22 U.S.C. § 284d — Federal Reserve banks as depositories

submitted 66 years ago by Pub. L. 86-565 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 48 words · no verdicts yet

in plain englishAI-generated · not legal advice

Any Federal Reserve bank must act as the International Development Association's depository or fiscal agent if the Association asks. The Federal Reserve's Board of Governors must supervise and direct this work.

If the International Development Association asks a Federal Reserve bank to hold its money (as a "depository") or handle its financial business (as a "fiscal agent"), that Federal Reserve bank must agree and do the job. The Board of Governors of the Federal Reserve System is responsible for supervising and directing 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 Association 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. 86–565, § 6, June 30, 1960, 74 Stat. 294.)

history & why it existsrecord from the source credit

1960Enacted · Pub. L. 86-565 · 74 Stat. 294

A history note hasn’t been published yet. The record shows enactment by Pub. L. 86-565 on 1960-06-30.

all 0 arguments · sorted by: best

no arguments yet — make the first case