1. LawStack
  2. Title 12 - BANKS AND BANKING
  3. Chapter 3 - FEDERAL RESERVE SYSTEM
  4. Subchapter IX - POWERS AND DUTIES OF FEDERAL RESERVE BANKS
  5. 12 USC § 356
12 USC § 356
Purchase of commercial paper from member banks and sale of same
October 30, 2020
USC

Every Federal reserve bank shall have power to purchase from member banks and to sell, with or without its indorsement, bills of exchange arising out of commercial transactions, as hereinbefore defined.

Codification

Section is comprised of subsec. (c) of section 14 of act Dec. 23, 1913. For classification to this title of remainder of section 14, see Codification note under section 353 of this title.
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§ 355 Purchase and sale of obligations of National, State, and municipal governments; open market operations; purchases and sales from or to United States; maximum aggregate amount of obligations acquired directly from or loaned directly to United States
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§ 357 Establishment of rates of discount

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