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FEDERAL RESERVE ACT 
Src. 11 
“No Federal reserve bank shall have authority here- 
after to enter into any contract or contracts for the erec- 
tion of any branch bank building of any kind or char- 
acter, 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 fix- 
tures, is in excess of $250,000: Provided, That nothing 
herein shall apply to any building under construction 
prior to June 3, 1922.” 
asamendedby Sec. 11. The Federal Reserve Board shall be suthor- 
cts approved . 
Sept. 7 Aue @ 1zed and empowered: } 
101); Sop 2 (a) To examine at its discretion the accounts, books 
hap, 17; Mar and affairs of each Federal reserve bank and of each 
1314, chap. 1015: member bank and to require such statements and reports 
Peb. 27, 1021 (41 . : 
3iat, 14g, chap. as it may deem necessary. The said board shall publish 
do stat,” sis, once each week a statement showing the condition of 
I each Federal reserve bank and a consolidated statement 
for all Federal reserve banks. Such statements shall 
show in detail the assets and liabilities of the Federal 
reserve banks, single and combined, and shall furnish 
full information 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. 
(c) To suspend for a period not exceeding thirty days, 
and from time to time to renew such suspension for pe- 
riods 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 
sentum per annum upon such deficiency until the reserves 
fall to thirty-two and one-half per centum, and when said 
reserve falls below thirty-two and one-half per centum, 
a tax at the rate increasingly of not less than one and 
one-half per centum per annum upon each two and one-