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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c. 14 ich the 1ed I - be ral ro- ich ral via- on ich ave eet sia- ng, ral its his ive 1all ‘ass for mit ank ng ing be ts, 3x ha 1les Ive y OT ks, and nds nt, 3c. 14 FEDERAL RESERVE ACT Every Federal reserve bank shall have power: (a) To deal in gold coin and bullion at home or abroad, to make loans thereon, exchange Federal reserve notes for gold, gold coin, or gold certificates, and to contract for loans of gold coin or bullion, giving therefor, when ecessary, acceptable security, including the hypothe- cation of United States bonds or other securities which Federal reserve banks are authorized to hold; (b) To buy and sell, at home or abroad, bonds and notes of the United States,® and bills, notes, revenue bonds, and Warrants with a maturity from date of purchase of not ®Xceeding six months, issued in anticipation of the collec- tion of taxes or in anticipation of the receipt of assured revenues by any State, county, district, political subdivi- S1on, or municipality in the continental United States, in- cluding irrigation, drainage and reclamation districts, such purchases to be made in accordance with rules and *egulations prescribed by the Federal Reserve Board; (¢) To purchase from member banks and to sell, with Or without its indorsement, bills of exchange arising out of commercial transactions, as hereinbefore defined; (d) To establish from time to time, subject to review and determination of the Federal Reserve Board, rates of discount to be charged by the Federal reserve bank for each class of paper, which shall be fixed with a view of accommodating commerce and business; (e) To establish accounts with other Federal reserve banks for exchange purposes and, with the consent or Upon the order and direction of the Federal Reserve Board and under regulations to be prescribed by. said board, to open and maintain accounts in foreign coun- tries, appoint correspondents, and establish agencies in Such countries wheresoever it may be deemed best for the purpose of purchasing, selling, and collecting bills of exchange, and to buy and sell, with or without its indorse- ment, through such corresponderits or agencies, bills of exchange (or acceptances) arising out of actual commer- cial transactions which have not more than ninety days to run, exclusive of days of grace, and which bear the Signature of two or more responsible parties, and, with the consent of the Federal Reserve Board, to open and maintain banking accounts for such foreign correspond- ! Or Treasury bills or certificates of indebtedness. See act approved June 17, 1929, Appendix, p. 75. 23 ay 3 %" yy > w Wirtschafts- 4 \= Archiv 3 2 § 2 o Noy, «3

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