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  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 § 354
12 USC § 354
Transactions involving gold coin, bullion, and certificates
October 30, 2020
USC

Every Federal reserve bank shall have power 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 necessary, acceptable security, including the hypothecation of United States bonds or other securities which Federal reserve banks are authorized to hold.

Codification

Section is comprised of subsec. (a) of section 14 of act Dec. 23, 1913. For classification to this title of remainder of section 14, see Codification note set out under section 353 of this title.
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§ 353 Purchase and sale of cable transfers, acceptances and bills
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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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