The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

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Monograph

Identifikator:: 1856431436

URN:: urn:nbn:de:zbw-retromon-262738

Document type:: Monograph

Title:: The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

Place of publication:: Washington

Publisher:: United States Government Printing Office

Year of publication:: 1931

Scope:: ii, 170 Seiten

Digitisation:: 2022

Collection:: Economics Books

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~ FEDERAL RESERVE ACT Bxc. 1 subject to the same limitations as those upon which it may buy and sell bonds issued under Title I of the Federal Farm Loan Act. Notes, drafts, bills of exchange or acceptances issued or drawn by cooperative marketing associations com- posed of producers of agricultural products shall be deemed to have been issued or drawn for an agricultural purpose, within the meaning of this section, if the pro- ceeds thereof have been or are to be advanced by such association to any members thereof for an agricultural purpose, or have been or are to be used by such associa- tion in making payments to any members thereof on account of agricultural products delivered by such members to the association, or if such proceeds have been or are to be used by such association to meet expenditures incurred or to be incurred by the associa- lion in connection with the grading, processing, packing, preparation for market, or marketing of any agricultural product handled by such association for any of its members: Provided, That the express enumeration in this paragraph of certain classes of paper of cooperative marketing associations as eligible for rediscount shall not be construed as rendering ineligible any other class of paper of such associations which is now eligible for rediscount. The Federal Reserve Board may, by regulation, limit to a percentage of the assets of a Federal reserve bank the amount of notes, drafts, acceptances, or bills having a maturity in excess of three months, but not exceeding six months, exclusive of days of grace, which may be discounted by such bank, and the amount of notes, drafts, bills, or acceptances having a maturity in excess of six months, but not exceeding nine months, which may be rediscounted by such bank. OPEN-MARKET OPERATIONS J hamendedby Sec. 14. Any Federal reserve bank may, under rules Sep. 7, 1916 (38 1 2 iki, on, chap and regulations prescribed by the Federal Reserve kame dl 7 Board, purchase and sell in the open market, at home or nT ie abroad, either from or to domestic or foreign banks, 28); Mar. 4, 19% firms, corporations, or individuals, cable transfers and chap. 252). bankers’ acceptances and bills of exchange of the kinds and maturities by this Act made eligible for rediscount, with or without the indorsement of a member bank.

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