31 U.S.C. § 5301 — Buying obligations of the United States Government
submitted 44 years ago by Pub. L. 97-258 to r/title-31-MONEY-AND-FINANCE · 245 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The President may direct the Secretary of the Treasury to make an agreement with the Federal reserve banks and the Board of Governors of the Federal Reserve System when the President decides that the foreign commerce of the United States is affected adversely because—
the value of coins and currency of a foreign country compared to the present standard value of gold is depreciating;
action is necessary to regulate and maintain the parity of United States coins and currency;
an economic emergency requires an expansion of credit; or
an expansion of credit is necessary so that the United States Government and the governments of other countries can stabilize the value of coins and currencies of a country.
Under an agreement under subsection (a) of this section, the Board shall permit the banks (and the Board is authorized to permit the banks notwithstanding another law) to agree that the banks will—
conduct through each entire specified period open market operations in obligations of the United States Government or corporations in which the Government is the majority stockholder; and
buy directly and hold an additional $3,000,000,000 of obligations of the Government for each agreed period, unless the Secretary consents to the sale of the obligations before the end of the period.
With the approval of the Secretary, the Board may require Federal reserve banks to take action the Secretary and Board consider necessary to prevent unreasonable credit expansion.
Source credit: (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 993.)
- 1982Enacted · Pub. L. 97-258 · 96 Stat. 993
A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-258 on 1982-09-13.
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