FEDERAL RESERVE ACT 
or municipality in the continental United States, including irrigation, drainage and 
reclamation districts, such purchases to be made in accordance with rules and regula- 
tions prescribed by the Federal Reserve Board; 
(c) 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 Fed- 
eral 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 countries, 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 indorsement, through such 
correspondents or agencies, bills of exchange (or acceptances) arising out of actual 
commercial 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 correspondents or agencies. Whenever any such account has been 
opened or agency or correspondent has been appointed by a Federal reserve bank, with 
the consent of or under the order and direction of the Federal Reserve Board, any 
other Federal reserve bank may, with the consent and approval of the Federal Reserve 
Board, be permitted to carry on or conduct, through the Federal reserve bank opening 
such account or appointing such agency or correspondent, any transaction authorized 
by this section under rules and regulations to be prescribed by the board. 
(f) To purchase and sell in the open market, either from or to domestic banks, firms, 
rorporations, or individuals, acceptances of Federal Intermediate Credit Banks and of 
National Agricultural Credit Corporations, whenever the Federal Reserve Board shall 
declare that the public interest so requires. 
Government Deposits 
As amended by act approved Mar. 4, 1923. 
Sec. 15.1 The moneys held in the general fund of the Treasury, except the five per 
tentum fund for the redemption of outstanding national-bank notes and the funds 
Provided in this Act for the redemption of Federal reserve notes may, upon the direction 
of the Secretary of the Treasury, be deposited in Federal reserve banks, which banks, 
When required by the Secretary of the Treasury, shall act as fiscal agents of the United 
States, * and the revenues of the Government or any part thereof may be deposited in 
such banks, and disbursements may be made by checks drawn against such deposits. 
—— 
"This section in effect amended by Appropriation Act of 1920, approved May 29, 1920. 
5 *Under War Finance Corporation Act, approved Apr. 5, 1918, as amended by Act of Mar. 3, 1919, 
edera] Reserve Banks may also act as fiscal agents of the War Finance Corporation. 
! 
13.1