12 USC § 359 - Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations

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Current through Pub. L. 113-99. (See Public Laws for the current Congress.)

Every Federal reserve bank shall have power to purchase and sell in the open market, either from or to domestic banks, firms, corporations, or individuals, acceptances of Federal intermediate credit banks and of national agricultural credit corporations, whenever the Board of Governors of the Federal Reserve System shall declare that the public interest so requires.

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Source

(Dec. 23, 1913, ch. 6, § 14(f), as added Mar. 4, 1923, ch. 252, title IV, § 405,42 Stat. 1480; amended Aug. 23, 1935, ch. 614, title II, § 203(a),49 Stat. 704.)

Codification

Section is comprised of subsec. (f) ofsection 14 of act Dec. 23, 1913, as added Mar. 4, 1923. For classification to this title of remainder of section 14, see Codification note under section 353 of this title.

Change of Name

Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.

National Agricultural Credit Corporation

Title II of the Agricultural Credits Act, act Mar. 4, 1923, title II, §§ 201–217,42 Stat. 1461, authorized creation of national agricultural credit corporations, prior to repeal by Pub. L. 86–230, Sept. 8, 1959, § 24,73 Stat. 466. Prior to such repeal, act June 16, 1933, § 77,48 Stat. 292, had prohibited the creation, after June 16, 1933, of national agricultural credit corporations authorized to be formed under the Agricultural Credits Act.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Friday, May 3, 2013

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"prec" means preceding.
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"omitted" means the section is omitted.
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"nt ed change" and "ed change" - See the Editorial Classification Change Table [pdf].

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12 USC	Description of Change	Session Year	Public Law	Statutes at Large

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

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12 CFR - Title 12—Banks and Banking

12 CFR Part 201 - EXTENSIONS OF CREDIT BY FEDERAL RESERVE BANKS (REGULATION A)

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12 USC § 359 - Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations

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