit

1959Enacted · Pub. L. 86-147 · 73 Stat. 300

A history note hasn’t been published yet. The record shows enactment by Pub. L. 86-147 on 1959-08-07.

all 0 arguments · sorted by: best

no arguments yet — make the first case