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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. 
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