NATIONAL BANKING UNDER THE FEDERAL RESERVE SYSTEM
The Federal Reserve Board shall annually make a full report of its operations to the
Speaker of the House of Representatives, who shall cause the same to be printed for
the information of the Congress.
Section three hundred and twenty-four of the Revised Statutes of the United States
shall be amended so as to read as follows:
“Sec. 324. There shall be in the Department of the Treasury a bureau charged with
the execution of all laws passed by Congress relating to the issue and regulation of
national currency secured by United States bonds and, under the general supervision of
the Federal Reserve Board, of all Federal Reserve notes, the chief officer of which
oureau shall be called the Comptroller of the Currency and shall perform his duties
under the general directions of the Secretary of the Treasury.
“No Federal reserve bank shall have authority hereafter to enter into any contract or
contracts for the erection of any branch bank building of any kind or character, or to
authorize the erection of any such building, if the cost of the building proper, exclusive
of the cost of the vaults, permanent equipment, furnishings, and fixtures, is in excess
of $250,000: Provided, That nothing herein shall apply to any building under con-
struction prior to June 3, 1922.”
Powers of Federal Reserve Board
As amended by act approved Sept. 7, 1916 (39 Stat., 752, chap. 461); act approved
Sept. 26, 1918 (40 Stat., 967, chap. 177); act approved Mar. 8, 1919 (40 Stat., 131},
chap. 101); act approved Feb. 27, 1921 (41 Stat., 11}6, chap. 75).
Sec. 11. The Federal Reserve Board shall be authorized and empowered:
(a) To examine at its discretion the accounts, books and affairs of each Federal
reserve bank and of each member bank and to require such statements and reports as
it may deem necessary. The said board shall publish once each week a statement
showing the condition of each Federal reserve bank and a consolidated statement for
all Federal reserve banks. Such statements shall show in detail the assets and liabili-
ties of the Federal reserve banks, single and combined, and shall furnish full informa-
tion regarding the character of the money held as reserve and the amount, nature and
maturities of the paper and other investments owned or held by Federal reserve banks.
(b) To permit, or, on the affirmative vote of at least five members of the Reserve
Board to require Federal reserve banks to rediscount the discounted paper of other
Federal reserve banks at rates of interest to be fixed by the Federal Reserve Board.
(¢) To suspend for a period not exceeding thirty days, and from time to time to
renew such suspension for periods not exceeding fifteen days, any reserve requirements
specified in this Act: Provided, That it shall establish a graduated tax upon the amounts
by which the reserve requirements of this Act may be permitted to fall below the level
hereinafter specified: And provided further, That when the gold reserve held against
Federal reserve notes falls below forty per centum, the Federal Reserve Board shall
establish a graduated tax of not more than one per centum per annum upon such de-
ficiency until the reserves fall to thirty-two and one-half per centum, and when said
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