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.
(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.)
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.
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The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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