Legislación
US (United States) Title 12. Chapter 3: Federal reserve system
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12 USC CHAPTER 3 - FEDERAL RESERVE SYSTEM 01/06/03
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TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
.
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CHAPTER 3 - FEDERAL RESERVE SYSTEM
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SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
Sec.
221. Definitions.
221a. Additional definitions.
222. Federal reserve districts; membership of national banks.
223. Number of Federal reserve cities in district.
224. Status of reserve cities under former statutes.
225. Federal reserve banks; title.
225a. Maintenance of long run growth of monetary and credit
aggregates.
225b. Appearances before and reports to the Congress.
(a) Appearances before the Congress.
(b) Congressional report.
226. ''Federal Reserve Act.''
227. ''Banking Act of 1933.''
228. ''Banking Act of 1935.''
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
241. Creation; membership; compensation and expenses.
242. Ineligibility to hold office in member banks; qualifications
and terms of office of members; chairman and vice chairman; oath
of office.
243. Assessments upon Federal reserve banks to pay expenses.
244. Principal offices of Board; chairman of Board; obligations and
expenses; qualifications of members; vacancies.
245. Vacancies during recess of Senate.
246. Powers of Secretary of the Treasury as affected by chapter.
247. Reports to Congress.
247a. Records of action on policy relating to open-market operation
and policies determined generally; inclusion in report to
Congress.
248. Enumerated powers.
(a) Examination of accounts and affairs of banks;
publication of weekly statements; reports of
liabilities and assets of depository
institutions; covered institutions.
(b) Permitting or requiring rediscounting of paper at
specified rate.
(c) Suspending reserve requirements.
(d) Supervising and regulating issue and retirement
of notes.
(e) Adding to or reclassifying reserve cities.
(f) Suspending or removing officers or directors of
reserve banks.
(g) Requiring writing off of doubtful or worthless
assets of banks.
(h) Suspending operations of or liquidating or
reorganizing banks.
(i) Requiring bonds of agents; safeguarding property
in hands of agents.
(j) Exercising supervision over reserve banks.
(k) Delegation of certain functions; power to
delegate; review of delegated activities.
(l) Employing attorneys, experts, assistants, and
clerks; salaries and fees.
(m) Repealed.
(n) Board's authority to examine depository
institutions and affiliates.
(o) Authority to appoint conservator or receiver.
(p) Authority.
(q) Uniform protection authority for Federal reserve
facilities.
(r) Voting; documentation of determinations.
248-1. Rules and regulations for transfer of funds and charges
therefor among banks; clearing houses.
248a. Pricing of services.
(a) Publication of pricing principles and proposed
schedule of fees; effective date of schedule of
fees.
(b) Covered services.
(c) Criteria applicable.
(d) Budgetary consequences of decline in volume of
services.
(e) Parity in clearing.
248b. Annual independent audits of Federal reserve banks and Board.
249. Repealed.
250. Independence of financial regulatory agencies.
251. Repealed.
252. Credit availability assessment.
(a) Study.
(b) Use of existing data.
SUBCHAPTER III - FEDERAL ADVISORY COUNCIL
261. Creation; membership; compensation; meetings; officers;
procedure; quorum; vacancies.
262. Powers.
SUBCHAPTER IV - FEDERAL OPEN MARKET COMMITTEE
263. Federal Open Market Committee; creation; membership;
regulations governing open-market transactions.
SUBCHAPTER V - FEDERAL DEPOSIT INSURANCE CORPORATION
264. Transferred.
265. Insured banks as depositaries of public money; duties;
security; discrimination between banks prohibited; repeal of
inconsistent laws.
266. State-chartered banks and other institutions as depositaries
of public money; fiscal agents; duties.
SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS;
DIVIDENDS AND EARNINGS
281. Capital.
282. Subscription to capital stock by national banking association.
283. Public subscription to capital stock.
284. Omitted.
285. Nonvoting stock.
286. Transfers of stock; rules and regulations.
287. Value of shares of stock; increase and decrease of stock;
member banks as shareholders; surrender of shares.
288. Cancellation of stock held by member bank on insolvency or
discontinuance of banking operations for sixty days; repayment of
cash-paid subscriptions.
289. Dividends and surplus funds of reserve banks; transfer for
fiscal year 2000.
(a) Dividends and surplus funds of reserve banks.
(b) Transfer for fiscal year 2000.
290. Use of earnings transferred to Treasury.
SUBCHAPTER VII - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS
AND ASSISTANTS
301. Powers and duties of board of directors; suspension of member
bank for undue use of bank credit.
302. Number of members; classes.
303. Qualifications and disabilities.
304. Class A and class B directors; selection.
305. Class C directors; selection; ''Federal reserve agent.''
306. Assistants to Federal reserve agent.
307. Compensation of directors.
308. Terms of directors; vacancies.
SUBCHAPTER VIII - STATE BANKS AS MEMBERS OF SYSTEM
321. Application for membership.
322. Determination on application.
323. Stock in Federal reserve banks; method of payment.
324. Laws applicable on becoming members.
325. Examinations.
326. Acceptance of examinations and reports by State authorities;
special examinations.
327. Surrender of stock and cancellation of memberships.
328. Withdrawals from membership.
329. Capital stock required as condition precedent to membership.
329a. Omitted.
330. Laws applicable on becoming members; discounts for State
banks.
331. Certifying checks on State banks admitted as members.
332. Depositaries of public money; financial agents; security
required.
333. Mutual savings banks; application and admission to membership
in Federal Reserve System.
334. Reports from affiliates; penalty for failure to furnish.
335. Dealing in investment securities; limitations and conditions.
336. Certificates of stock; representation of stock of other
corporations.
337. Repealed.
338. Examination of affiliates; forfeiture of membership on refusal
of affiliate to give information or pay expense.
338a. Investments to promote public welfare and community
development; limitation on investments.
339. Participation by State member banks in lotteries and related
activities.
(a) Prohibited activities.
(b) Use of banking premises prohibited.
(c) Definitions.
(d) Lawful banking services connected with operation
of lottery.
(e) Regulations; enforcement.
339a. Resolution of clearing banks.
(a) Conservatorship or receivership.
(b) Board authority.
(c) Bankruptcy proceedings.
SUBCHAPTER IX - POWERS AND DUTIES OF FEDERAL RESERVE BANKS
341. General enumeration of powers.
342. Deposits; exchange and collection; member and nonmember banks
or other depository institutions; charges.
343. Discount of obligations arising out of actual commercial
transactions.
344. Discount or purchase of bills to finance agricultural
shipments.
345. Rediscount of notes, drafts, and bills for member banks;
limitation of amount.
346. Discount of acceptances.
347. Advances to member banks on their notes.
347a. Advances to member bank groups; inadequate amounts of
eligible and acceptable assets; liability of individual banks in
group; distribution of loans among banks of group; rate of
interest; notes accepted for advances as collateral security for
Federal reserve notes; foreign obligations as security for
advances.
347b. Advances to individual member banks on time or demand notes;
maturities; time notes secured by mortgage loans covering
one-to-four family residences.
(a) In general.
(b) Limitations on advances.
347c. Advances to individuals, partnerships, and corporations;
security; interest rate.
347d. Transactions between Federal Reserve banks and branch or
agency of foreign bank; matters considered.
348. Discount of obligations given for agricultural purposes or
based upon livestock; collateral security for Federal reserve
notes.
348a. Transactions with foreign banks; supervision of Board of
Governors of the Federal Reserve System.
349. Rediscount for intermediate credit banks of obligations given
for agricultural purposes; discount of notes made pursuant to
section 1031.
350. Purchase and sale of debentures and like obligations of
intermediate credit banks and agricultural credit corporations.
351. Obligations of cooperative marketing association as issued or
drawn for agricultural purposes.
352. Limitation on amount of obligations of certain maturities
which may be discounted and rediscounted.
352a. Repealed.
353. Purchase and sale of cable transfers, acceptances and bills.
354. Transactions involving gold coin, bullion, and certificates.
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.
356. Purchase of commercial paper from member banks and sale of
same.
357. Establishment of rates of discount.
358. Establishment of accounts for purposes of open-market
operations; correspondents and agencies.
359. Purchase and sale of acceptances of intermediate credit banks
and agricultural credit corporations.
359a. Omitted.
360. Receiving checks and drafts on deposit at par; charges for
collections, exchange, and clearances.
361. Bills receivable, bills of exchange, acceptances; regulations
by Board of Governors.
362 to 364. Omitted.
SUBCHAPTER X - POWERS AND DUTIES OF MEMBER BANKS
371. Real estate loans.
(a) Authorization to make real estate loans; orders,
rules, and regulations of Comptroller of the
Currency.
(b) Eligibility for discount as commercial paper of
notes representing loans financing construction
of residential or farm buildings;
prerequisites.
371a. Payment of interest on demand deposits.
371b. Rate of interest on time deposits; payment of time deposits
before maturity; waiver of notice requirements for withdrawal of
savings deposits.
371b-1. Repealed.
371b-2. Interbank liabilities.
(a) Purpose.
(b) Aggregate limits on insured depository
institutions' exposure to other depository
institutions.
(c) ''Exposure'' defined.
(d) Insured depository institution.
(e) Rulemaking authority; enforcement.
371c. Banking affiliates.
(a) Restrictions on transactions with affiliates.
(b) Definitions.
(c) Collateral for certain transactions with
affiliates.
(d) Exemptions.
(e) Rules relating to banks with financial
subsidiaries.
(f) Rulemaking and additional exemptions.
371c-1. Restrictions on transactions with affiliates.
(a) In general.
(b) Prohibited transactions.
(c) Advertising restriction.
(d) Definitions.
(e) Regulations.
371d. Investment in bank premises or stock of corporation holding
premises.
(a) Conditions of investment.
(b) Definitions.
372. Bankers' acceptances.
(a) Institutions; drafts and bills of exchange;
types.
(b) Ratio limit of bills to unimpaired capital stock
and surplus.
(c) Authorization for special ratio limit; foreign
banks.
(d) Ratio limit for domestic transactions.
(e) Ratio limit for single entity; foreign banks;
security.
(f) Exception for participation agreements.
(g) Definitions by Board.
(h) Dollar equivalent of foreign bank paid-up capital
stock and surplus.
373. Acceptance of drafts or bills drawn by banks in foreign
countries or dependencies of United States for purpose of dollar
exchange.
374. Acting as agent for nonmember bank in getting discounts from
reserve bank.
374a. Acting as agent for nonbanking borrower in making loans on
securities to dealers in stocks, bonds, etc.; penalties.
375. Purchases from directors; sales to directors.
375a. Loans to executive officers of banks.
(1) General prohibition; authorization for extension
of credit; conditions for credit.
(2) Mortgage loans.
(3) Educational loans.
(4) General limitation on amount of credit.
(5) Partnership loans.
(6) Report of date and amount of credit extensions,
security, and uses of proceeds upon excessive
extension of credit.
(7) Endorsement or guarantee of loans or assets;
protective indebtedness.
(8) Continuation of violation.
(9) Report of loan activity since previous report of
condition.
(10) Rules and regulations; definitions.
375b. Extensions of credit to executive officers, directors, and
principal shareholders of member banks.
(1) In general.
(2) Preferential terms prohibited.
(3) Prior approval required.
(4) Aggregate limit on extensions of credit to any
executive officer, director, or principal
shareholder.
(5) Aggregate limit on extensions of credit to all
executive officers, directors, and principal
shareholders.
(6) Overdrafts by executive officers and directors
prohibited.
(7) Prohibition on knowingly receiving unauthorized
extension of credit.
(8) Executive officer, director, or principal
shareholder of certain affiliates treated as
executive officer, director, or principal
shareholder of member bank.
(9) Definitions.
(10) Board's rulemaking authority.
376. Rate of interest paid to directors, etc.
377. Repealed.
378. Dealers in securities engaging in banking business;
individuals or associations engaging in banking business;
examinations and reports; penalties.
SUBCHAPTER XI - DEPOSITARIES AND FISCAL AGENTS
391. Federal reserve banks as Government depositaries and fiscal
agents.
391a. Reimbursement of Federal Reserve Banks.
392. Depositaries of Government funds as confined to banks in
Federal reserve system; member banks as depositaries.
393. Federal reserve banks as depositaries for Farm Credit System.
394. Federal reserve banks as depositaries for and fiscal agents of
Home Owners' Loan Corporation.
395. Federal reserve banks as depositaries, custodians and fiscal
agents for Commodity Credit Corporation.
SUBCHAPTER XII - FEDERAL RESERVE NOTES
411. Issuance to reserve banks; nature of obligation; redemption.
412. Application for notes; collateral required.
413. Distinctive letter and serial number of notes; cancellation of
notes unfit for circulation; accounting; apportionment of credit
among Federal Reserve banks.
414. Authority of Board of Governors respecting issuance of notes;
interest; lien.
415. Reduction of liability for outstanding notes by depositing
notes and collateral and payment of notes of series prior to
1928; reissue of deposited notes.
416. Withdrawal of collateral deposited to protect notes and
substitution of other collateral; retirement of notes; payment of
notes of series prior to 1928; recovery of collateral; reissue of
deposited notes.
417. Custody and safe-keeping of notes issued to and collateral
deposited with reserve agent.
418. Printing of notes; denomination and form.
419. Delivery of notes prior to delivery to banks.
420. Control and direction of plates and dies; expense of issue and
retirement of notes paid by banks.
421. Examination of plates and dies.
422. Repealed.
SUBCHAPTER XIII - CIRCULATING NOTES AND BONDS SECURING SAME
441 to 448. Omitted.
SUBCHAPTER XIV - BANK RESERVES
461. Reserve requirements.
(a) Establishment of applicable definitions, payment
of interest, obligations as deposits, and
regulations.
(b) Additional definitions; required amounts of
reserves maintained against transaction
accounts; waiver of ratio limits in
extraordinary circumstances; supplemental
reserves; reserves related to foreign
obligations or assets; exemption for certain
deposits; discount and borrowing; transitional
adjustments; additional exemptions and waivers.
(c) Promulgation of rules and regulations respecting
maintenance of balances.
462 to 462c. Omitted or Repealed.
463. Limitation on amount of balance with any depository
institution without access to Federal Reserve advances.
464. Checking against and withdrawal of reserve balance.
465. Basis for ascertaining deposits against which required balance
is determined.
466. Reserves of banks in dependencies or insular possessions.
467. Deposits of gold coin, gold certificates, and Special Drawing
Right certificates with United States Treasurer.
SUBCHAPTER XV - BANK EXAMINATIONS
481. Appointment of examiners; examination of member banks, State
banks, and trust companies; reports.
482. Employees of Office of Comptroller of the Currency;
appointment; compensation and benefits.
483. Special examination of member banks; information of condition
furnished to Board of Governors of the Federal Reserve System.
484. Limitation on visitorial powers.
485. Examination of Federal reserve banks.
486. Waiver of requirements as to reports from or examinations of
affiliates.
SUBCHAPTER XVI - CIVIL LIABILITY OF FEDERAL RESERVE AND MEMBER
BANKS, SHAREHOLDERS, AND OFFICERS
501. Liability of Federal reserve or member bank for certifying
check when amount of deposit was inadequate.
501a. Forfeiture of franchise of national banks for failure to
comply with provisions of this chapter.
502. Liability of shareholders of Federal reserve banks on
contracts, etc.
503. Liability of directors and officers of member banks.
504. Civil money penalty.
(a) First tier.
(b) Second tier.
(c) Third tier.
(d) Maximum amounts of penalties for any violation
described in subsection (c).
(e) Assessment; etc.
(f) Hearing.
(g) Disbursement.
(h) ''Violate'' defined.
(i) Regulations.
(m) Notice under this section after separation from
service.
505. Civil money penalty.
(1) First tier.
(2) Second tier.
(3) Third tier.
(4) Maximum amounts of penalties for any violation
described in paragraph (3).
(5) Assessment; etc.
(6) Hearing.
(7) Disbursement.
(8) ''Violate'' defined.
(9) Regulations.
506. Notice after separation from service.
SUBCHAPTER XVII - RESERVE-BANK BRANCHES
521. Reserve-bank branches; establishment; directors;
discontinuance of branches; approval for erection of branch bank
building.
522. Federal reserve branch bank buildings.
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CHAPTER REFERRED TO IN OTHER SECTIONS
This chapter is referred to in sections 35, 1440, 1468, 1468b,
1813, 1817, 1828a, 1831k, 1831r, 2254, 3108 of this title.
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12 USC SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND
GENERAL PROVISIONS AFFECTING SYSTEM 01/06/03
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TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
.
-HEAD-
SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
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12 USC Sec. 221 01/06/03
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TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
-HEAD-
Sec. 221. Definitions
-STATUTE-
Wherever the word ''bank'' is used in this chapter, the word
shall be held to include State bank, banking association, and trust
company, except where national banks or Federal reserve banks are
specifically referred to.
The terms ''national bank'' and ''national banking association''
used in this chapter shall be held to be synonymous and
interchangeable. The term ''member bank'' shall be held to mean
any national bank, State bank, or bank or trust company which has
become a member of one of the Federal reserve banks. The term
''board'' shall be held to mean Board of Governors of the Federal
Reserve System; the term ''district'' shall be held to mean Federal
reserve district; the term ''reserve bank'' shall be held to mean
Federal reserve bank; the term ''the continental United States''
means the States of the United States and the District of Columbia.
The terms ''bonds and notes of the United States'', ''bonds and
notes of the Government of the United States'', and ''bonds or
notes of the United States'' used in this chapter shall be held to
include certificates of indebtedness and Treasury bills issued
under section 3104 of title 31.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 1, 38 Stat. 251; Aug. 23, 1935, ch.
614, title II, Sec. 203(a), 49 Stat. 704; Pub. L. 86-70, Sec. 8(a),
June 25, 1959, 73 Stat. 142; Pub. L. 97-258, Sec. 2(c), Sept. 13,
1982, 96 Stat. 1058.)
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REFERENCES IN TEXT
This chapter, referred to in text, was in the original ''this
Act'', meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended,
known as the Federal Reserve Act. For complete classification of
this Act to the Code, see References in Text note set out under
section 226 of this title and Tables.
-MISC2-
AMENDMENTS
1982 - Pub. L. 97-258 inserted provisions defining ''bonds and
notes of the United States'', ''bonds and notes of the Government
of the United States'', and ''bonds or notes of the United
States''. These provisions are based on acts Sept. 24, 1917, ch.
56, Sec. 5(c), 40 Stat. 290; Apr. 4, 1918, ch. 44, Sec. 4, 40 Stat.
504; Mar. 3, 1919, ch. 100, Sec. 3, 40 Stat. 1311; restated June
17, 1929, ch. 26, 46 Stat. 20 (former 31 U.S.C. 754(c)).
1959 - Pub. L. 86-70 inserted definition of ''the continental
United States''.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
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SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in sections 221a, 3102, 3105 of this
title.
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12 USC Sec. 221a 01/06/03
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TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
-HEAD-
Sec. 221a. Additional definitions
-STATUTE-
As used in this chapter -
(a) The terms ''banks'', ''national bank'', ''national banking
association'', ''member bank'', ''board'', ''district'', and
''reserve bank'' shall have the meanings assigned to them in
section 221 of this title.
(b) Except where otherwise specifically provided, the term
''affiliate'' shall include any corporation, business trust,
association, or other similar organization -
(1) Of which a member bank, directly or indirectly, owns or
controls either a majority of the voting shares or more than 50
per centum of the number of shares voted for the election of its
directors, trustees, or other persons exercising similar
functions at the preceding election, or controls in any manner
the election of a majority of its directors, trustees, or other
persons exercising similar functions; or
(2) Of which control is held, directly or indirectly, through
stock ownership or in any other manner, by the shareholders of a
member bank who own or control either a majority of the shares of
such bank or more than 50 per centum of the number of shares
voted for the election of directors of such bank at the preceding
election, or by trustees for the benefit of the shareholders of
any such bank; or
(3) Of which a majority of its directors, trustees, or other
persons exercising similar functions are directors of any one
member bank; or
(4) Which owns or controls, directly or indirectly, either a
majority of the shares of capital stock of a member bank or more
than 50 per centum of the number of shares voted for the election
of directors of a member bank at the preceding election, or
controls in any manner the election of a majority of the
directors of a member bank, or for the benefit of whose
shareholders or members all or substantially all the capital
stock of a member bank is held by trustees.
-SOURCE-
(June 16, 1933, ch. 89, Sec. 2, 48 Stat. 162; Aug. 23, 1935, ch.
614, title III, Sec. 301, 49 Stat. 707; Pub. L. 89-485, Sec. 13(a),
(b), July 1, 1966, 80 Stat. 242.)
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REFERENCES IN TEXT
As used in this chapter, referred to in text, was in the original
''As used in this Act and in any provision of law amended by this
Act'', meaning act June 16, 1933, ch. 89, 48 Stat. 162, as amended,
known as the Banking Act of 1933. For complete classification of
this Act to the Code, see References in Text note set out under
section 227 of this title and Tables.
-MISC2-
AMENDMENTS
1966 - Subsec. (b)(4). Pub. L. 89-485, Sec. 13(a), added par. (4)
which incorporates definitions of ''holding company affiliate''
contained in cls. (1) and (2) of former subsec. (c) of this
section, and substituted ''a member bank'' for ''any one bank'' in
first two places.
Subsec. (c). Pub. L. 89-485, Sec. 13(b), repealed definition of
''holding company affiliate'', cls. (1) and (2) thereof now being
incorporated in the subsec. (b)(4) definition of ''affiliate'',
substituting ''a member bank'' for ''any one bank'' in first two
places and the par. excluding therefrom any corporations stock of
which is fully owned by the United States and any organization
determined by the Board of Governors of the Federal Reserve System
not to be engaged, directly or indirectly, as a business in holding
the stock of, or managing or controlling, banks, banking
associations, savings banks, or trust companies.
1935 - Subsec. (c). Act Aug. 23, 1935, added last par.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in sections 371d, 1464, 1828 of this
title; title 26 section 601.
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12 USC Sec. 222 01/06/03
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TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
-HEAD-
Sec. 222. Federal reserve districts; membership of national banks
-STATUTE-
The continental United States, excluding Alaska, shall be divided
into not less than eight nor more than twelve districts. Such
districts may be readjusted and new districts may from time to time
be created by the Board of Governors of the Federal Reserve System,
not to exceed twelve in all: Provided, That the districts shall be
apportioned with due regard to the convenience and customary course
of business and shall not necessarily be coterminous with any State
or States. Such districts shall be known as Federal Reserve
districts and may be designated by number. When the State of
Alaska or Hawaii is hereafter admitted to the Union the Federal
Reserve districts shall be readjusted by the Board of Governors of
the Federal Reserve System in such manner as to include such State.
Every national bank in any State shall, upon commencing business or
within ninety days after admission into the Union of the State in
which it is located, become a member bank of the Federal Reserve
System by subscribing and paying for stock in the Federal Reserve
bank of its district in accordance with the provisions of this
chapter and shall thereupon be an insured bank under the Federal
Deposit Insurance Act (12 U.S.C. 1811 et seq.), and failure to do
so shall subject such bank to the penalty provided by section 501a
of this title.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 251; Aug. 23, 1935, ch.
614, title II, Sec. 203(a), 49 Stat. 704; Pub. L. 85-508, Sec. 19,
July 7, 1958, 72 Stat. 350; Pub. L. 86-3, Sec. 17, Mar. 18, 1959,
73 Stat. 12.)
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REFERENCES IN TEXT
The Federal Deposit Insurance Act, referred to in text, is act
Sept. 21, 1950, ch. 967, Sec. 2, 64 Stat. 873, as amended, which is
classified generally to chapter 16 (Sec. 1811 et seq.) of this
title. For complete classification of this Act to the Code, see
Short Title note set out under section 1811 of this title and
Tables.
-MISC2-
AMENDMENTS
1959 - Pub. L. 86-3 required readjustment of districts when the
State of Hawaii is admitted to the Union.
1958 - Pub. L. 85-508 required readjustment of districts when the
State of Alaska is admitted to the Union, and inserted provisions
requiring national banks to become members of the Federal Reserve
System upon commencing business or within 90 Days after admission
into the Union of the State in which they are located.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-MISC4-
ADMISSION OF ALASKA AND HAWAII TO STATEHOOD
Alaska was admitted into the Union on Jan. 3, 1959, on issuance
of Proc. No. 3269, Jan. 3, 1959, 24 F.R. 81, 73 Stat. c16, and
Hawaii was admitted into the Union on Aug. 21, 1959, on issuance of
Proc. No. 3309, Aug. 21, 1959, 24 F.R. 6868, 73 Stat. c74. For
Alaska Statehood Law, see Pub. L. 85-508, July 7, 1958, 72 Stat.
339, set out as a note preceding section 21 of Title 48,
Territories and Insular Possessions. For Hawaii Statehood Law, see
Pub. L. 86-3, Mar. 18, 1959, 73 Stat. 4, set out as a note
preceding section 491 of Title 48.
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SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 481 of this title.
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12 USC Sec. 223 01/06/03
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TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
-HEAD-
Sec. 223. Number of Federal reserve cities in district
-STATUTE-
A Federal reserve district shall contain only one Federal reserve
city.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 251.)
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 481 of this title.
-CITE-
12 USC Sec. 224 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
-HEAD-
Sec. 224. Status of reserve cities under former statutes
-STATUTE-
The organization of reserve districts and Federal reserve cities
shall not be construed as changing the present status of reserve
cities except insofar as this chapter changes the amount of
reserves that may be carried with approved reserve agents located
therein.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 251; Pub. L. 86-114, Sec.
3(b)(5), July 28, 1959, 73 Stat. 264.)
-REFTEXT-
REFERENCES IN TEXT
This chapter, referred to in text, was in the original ''this
Act'', meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended,
known as the Federal Reserve Act. For complete classification of
this Act to the Code, see References in Text note set out under
section 226 of this title and Tables.
-MISC2-
AMENDMENTS
1959 - Pub. L. 86-114 struck out ''and central reserve cities''
after ''reserve cities''.
EFFECTIVE DATE OF 1959 AMENDMENT
Amendment by Pub. L. 86-114 effective three years after July 28,
1959, see section 3(b) of Pub. L. 86-114, set out as a Central
Reserve and Reserve Cities note under section 141 of this title.
PRIOR PROVISIONS
Provisions relating to reserve cities and central reserve cities
were contained in R.S. Sec. 5191, 5192, and act Mar. 3, 1887, ch.
378, Sec. 1, 2, 24 Stat. 559, 560.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 481 of this title.
-CITE-
12 USC Sec. 225 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
-HEAD-
Sec. 225. Federal reserve banks; title
-STATUTE-
A Federal reserve bank shall include in its title the name of the
city in which it is situated, as ''Federal Reserve Bank of
Chicago.''
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 252.)
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 481 of this title.
-CITE-
12 USC Sec. 225a 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
-HEAD-
Sec. 225a. Maintenance of long run growth of monetary and credit
aggregates
-STATUTE-
The Board of Governors of the Federal Reserve System and the
Federal Open Market Committee shall maintain long run growth of the
monetary and credit aggregates commensurate with the economy's long
run potential to increase production, so as to promote effectively
the goals of maximum employment, stable prices, and moderate
long-term interest rates.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 2A, as added Pub. L. 95-188, title II,
Sec. 202, Nov. 16, 1977, 91 Stat. 1387; amended Pub. L. 95-523,
title I, Sec. 108(a), Oct. 27, 1978, 92 Stat. 1897; Pub. L.
100-418, title III, Sec. 3005(c), Aug. 23, 1988, 102 Stat. 1375;
Pub. L. 106-569, title X, Sec. 1003(a), Dec. 27, 2000, 114 Stat.
3028.)
-COD-
CODIFICATION
Another section 202 of Pub. L. 95-188 amended section 302 of this
title.
-MISC3-
AMENDMENTS
2000 - Pub. L. 106-569 struck out provisions after first sentence
relating to annual reports to Congress, transmittal of reports to
Congressional Committees, consultations with Committees, report of
Committee, changing conditions affecting achievement of objectives
and plans, and explanation for deviations from objectives and
plans.
1988 - Pub. L. 100-418 inserted '', including an analysis of the
impact of the exchange rate of the dollar on those trends'' after
''the Nation'' in cl. (1).
1978 - Pub. L. 95-523 substituted provisions relating to
independent written reports of the Board of Governors to the
Congress for provisions relating to the consultations of the Board
of Governors with Congress at semi-annual hearings, substituted
''the objectives and plans with respect to the ranges'' for ''such
ranges'', inserted ''of the monetary and credit aggregates
disclosed in the reports submitted under this section'' after
''growth or diminution'', and inserted proviso respecting the
inclusion of an explanation of reasons for revisions or deviations
in subsequent consultations and reports.
EFFECTIVE DATE OF 1978 AMENDMENT
Section 108(b) of Pub. L. 95-523 provided that: ''The amendment
made by subsection (a) (amending this section) takes effect on
January 1, 1979.''
-CITE-
12 USC Sec. 225b 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
-HEAD-
Sec. 225b. Appearances before and reports to the Congress
-STATUTE-
(a) Appearances before the Congress
(1) In general
The Chairman of the Board shall appear before the Congress at
semi-annual hearings, as specified in paragraph (2), regarding -
(A) the efforts, activities, objectives and plans of the
Board and the Federal Open Market Committee with respect to the
conduct of monetary policy; and
(B) economic developments and prospects for the future
described in the report required in subsection (b) of this
section.
(2) Schedule
The Chairman of the Board shall appear -
(A) before the Committee on Banking and Financial Services of
the House of Representatives on or about February 20 of even
numbered calendar years and on or about July 20 of odd numbered
calendar years;
(B) before the Committee on Banking, Housing, and Urban
Affairs of the Senate on or about July 20 of even numbered
calendar years and on or about February 20 of odd numbered
calendar years; and
(C) before either Committee referred to in subparagraph (A)
or (B), upon request, following the scheduled appearance of the
Chairman before the other Committee under subparagraph (A) or
(B).
(b) Congressional report
The Board shall, concurrent with each semi-annual hearing
required by this section, submit a written report to the Committee
on Banking, Housing, and Urban Affairs of the Senate and the
Committee on Banking and Financial Services of the House of
Representatives, containing a discussion of the conduct of monetary
policy and economic developments and prospects for the future,
taking into account past and prospective developments in
employment, unemployment, production, investment, real income,
productivity, exchange rates, international trade and payments, and
prices.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 2B, as added Pub. L. 106-569, title X,
Sec. 1003(b)(1), Dec. 27, 2000, 114 Stat. 3028.)
-CHANGE-
CHANGE OF NAME
Committee on Banking and Financial Services of House of
Representatives abolished and replaced by Committee on Financial
Services of House of Representatives, and jurisdiction over matters
relating to securities and exchanges and insurance generally
transferred from Committee on Energy and Commerce of House of
Representatives by House Resolution No. 5, One Hundred Seventh
Congress, Jan. 3, 2001.
-CITE-
12 USC Sec. 226 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
-HEAD-
Sec. 226. ''Federal Reserve Act''
-STATUTE-
The short title of the Act of December 23, 1913, ch. 6, 38 Stat.
251, shall be the ''Federal Reserve Act.''
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 1, 38 Stat. 251.)
-REFTEXT-
REFERENCES IN TEXT
The Federal Reserve Act, referred to in text, is classified to
sections 1, 35, 59, 64, 82, 90, 101a, 104, 121, 141, 142, 221, 222
to 226, 241 to 247a, 248(a) to (m), (o), 261 to 263, 281 to 283,
285 to 290, 301 to 308, 321 to 329, 330 to 336, 337, 338, 341 to
347c, 348 to 352, 352a, 353 to 360, 371 to 372, 374 to 376, 391 to
393, 411 to 416, 418 to 421, 441 to 444, 446 to 448, 461, 462,
462a-1, 462b, 462c, 463 to 467, 481 to 486, 501a to 503, 521, 522,
531, 601 to 604, 611 to 632 of this title, and section 409 of
former Title 31, Money and Finance. See, also, section 19 of Title
15, Commerce and Trade; sections 217 to 219, 655, 1005, 1014, 1906
and 1909 of Title 18, Crimes and Criminal Procedure, and section
725(b) of former Title 31, Money and Finance. For complete
classification of this Act to the Code, see Tables.
-MISC2-
SHORT TITLE OF 1996 AMENDMENT
Pub. L. 104-208, div. A, title II, Sec. 2001(a), Sept. 30, 1996,
110 Stat. 3009-394, provided that: ''This title (see Tables for
classification) may be cited as the 'Economic Growth and Regulatory
Paperwork Reduction Act of 1996'.''
SHORT TITLE OF 1992 AMENDMENT
Pub. L. 102-491, Sec. 1, Oct. 24, 1992, 106 Stat. 3144, provided
that: ''This Act (amending section 522 of this title) may be cited
as the 'Federal Reserve Bank Branch Modernization Act'.''
SHORT TITLE OF 1987 AMENDMENT
Pub. L. 100-86, Sec. 1(a), Aug. 10, 1987, 101 Stat. 552, provided
that: ''This Act (enacting sections 371c-1, 1439-1, 1441, 1442a,
1467, 1467a, 1730h, 1730i, 1772b, 1772c, 3806, and 4001 to 4010 of
this title and section 3334 of Title 31, Money and Finance,
amending sections 24, 248a, 481, 619, 1430, 1436, 1464, 1467, 1725
to 1727, 1729 to 1730a, 1730h, 1757, 1761a, 1761b, 1764, 1766,
1767, 1785 to 1788, 1813, 1817, 1821, 1823, 1828, 1831d, 1832, 1841
to 1843, 1846, 1849, and 3106 of this title, sections 905 and 906
of Title 2, The Congress, sections 45, 46, and 57a of Title 15,
Commerce and Trade, and sections 3328, 3702, 3712, 9101, and 9105
of Title 31, providing for future repeal of sections 1442a, 1467a,
and 1730i of this title, enacting provisions set out as notes under
sections 226, 248a, 619, 1437, 1441, 1464, 1467, 1467a, 1730,
1730a, 1751, 1811, 1841, and 4001 of this title and section 3328 of
Title 31, and amending provisions set out as a note under section
1729 of this title) may be cited as the 'Competitive Equality
Banking Act of 1987'.''
Pub. L. 100-86, title I, Sec. 100, Aug. 10, 1987, 101 Stat. 554,
provided that: ''This title (enacting section 371c-1 of this title,
amending sections 24, 619, 1430, 1730, 1730a, 1813, 1828, 1831d,
1832, 1841 to 1843, and 1846 of this title, and enacting provisions
set out as notes under sections 226, 619, 1730a, and 1841 of this
title) may be cited as the 'Competitive Equality Amendments of
1987'.''
Pub. L. 100-86, title III, Sec. 301, Aug. 10, 1987, 101 Stat.
585, provided that: ''This title (enacting section 1441 of this
title, amending sections 1430, 1436, 1725, 1727, and 1730 of this
title and section 9101 of Title 31, Money and Finance, and enacting
provisions set out as a note under section 1730 of this title) may
be cited as the 'Federal Savings and Loan Insurance Corporation
Recapitalization Act of 1987'.''
Pub. L. 100-86, title IV, Sec. 401, Aug. 10, 1987, 101 Stat. 604,
provided that: ''This title (enacting sections 1442a, 1467, 1467a,
1730h, and 1730i of this title, amending sections 1464, 1467, 1729
to 1730a, and 1730h of this title, and section 9105 of Title 31,
Money and Finance, providing for future repeal of sections 1442a,
1467a, and 1730i of this title, and enacting provisions set out as
notes under sections 1437, 1441, 1467, and 1467a of this title) may
be cited as the 'Thrift Industry Recovery Act'.''
SHORT TITLE OF 1982 AMENDMENT
Pub. L. 97-320, Sec. 1, Oct. 15, 1982, 96 Stat. 1469, provided
that: ''This Act (enacting sections 216 to 216d, 1701j-3, 1795j,
1866, 1867, 3208, and 3801 to 3805 of this title and section 1099
of Title 20, Education, amending sections 22, 24, 27, 29, 30, 84,
93, 94, 95, 371, 371c, 375a, 375b, 461, 484, 504, 505, 1425a, 1426,
1428a, 1430, 1431, 1436, 1437, 1462, 1464, 1718, 1719, 1725, 1726,
1727, 1728, 1729, 1730, 1730a, 1752, 1752a, 1753, 1755, 1757, 1760,
1761, 1761a, 1761b, 1761c, 1763, 1764, 1766, 1770, 1771, 1782,
1783, 1785, 1786, 1795f, 1813, 1814, 1815, 1817, 1818, 1820, 1821,
1822, 1823, 1828, 1831c, 1832, 1841, 1842, 1843, 1847, 1861, 1862,
1863, 1864, 1865, 1972, 3106, 3204, 3305, 3412, 3414, and 3503 of
this title, section 109 of Title 11, Bankruptcy, sections 1602 and
1603 of Title 15, Commerce and Trade, and sections 8103 and 8105 of
Title 42, The Public Health and Welfare, repealing section 82 of
this title and provisions set out as a note under section 461 of
this title, enacting provisions set out as notes under this
section, sections 84, 371, 371c, 1461, 1464, 1811, 1817, 1823,
3503, and 3801 of this title, and sections 1602 and 1603 of Title
15, and amending provisions set out as notes under sections 92 and
191 of this title) may be cited as the 'Garn-St Germain Depository
Institutions Act of 1982'.''
Pub. L. 97-320, title IV, Sec. 410(a), Oct. 15, 1982, 96 Stat.
1515, provided that: ''This section (amending sections 371c, 375b,
1820, 1828 and 1972 of this title, and enacting provisions set out
as a note under section 371c of this title) may be cited as the
'Banking Affiliates Act of 1982'.''
SHORT TITLE OF 1980 AMENDMENT
Pub. L. 96-221, Sec. 1, Mar. 31, 1980, 94 Stat. 132, provided
that: ''This Act (enacting sections 4a, 86a, 93a, 248a, 1730g,
1735f-7a, 1831d, and 3501 to 3524 of this title, and section 1646
of Title 15, Commerce and Trade, amending sections 24, 27, 29, 51b,
51b-1, 72, 85, 92, 95, 214a, 248, 342, 347b, 355, 360, 371a, 412,
461, 463, 481, 1425a, 1425b, 1431, 1464, 1724, 1726, 1728, 1752,
1757, 1763, 1785, 1787, 1795, to 1795i, 1813, 1817, 1821, 1828,
1832, 1842, and 1843 of this title, and sections 57a, 687, 1602 to
1607, 1610, 1612, 1613, 1631, 1632, 1635, 1637, 1638, 1640, 1641,
1643, 1663, 1664, 1665a, 1666, 1666d, 1667d, and 1691f of Title 15,
repealing sections 86a, 371b-1, 1730e, and 1831a of this title, and
sections 1614, 1636, and 1639 of Title 15, enacting provisions set
out as notes under this section, sections 27, 85, 86a, 191, 248,
355, 371a, 1425a, 1724, 1730g, 1735f-7, 1735f-7a, 1787, 1813, 1817,
3101, 3501, and 3521 of this title, and sections 1601, 1602, and
1607 of Title 15, and repealing provisions set out as notes under
sections 85, 86a, 371b-1, and 1831a of this title) may be cited as
the 'Depository Institutions Deregulation and Monetary Control Act
of 1980'.''
Pub. L. 96-221, title I, Sec. 101, Mar. 31, 1980, 94 Stat. 132,
provided that: ''This title (enacting section 248a of this title,
amending sections 248, 342, 347b, 355, 360, 412, 461, 463, and
1425a of this title and enacting provisions set out as notes under
sections 248 and 355 of this title) may be cited as the 'Monetary
Control Act of 1980'.''
Pub. L. 96-221, title III, Sec. 301, Mar. 31, 1980, 94 Stat. 145,
provided that: ''This title (amending sections 371a, 1431, 1464,
1724, 1728, 1752, 1757, 1763, 1785, 1787, 1795 to 1795i, 1813,
1817, 1821, 1828, and 1832 of this title and enacting provisions
set out as notes under sections 371a, 1724, 1787, 1813, and 1817 of
this title) may be cited as the 'Consumer Checking Account Equity
Act of 1980'.''
SHORT TITLE OF 1978 AMENDMENT
Pub. L. 95-630, Sec. 1, Nov. 10, 1978, 92 Stat. 3641, provided:
''That this Act (enacting sections 375b, 504, 505, 635a-1 to
635a-3, 1795 to 1795i, 1831c, 3106a, 3201 to 3207, 3301 to 3308,
and 3401 to 3422 of this title, sections 1693 to 1693r of Title 15,
Commerce and Trade, and section 2153e-1 of Title 42, The Public
Health and Welfare, amending sections 27, 93, 375a, 412, 635, 635e
to 635g, 1451, 1462, 1464, 1715z-10, 1726, 1728 to 1730a, 1752 to
1756, 1757 to 1759, 1761 to 1763, 1766, 1767, 1771, 1772a, 1781 to
1789, 1795b to 1795g, 1813, 1817 to 1821, 1828, 1832, 1843, 1844,
1847, 1865, 1972, and 2902 of this title, sections 5108, 5314, and
5315 of Title 5, Government Organization and Employees, sections
709 and 1114 of Title 18, Crimes and Criminal Procedure, and
sections 67 and 856 of former Title 31, Money and Finance, enacting
provisions set out as notes under sections 27, 93, 375b, 461, 601,
635, 1451, 1728, 1730, 1751, 1752, 1795, 1817, 1832, 3201, 3301,
3401, and 3415 of this title, and sections 1601 and 1693 of Title
15; and amending provisions set out as notes under this section,
section 461 of this title, and section 1666f of Title 15) may be
cited as the 'Financial Institutions Regulatory and Interest Rate
Control Act of 1978'.''
SHORT TITLE OF 1977 AMENDMENT
Pub. L. 95-188, title II, Sec. 201, Nov. 16, 1977, 91 Stat. 1387,
provided that: ''This title (enacting section 225a of this title,
amending sections 242 and 302 of this title and section 208 of
Title 18, Crimes and Criminal Procedure, and enacting provisions
set out as a note under section 242 of this title) may be cited as
the 'Federal Reserve Reform Act of 1977'.''
SHORT TITLE OF 1932 AMENDMENT
Act Feb. 27, 1932, ch. 58, 47 Stat. 56, which enacted sections
347a and 347b of this title, and amended section 412 of this title,
is popularly known as the Glass-Steagall Act, 1932.
SEPARABILITY; RIGHT TO AMEND, ALTER OR REPEAL
Pub. L. 100-86, title XII, Sec. 1205, Aug. 10, 1987, 101 Stat.
663, provided that: ''If any provision of this Act (see Short Title
of 1987 Amendment note above) or the application thereof to any
person or circumstances is held invalid, the remainder of the Act
and the application of the provision to other persons not similarly
situated or to other circumstances shall not be affected thereby.''
Sections 30 and 31, formerly 29 and 30, respectively, of act Dec.
23, 1913, as renumbered by act Nov. 10, 1978, Pub. L. 95-630, title
I, Sec. 101, 92 Stat. 3641, provided:
''Sec. 30. If any clause, sentence, paragraph, or part of this
Act shall for any reason be adjudged by any court of competent
jurisdiction to be invalid, such judgment shall not affect, impair,
or invalidate the remainder of this Act, but shall be confined in
its operation to the clause, sentence, paragraph, or part thereof
directly involved in the controversy in which such judgment shall
have been rendered.
''Sec. 31. The right to amend, alter, or repeal this Act is
hereby expressly reserved.''
-CITE-
12 USC Sec. 227 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
-HEAD-
Sec. 227. ''Banking Act of 1933''
-STATUTE-
The short title of the Act of June 16, 1933, ch. 89, 48 Stat.
162, shall be the ''Banking Act of 1933.''
-SOURCE-
(June 16, 1933, ch. 89, Sec. 1, 48 Stat. 162.)
-REFTEXT-
REFERENCES IN TEXT
The Banking Act of 1933, also known as the Glass-Steagall Act,
1933, referred to in text, is classified to sections 24, 33, 34a,
36, 51, 52, 61, 64a, 71a, 77, 78, 84, 85, 161, 197a, 221a, 227,
242, 244, 248, 289, 301, 304, 321, 329, 333 to 338, 347, 348a,
371a, 371b, 371c, 371d, 374a, 375a, 377, 378, 481, and 632 of this
title. For complete classification of this Act to the Code, see
Tables.
-MISC2-
RIGHT TO AMEND, ALTER OR REPEAL; SEPARABILITY
Section 34 of act June 16, 1933, provided: ''The right to alter,
amend, or repeal this Act is hereby expressly reserved. If any
provision of this act, or the application thereof to any person or
circumstances, is held invalid, the remainder of the act, and the
application of such provision to other persons or circumstances,
shall not be affected thereby''.
-CITE-
12 USC Sec. 228 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
-HEAD-
Sec. 228. ''Banking Act of 1935''
-STATUTE-
The act of August 23, 1935, ch. 614, 49 Stat. 684, may be cited
as the ''Banking Act of 1935.''
-SOURCE-
(Aug. 23, 1935, ch. 614, Sec. 1, 49 Stat. 684.)
-REFTEXT-
REFERENCES IN TEXT
The Banking Act of 1935, referred to in text, is classified to
sections 2, 24, 33 to 34c, 35, 36, 51, 51a, 51b-1, 52, 59 to 61,
64a, 71a, 78, 84, 85, 170, 181, 192, 221a, 228, 241, 242, 244,
247a, 248, 263, 287, 288, 321, 324, 336, 341, 343, 347b, 352a, 355,
357, 371, 371a, 371b, 371c, 375a, 377, 378, 461, 462a-1, 462b, 465,
481, 482, 486, 619, 1702, 1703, 1709, and 1713 of this title;
section 101 of Title 11, Bankruptcy; section 19 of Title 15,
Commerce and Trade. See, also, sections 217, 218, 334, 655, 656,
709, 1005, 1906, 1909, and 2113 of Title 18, Crimes and Criminal
Procedure. For complete classification of this Act to the Code see
Tables.
-MISC2-
SEPARABILITY
Section 346 of act Aug. 23, 1935, provided: ''If any provision of
this Act, or the application thereof to any person or
circumstances, is held invalid, the remainder of the Act, and the
application of such provision to other persons and circumstances,
shall not be affected thereby.''
-CITE-
12 USC SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
.
-HEAD-
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-CITE-
12 USC Sec. 241 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 241. Creation; membership; compensation and expenses
-STATUTE-
The Board of Governors of the Federal Reserve System (hereinafter
referred to as the ''Board'') shall be composed of seven members,
to be appointed by the President, by and with the advice and
consent of the Senate, after August 23, 1935, for terms of fourteen
years except as hereinafter provided, but each appointive member of
the Federal Reserve Board in office on such date shall continue to
serve as a member of the Board until February 1, 1936, and the
Secretary of the Treasury and the Comptroller of the Currency shall
continue to serve as members of the Board until February 1, 1936.
In selecting the members of the Board, not more than one of whom
shall be selected from any one Federal Reserve district, the
President shall have due regard to a fair representation of the
financial, agricultural, industrial, and commercial interests, and
geographical divisions of the country. The members of the Board
shall devote their entire time to the business of the Board and
shall each receive basic compensation at the rate of $16,000 per
annum, payable monthly, together with actual necessary traveling
expenses.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 260; June 3, 1922,
ch. 205, 42 Stat. 620; Aug. 23, 1935, ch. 614, title II, Sec.
203(b), 49 Stat. 704.)
-COD-
CODIFICATION
Section is comprised of first par. of section 10 of act Dec. 23,
1913. Pars. 2-7 and 8 of section 10; par. 9 of section 10, as added
June 3, 1922, ch. 205, 42 Stat. 621; and par. 10 of section 10, as
added Aug. 23, 1935, ch. 614, Sec. 203(d), 49 Stat. 705, are
classified to sections 242 to 247, 1, 522, and 247a, respectively,
of this title.
-MISC3-
AMENDMENTS
1935 - Act Aug. 23, 1935, Sec. 203(b), increased the appointive
membership from six to seven, terminated the membership of the
Secretary of the Treasury and the Comptroller of the Currency,
raised the tenure from twelve to fourteen years and increased the
annual salary from $12,000 to $15,000.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, provided that: ''Hereafter
the Federal Reserve Board shall be known as the 'Board of Governors
of the Federal Reserve System,' and the governor and the vice
governor of the Federal Reserve Board shall be known as the
'chairman' and the 'vice chairman,' respectively, of the Board of
Governors of the Federal Reserve System.''
-MISC4-
REPEALS
Act Oct. 15, 1949, ch. 695, Sec. 4, 63 Stat. 880, formerly cited
as a credit to this section, was repealed by Pub. L. 89-554, Sec.
8(a), Sept. 6, 1966, 80 Stat. 655.
GENERAL ACCOUNTING OFFICE STUDY OF CONFLICTS OF INTEREST
Pub. L. 106-102, title VII, Sec. 728, Nov. 12, 1999, 113 Stat.
1475, provided that:
''(a) Study Required. - The Comptroller General of the United
States shall conduct a study analyzing the conflict of interest
faced by the Board of Governors of the Federal Reserve System
between its role as a primary regulator of the banking industry and
its role as a vendor of services to the banking and financial
services industry.
''(b) Specific Conflict Required To Be Addressed. - In the course
of the study required under subsection (a), the Comptroller General
shall address the conflict of interest faced by the Board of
Governors of the Federal Reserve System between the role of the
Board as a regulator of the payment system, generally, and its
participation in the payment system as a competitor with private
entities who are providing payment services.
''(c) Report to the Congress. - Before the end of the 1-year
period beginning on the date of the enactment of this Act (Nov. 12,
1999), the Comptroller General shall submit a report to the
Congress containing the findings and conclusions of the Comptroller
General in connection with the study required under this section,
together with such recommendations for such legislative or
administrative actions as the Comptroller General may determine to
be appropriate, including recommendations for resolving any such
conflict of interest.''
COMPENSATION OF BOARD OF GOVERNORS
Annual basic compensation of Chairman and Members of Board of
Governors, see sections 5313 and 5314 of Title 5, Government
Organization and Employees.
-CITE-
12 USC Sec. 242 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 242. Ineligibility to hold office in member banks;
qualifications and terms of office of members; chairman and
vice chairman; oath of office
-STATUTE-
The members of the Board shall be ineligible during the time they
are in office and for two years thereafter to hold any office,
position, or employment in any member bank, except that this
restriction shall not apply to a member who has served the full
term for which he was appointed. Upon the expiration of the term
of any appointive member of the Federal Reserve Board in office on
August 23, 1935, the President shall fix the term of the successor
to such member at not to exceed fourteen years, as designated by
the President at the time of nomination, but in such manner as to
provide for the expiration of the term of not more than one member
in any two-year period, and thereafter each member shall hold
office for a term of fourteen years from the expiration of the term
of his predecessor, unless sooner removed for cause by the
President. Of the persons thus appointed, one shall be designated
by the President, by and with the advice and consent of the Senate,
to serve as Chairman of the Board for a term of four years, and one
shall be designated by the President, by and with the consent of
the Senate, to serve as Vice Chairman of the Board for a term of
four years. The Chairman of the Board, subject to its supervision,
shall be its active executive officer. Each member of the Board
shall within fifteen days after notice of appointment make and
subscribe to the oath of office. Upon the expiration of their
terms of office, members of the Board shall continue to serve until
their successors are appointed and have qualified. Any person
appointed as a member of the Board after August 23, 1935, shall not
be eligible for reappointment as such member after he shall have
served a full term of fourteen years.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 260; June 3, 1922,
ch. 205, 42 Stat. 620; June 16, 1933, ch. 89, Sec. 6(a), 48 Stat.
166; Aug. 23, 1935, ch. 614, title II, Sec. 203(b), 49 Stat. 704;
Pub. L. 95-188, title II, Sec. 204(a), Nov. 16, 1977, 91 Stat.
1388.)
-COD-
CODIFICATION
Section is comprised of second par. of section 10 of act Dec. 23,
1913. For classification to this title of other pars. of section
10, see note set out under section 241 of this title.
-MISC3-
AMENDMENTS
1977 - Pub. L. 95-188 substituted in third sentence ''one shall
be designated by the President, by and with the advice and consent
of the Senate, to serve as Chairman of the Board for a term of four
years, and one shall be designated by the President, by and with
the consent of the Senate, to serve as Vice Chairman of the Board
for a term of four years'' for ''one shall be designated by the
President as chairman and one as vice chairman of the Board, to
serve as such for a term of four years''.
1935 - Act Aug. 23, 1935, Sec. 203(b), extended term of
appointive members from twelve to fourteen years, and inserted
provisions for continuance in office until successor qualified and
against reappointment.
1933 - Act June 16, 1933, extended term of appointive members
from ten to twelve years.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-MISC4-
EFFECTIVE DATE OF 1977 AMENDMENT; APPLICABILITY
Section 204(b) of Pub. L. 95-188 provided that: ''The amendment
made by subsection (a) (amending this section) takes effect on
January 1, 1979, and applies to individuals who are designated by
the President on or after such date to serve as Chairman or Vice
Chairman of the Board of Governors of the Federal Reserve System.''
REPEALS
Act Mar. 3, 1919, ch. 101, Sec. 2, 40 Stat. 1315, formerly cited
as a credit to this section, was repealed by Pub. L. 89-554, Sec.
8(a), Sept. 6, 1966, 80 Stat. 644.
COMPENSATION OF CHAIRMAN OF BOARD
Annual basic compensation of Chairman of Board of Governors, see
section 5313 of Title 5, Government Organization and Employees.
-CITE-
12 USC Sec. 243 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 243. Assessments upon Federal reserve banks to pay expenses
-STATUTE-
The Board of Governors of the Federal Reserve System shall have
power to levy semiannually upon the Federal reserve banks, in
proportion to their capital stock and surplus, an assessment
sufficient to pay its estimated expenses and the salaries of its
members and employees for the half year succeeding the levying of
such assessment, together with any deficit carried forward from the
preceding half year and such assessments may include amounts
sufficient to provide for the acquisition by the Board in its own
name of such site or building in the District of Columbia as in its
judgement alone shall be necessary for the purpose of providing
suitable and adequate quarters for the performance of its
functions. After September 1, 2000, the Board may also use such
assessments to acquire, in its own name, a site or building (in
addition to the facilities existing on such date) to provide for
the performance of the functions of the Board. After approving such
plans, estimates, and specifications as it shall have caused to be
prepared, the Board may, notwithstanding any other provision of
law, cause to be constructed on any site so acquired by it a
building or buildings suitable and adequate in its judgement for
its purposes and proceed to take all such steps as it may deem
necessary or appropriate in connection with the construction,
equipment, and furnishing of such building or buildings. The Board
may maintain, enlarge, or remodel any building or buildings so
acquired or constructed and shall have sole control of such
building or buildings and space therein.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 261; June 3, 1922,
ch. 205, 42 Stat. 621; June 19, 1934, ch. 653, Sec. 4, 48 Stat.
1108; Aug. 23, 1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704;
Pub. L. 106-569, title X, Sec. 1001, Dec. 27, 2000, 114 Stat.
3027.)
-COD-
CODIFICATION
Section is comprised of third par. of section 10 of act Dec. 23,
1913. For classification to this title of other pars. of section
10, see note set out under section 241 of this title.
-MISC3-
AMENDMENTS
2000 - Pub. L. 106-569 inserted ''After September 1, 2000, the
Board may also use such assessments to acquire, in its own name, a
site or building (in addition to the facilities existing on such
date) to provide for the performance of the functions of the
Board.'' after first sentence, inserted ''or buildings'' after
''building'' wherever appearing in third and fourth sentences, and
substituted ''constructed on any site'' for ''constructed on the
site'' in third sentence.
1934 - Act June 19, 1934, inserted provisions after ''the
preceding half year'' in first sentence and inserted second and
third sentences.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-CITE-
12 USC Sec. 244 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 244. Principal offices of Board; chairman of Board;
obligations and expenses; qualifications of members; vacancies
-STATUTE-
The principal offices of the Board shall be in the District of
Columbia. At meetings of the Board the chairman shall preside, and,
in his absence, the vice chairman shall preside. In the absence of
the chairman and the vice chairman, the Board shall elect a member
to act as chairman pro tempore. The Board shall determine and
prescribe the manner in which its obligations shall be incurred and
its disbursements and expenses allowed and paid, and may leave on
deposit in the Federal Reserve banks the proceeds of assessments
levied upon them to defray its estimated expenses and the salaries
of its members and employees, whose employment, compensation,
leave, and expenses shall be governed solely by the provisions of
this chapter and rules and regulations of the Board not
inconsistent therewith; and funds derived from such assessments
shall not be construed to be Government funds or appropriated
moneys. No member of the Board of Governors of the Federal Reserve
System shall be an officer or director of any bank, banking
institution, trust company, or Federal Reserve bank or hold stock
in any bank, banking institution, or trust company; and before
entering upon his duties as a member of the Board of Governors of
the Federal Reserve System he shall certify under oath that he has
complied with this requirement, and such certification shall be
filed with the secretary of the Board. Whenever a vacancy shall
occur, other than by expiration of term, among the seven members of
the Board of Governors of the Federal Reserve System appointed by
the President as above provided, a successor shall be appointed by
the President, by and with the advice and consent of the Senate, to
fill such vacancy, and when appointed he shall hold office for the
unexpired term of his predecessor.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 261; June 3, 1922,
ch. 205, 42 Stat. 621; June 16, 1933, ch. 89, Sec. 6(b), 48 Stat.
167; Aug. 23, 1935, ch. 614, title II, Sec. 203(a)-(c), 49 Stat.
704, 705.)
-REFTEXT-
REFERENCES IN TEXT
This chapter, referred to in text, was in the original ''this
Act, specific amendments thereof'', meaning act Dec. 23, 1913, ch.
6, 38 Stat. 251, as amended, known as the Federal Reserve Act. For
complete classification of this Act to the Code, see References in
Text note set out under section 226 of this title and Tables.
-COD-
CODIFICATION
Section is comprised of fourth par. of section 10 of act Dec. 23,
1913. For classification to this title of other pars. of section
10, see Codification note set out under section 241 of this title.
Word ''seven'' was substituted for ''six'' in last sentence on
authority of section 203(b) of act Aug. 23, 1935, which increased
membership of the Board of Governors.
-MISC3-
AMENDMENTS
1935 - Act Aug. 23, 1935, Sec. 203(c), substituted second and
third sentences for former related provisions.
1933 - Act June 16, 1933, fixed the principal offices of the
Board, made the Secretary of the Treasury chairman, provided for
chairman pro tempore, and referred to disbursements, obligations,
salaries and leaves.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-CITE-
12 USC Sec. 245 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 245. Vacancies during recess of Senate
-STATUTE-
The President shall have power to fill all vacancies that may
happen on the Board of Governors of the Federal Reserve System
during the recess of the Senate by granting commissions which shall
expire with the next session of the Senate.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 260; June 3, 1922,
ch. 205, 42 Stat. 620; Aug. 23, 1935, ch. 614, title II, Sec.
203(a), 49, Stat. 704.)
-COD-
CODIFICATION
Section is comprised of fifth par. of section 10 of act Dec. 23,
1913. For classification to this title of other pars. of section
10, see Codification note set out under section 241 of this title.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-CITE-
12 USC Sec. 246 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 246. Powers of Secretary of the Treasury as affected by
chapter
-STATUTE-
Nothing in this chapter contained shall be construed as taking
away any powers heretofore vested by law in the Secretary of the
Treasury which relate to the supervision, management, and control
of the Treasury Department and bureaus under such department, and
wherever any power vested by this chapter in the Board of Governors
of the Federal Reserve System or the Federal reserve agent appears
to conflict with the powers of the Secretary of the Treasury, such
powers shall be exercised subject to the supervision and control of
the Secretary.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 261; June 3, 1922,
ch. 205, 42 Stat. 621; Aug. 23, 1935, ch. 614, title II, Sec.
203(a), 49 Stat. 704.)
-REFTEXT-
REFERENCES IN TEXT
This chapter, referred to in text, was in the original ''this
Act'', meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended,
known as the Federal Reserve Act. For complete classification of
this Act to the Code, see References in Text note set out under
section 226 of this title and Tables.
-COD-
CODIFICATION
Section is comprised of sixth par. of section 10 of act Dec. 23,
1913. For classification to this title of other pars. of section
10, see Codification note set out under section 241 of this title.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-CITE-
12 USC Sec. 247 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 247. Reports to Congress
-STATUTE-
The Board of Governors of the Federal Reserve System shall
annually make a full report of its operations to the Speaker of the
House of Representatives, who shall cause the same to be printed
for the information of the Congress. The report required under this
paragraph shall include the reports required under section 1691f of
title 15, section 57a(f)(7) of title 15, section 1613 of title 15,
and section 247a of this title.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 261; June 3, 1922,
ch. 205, 42 Stat. 621; Aug. 23, 1935, ch. 614, title II, Sec.
203(a), 49 Stat. 704; Pub. L. 106-569, title XI, Sec. 1103(b), Dec.
27, 2000, 114 Stat. 3030.)
-COD-
CODIFICATION
Section is comprised of seventh par. of section 10 of act Dec.
23, 1913. For classification to this title of other pars. of
section 10, see Codification note set out under section 241 of this
title.
-MISC3-
AMENDMENTS
2000 - Pub. L. 106-569 inserted at end ''The report required
under this paragraph shall include the reports required under
section 1691f of title 15, section 57a(f)(7) of title 15, section
1613 of title 15, and section 247a of this title.''
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-MISC4-
MEMBERSHIP OF INTERNATIONAL BANKS IN FEDERAL RESERVE SYSTEM; REPORT
TO CONGRESS
Pub. L. 95-369, Sec. 3(g), Sept. 17, 1978, 92 Stat. 610, provided
that the Board report to Congress not later than 270 days after
Sept. 17, 1978 recommendations with respect to permitting
corporations organized or operating under section 25 or 25(a) of
the Federal Reserve Act to become members of Federal Reserve Banks.
EFFECT OF INTERNATIONAL BANKING ACT OF 1978 ON INTERNATIONAL BANKS;
REPORT TO CONGRESS
Pub. L. 95-369, Sec. 3(h), Sept. 17, 1978, 92 Stat. 610, provided
that: ''As part of its annual report pursuant to section 10 of the
Federal Reserve Act (this section), the Board shall include its
assessment of the effects of the amendments made by this Act (see
Short Title note set out under section 3101 of this title) on the
capitalization and activities of corporations organized or
operating under section 25 or 25(a) of the Federal Reserve Act
(sections 601 to 604 and 611 to 631 of this title), and on
commercial banks and the banking system.''
-CITE-
12 USC Sec. 247a 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 247a. Records of action on policy relating to open-market
operation and policies determined generally; inclusion in
report to Congress
-STATUTE-
The Board of Governors of the Federal Reserve System shall keep a
complete record of the action taken by the Board and by the Federal
Open Market Committee upon all questions of policy relating to
open-market operations and shall record therein the votes taken in
connection with the determination of open-market policies and the
reasons underlying the action of the Board and the Committee in
each instance. The Board shall keep a similar record with respect
to all questions of policy determined by the Board, and shall
include in its annual report to the Congress a full account of the
action so taken during the preceding year with respect to
open-market policies and operations and with respect to the
policies determined by it and shall include in such report a copy
of the records required to be kept under the provisions of this
section.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 10 (par.), as added Aug. 23, 1935, ch.
614, title II, Sec. 203(d), 49 Stat. 705.)
-COD-
CODIFICATION
Section is comprised of tenth par. of section 10 of act Dec. 23,
1913, as added Aug. 23, 1935. For classification to this title of
other pars. of section 10, see Codification note set out under
section 241 of this title.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 247 of this title.
-CITE-
12 USC Sec. 248 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 248. Enumerated powers
-STATUTE-
The Board of Governors of the Federal Reserve System shall be
authorized and empowered:
(a) Examination of accounts and affairs of banks; publication of
weekly statements; reports of liabilities and assets of
depository institutions; covered institutions
(1) To examine at its discretion the accounts, books, and affairs
of each Federal reserve bank and of each member bank and to require
such statements and reports as it may deem necessary. The said
board shall publish once each week a statement showing the
condition of 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.
(2) To require any depository institution specified in this
paragraph to make, at such intervals as the Board may prescribe,
such reports of its liabilities and assets as the Board may
determine to be necessary or desirable to enable the Board to
discharge its responsibility to monitor and control monetary and
credit aggregates. Such reports shall be made (A) directly to the
Board in the case of member banks and in the case of other
depository institutions whose reserve requirements under sections
461, 463, 464, 465, and 466 of this title exceed zero, and (B) for
all other reports to the Board through the (i) Federal Deposit
Insurance Corporation in the case of insured State nonmember banks,
savings banks, and mutual savings banks, (ii) National Credit Union
Administration Board in the case of insured credit unions, (iii)
the Director of the Office of Thrift Supervision in the case of any
savings association which is an insured depository institution (as
defined in section 1813 of this title) or which is a member as
defined in section 1422 of this title, and (iv) such State officer
or agency as the Board may designate in the case of any other type
of bank, savings and loan association, or credit union. The Board
shall endeavor to avoid the imposition of unnecessary burdens on
reporting institutions and the duplication of other reporting
requirements. Except as otherwise required by law, any data
provided to any department, agency, or instrumentality of the
United States pursuant to other reporting requirement shall be made
available to the Board. The Board may classify depository
institutions for the purposes of this paragraph and may impose
different requirements on each such class.
(b) Permitting or requiring rediscounting of paper at specified
rate
To permit, or, on the affirmative vote of at least five members
of the Board of Governors, to require Federal reserve banks to
rediscount the discounted paper of other Federal reserve banks at
rates of interest to be fixed by the Board.
(c) Suspending reserve requirements
To suspend for a period not exceeding thirty days, and from time
to time to renew such suspension for periods not exceeding fifteen
days, any reserve requirements specified in this chapter.
(d) Supervising and regulating issue and retirement of notes
To supervise and regulate through the Secretary of the Treasury
the issue and retirement of Federal Reserve notes, except for the
cancellation and destruction, and accounting with respect to such
cancellation and destruction, of notes unfit for circulation, and
to prescribe rules and regulations under which such notes may be
delivered by the Secretary of the Treasury to the Federal Reserve
agents applying therefor.
(e) Adding to or reclassifying reserve cities
To add to the number of cities classified as reserve cities under
existing law in which national banking associations are subject to
the reserve requirements set forth in section 20 of this Act, or to
reclassify existing reserve cities or to terminate their
designation as such.
(f) Suspending or removing officers or directors of reserve banks
To suspend or remove any officer or director of any Federal
reserve bank, the cause of such removal to be forthwith
communicated in writing by the Board of Governors of the Federal
Reserve System to the removed officer or director and to said bank.
(g) Requiring writing off of doubtful or worthless assets of banks
To require the writing off of doubtful or worthless assets upon
the books and balance sheets of Federal reserve banks.
(h) Suspending operations of or liquidating or reorganizing banks
To suspend, for the violation of any of the provisions of this
chapter, the operations of any Federal reserve bank, to take
possession thereof, administer the same during the period of
suspension, and, when deemed advisable, to liquidate or reorganize
such bank.
(i) Requiring bonds of agents; safeguarding property in hands of
agents
To require bonds of Federal reserve agents, to make regulations
for the safeguarding of all collateral, bonds, Federal reserve
notes, money, or property of any kind deposited in the hands of
such agents, and said board shall perform the duties, functions, or
services specified in this chapter, and make all rules and
regulations necessary to enable said board effectively to perform
the same.
(j) Exercising supervision over reserve banks
To exercise general supervision over said Federal reserve banks.
(k) Delegation of certain functions; power to delegate; review of
delegated activities
To delegate, by published order or rule and subject to subchapter
II of chapter 5, and chapter 7, of title 5, any of its functions,
other than those relating to rulemaking or pertaining principally
to monetary and credit policies, to one or more administrative law
judges, members or employees of the Board, or Federal Reserve
banks. The assignment of responsibility for the performance of any
function that the Board determines to delegate shall be a function
of the Chairman. The Board shall, upon the vote of one member,
review action taken at a delegated level within such time and in
such manner as the Board shall by rule prescribe.
(l) Employing attorneys, experts, assistants, and clerks; salaries
and fees
To employ such attorneys, experts, assistants, clerks, or other
employees as may be deemed necessary to conduct the business of the
board. All salaries and fees shall be fixed in advance by said
board and shall be paid in the same manner as the salaries of the
members of said board. All such attorneys, experts, assistants,
clerks, and other employees shall be appointed without regard to
the provisions of the Act of January sixteenth, eighteen hundred
and eighty-three (volume twenty-two, United States Statutes at
Large, page four hundred and three), and amendments thereto, or any
rule or regulation made in pursuance thereof: Provided, That
nothing herein shall prevent the President from placing said
employees in the classified service.
(m) (Repealed)
(n) Board's authority to examine depository institutions and
affiliates
To examine, at the Board's discretion, any depository
institution, and any affiliate of such depository institution, in
connection with any advance to, any discount of any instrument for,
or any request for any such advance or discount by, such depository
institution under this chapter.
(o) Authority to appoint conservator or receiver
The Board may appoint the Federal Deposit Insurance Corporation
as conservator or receiver for a State member bank under section
1821(c)(9) of this title.
(p) Authority
The Board may act in its own name and through its own attorneys
in enforcing any provision of this title, (FOOTNOTE 1) regulations
promulgated hereunder, or any other law or regulation, or in any
action, suit, or proceeding to which the Board is a party and which
involves the Board's regulation or supervision of any bank, bank
holding company (as defined in section 1841 of this title), or
other entity, or the administration of its operations.
(FOOTNOTE 1) See References in Text note below.
(q) Uniform protection authority for Federal reserve facilities
(1) Notwithstanding any other provision of law, to authorize
personnel to act as law enforcement officers to protect and
safeguard the premises, grounds, property, personnel, including
members of the Board, of the Board, or any Federal reserve bank,
and operations conducted by or on behalf of the Board or a reserve
bank.
(2) The Board may, subject to the regulations prescribed under
paragraph (5), delegate authority to a Federal reserve bank to
authorize personnel to act as law enforcement officers to protect
and safeguard the bank's premises, grounds, property, personnel,
and operations conducted by or on behalf of the bank.
(3) Law enforcement officers designated or authorized by the
Board or a reserve bank under paragraph (1) or (2) are authorized
while on duty to carry firearms and make arrests without warrants
for any offense against the United States committed in their
presence, or for any felony cognizable under the laws of the United
States committed or being committed within the buildings and
grounds of the Board or a reserve bank if they have reasonable
grounds to believe that the person to be arrested has committed or
is committing such a felony. Such officers shall have access to
law enforcement information that may be necessary for the
protection of the property or personnel of the Board or a reserve
bank.
(4) For purposes of this subsection, the term ''law enforcement
officers'' means personnel who have successfully completed law
enforcement training and are authorized to carry firearms and make
arrests pursuant to this subsection.
(5) The law enforcement authorities provided for in this
subsection may be exercised only pursuant to regulations prescribed
by the Board and approved by the Attorney General.
(r) Voting; documentation of determinations
(1) Any action that this chapter provides may be taken only upon
the affirmative vote of 5 members of the Board may be taken upon
the unanimous vote of all members then in office if there are fewer
than 5 members in office at the time of the action.
(2)(A) Any action that the Board is otherwise authorized to take
under the second paragraph of section 343 of this title may be
taken upon the unanimous vote of all available members then in
office, if -
(i) at least 2 members are available and all available members
participate in the action;
(ii) the available members unanimously determine that -
(I) unusual and exigent circumstances exist and the borrower
is unable to secure adequate credit accommodations from other
sources;
(II) action on the matter is necessary to prevent, correct,
or mitigate serious harm to the economy or the stability of the
financial system of the United States;
(III) despite the use of all means available (including all
available telephonic, telegraphic, and other electronic means),
the other members of the Board have not been able to be
contacted on the matter; and
(IV) action on the matter is required before the number of
Board members otherwise required to vote on the matter can be
contacted through any available means (including all available
telephonic, telegraphic, and other electronic means); and
(iii) any credit extended by a Federal reserve bank pursuant to
such action is payable upon demand of the Board.
(B) The available members of the Board shall document in writing
the determinations required by subparagraph (A)(ii), and such
written findings shall be included in the record of the action and
in the official minutes of the Board, and copies of such record
shall be provided as soon as practicable to the members of the
Board who were not available to participate in the action and to
the Chairman of the Committee on Banking, Housing, and Urban
Affairs of the Senate and to the Chairman of the Committee on
Financial Services of the House of Representatives.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 11, 38 Stat. 261; Sept. 7, 1916, ch.
461, 39 Stat. 752; Sept. 26, 1918, ch. 177, Sec. 2, 40 Stat. 968;
Mar. 3, 1919, ch. 101, Sec. 3, 40 Stat. 1315; Feb. 27, 1921, ch.
75, 41 Stat. 1146; June 26, 1930, ch. 612, 46 Stat. 814; Mar. 9,
1933, ch. 1, title I, Sec. 3, 48 Stat. 2; June 16, 1933, ch. 89,
Sec. 7, 48 Stat. 167; Aug. 23, 1935, ch. 614, title II, Sec.
203(a), title III, Sec. 321(a), 342, 49 Stat. 704, 713, 722; June
12, 1945, ch. 186, Sec. 1(c), 59 Stat. 237; Pub. L. 86-114, Sec.
3(b)(6), July 28, 1959, 73 Stat. 264; Pub. L. 86-251, Sec. 3(c),
Sept. 9, 1959, 73 Stat. 488; Pub. L. 87-722, Sec. 3, Sept. 28,
1962, 76 Stat. 670; Pub. L. 89-427, Sec. 2, May 20, 1966, 80 Stat.
161; Pub. L. 89-765, Nov. 5, 1966, 80 Stat. 1314; Pub. L. 90-269,
Sec. 1, Mar. 18, 1968, 82 Stat. 50; Pub. L. 95-251, Sec. 2(a)(3),
Mar. 27, 1978, 92 Stat. 183; Pub. L. 96-221, title I, Sec. 102,
Mar. 31, 1980, 94 Stat. 132; Pub. L. 97-258, Sec. 5(b), Sept. 13,
1982, 96 Stat. 1068; Pub. L. 97-457, Sec. 17(b), Jan. 12, 1983, 96
Stat. 2509; Pub. L. 101-73, title VII, Sec. 744(i)(1), Aug. 9,
1989, 103 Stat. 439; Pub. L. 102-242, title I, Sec. 133(f), 142(c),
Dec. 19, 1991, 105 Stat. 2273, 2281; Pub. L. 102-550, title XVI,
Sec. 1603(d)(9), Oct. 28, 1992, 106 Stat. 4080; Pub. L. 103-325,
title III, Sec. 322(d), 331(d), title VI, Sec. 602(g)(2), Sept. 23,
1994, 108 Stat. 2227, 2232, 2293; Pub. L. 106-102, title VII, Sec.
735, Nov. 12, 1999, 113 Stat. 1479; Pub. L. 107-56, title III, Sec.
364, Oct. 26, 2001, 115 Stat. 333; Pub. L. 107-297, title III, Sec.
301, Nov. 26, 2002, 116 Stat. 2340.)
-REFTEXT-
REFERENCES IN TEXT
Sections 461, 463, 464, 465, and 466 of this title, referred to
in subsec. (a)(2), was in the original ''section 19 of the Federal
Reserve Act''. Provisions of section 19 relating to reserve
requirements are classified to the cited sections. For complete
classification of section 19 to the Code, see References in Text
note set out under section 461 of this title.
This chapter, referred to in subsecs. (c), (h), (i), (n), and
(r)(1), was in the original ''this Act'', meaning act Dec. 23,
1913, ch. 6, 38 Stat. 251, as amended, known as the Federal Reserve
Act. For complete classification of this Act to the Code, see
References in Text note set out under section 226 of this title and
Tables.
Reference in subsec. (e) to ''section 20 of this Act'' means
section 20 of the Federal Reserve Act which is not classified to
the Code. Since section 20 does not set forth any reserve
requirements, section 19 of the Federal Reserve Act might have been
intended. For provisions of section 19 relating to reserve
requirements, see note above.
The Act of January sixteenth, eighteen hundred and eighty-three,
referred to in subsec. (l), is act Jan. 16, 1883, ch. 27, 22 Stat.
403, as amended, which enacted section 42 of former Title 40,
Public Buildings, Property, and Works, and sections 632, 633, 635,
637, 638, and 640 to 642a of former Title 5, Executive Departments
and Government Officers and Employees. For complete classification
of this Act to the Code, see Tables. Section 42 of former Title 40
was repealed and reenacted as section 8165 of Title 40, Public
Buildings, Property, and Works, by Pub. L. 107-217, Sec. 1, 6(b),
Aug. 21, 2002, 116 Stat. 1062, 1304. The sections that were
classified to former Title 5 were repealed by Pub. L. 89-554, Sec.
8(a), Sept. 6, 1966, 80 Stat. 632, the first section of which
enacted Title 5, Government Organization and Employees. For
distribution of former sections of Title 5 into the revised Title
5, see table at the beginning of Title 5.
This title, referred to in subsec. (p), probably should read
''this Act'', meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as
amended, known as the Federal Reserve Act, which does not contain
titles. For complete classification of this Act to the Code, see
References in Text note set out under section 226 of this title and
Tables.
The second paragraph of section 343 of this title, referred to in
subsec. (r)(2)(A), was in the original ''section 13(3)'' meaning
section 13(3) of the Federal Reserve Act, which was translated as
if it referred to the third paragraph of section 13 of that Act to
reflect the probable intent of Congress. Section 13 of the Federal
Reserve Act does not contain a paragraph designated as ''(3)''.
-COD-
CODIFICATION
In subsec. (k), ''subchapter II of chapter 5, and chapter 7, of
title 5'' was substituted for ''the Administrative Procedure Act''
on authority of section 7(b) of Pub. L. 89-554, Sept. 6, 1966, 80
Stat. 631, the first section of which enacted Title 5, Government
Organization and Employees.
Section is comprised of section 11 of act Dec. 23, 1913. The
fourteenth par. of section 16 of act Dec. 23, 1913, which formerly
constituted subsec. (o) of this section, is now classified to
section 248-1 of this title.
-MISC3-
AMENDMENTS
2002 - Subsec. (r). Pub. L. 107-297 added subsec. (r).
2001 - Subsec. (q). Pub. L. 107-56 added subsec. (q).
1999 - Subsec. (m). Pub. L. 106-102 substituted ''(Repealed)''
for text of subsec. (m) which related to percentage of capital and
surplus represented by loans to be determined by the Federal
Reserve Board.
1994 - Subsec. (d). Pub. L. 103-325, Sec. 602(g)(2), substituted
''Secretary of the Treasury'' for ''bureau under the charge of the
Comptroller of the Currency'' before ''the issue and retirement''
and for ''Comptroller'' before ''to the Federal Reserve agents''.
Subsec. (m). Pub. L. 103-325, Sec. 322(d), which directed
substitution of ''15 percent'' for ''10 percentum'' wherever
appearing, was executed by substituting ''15 percent'' for ''10 per
centum'' in two places to reflect the probable intent of Congress.
Subsec. (p). Pub. L. 103-325, Sec. 331(d), added subsec. (p).
1992 - Subsecs. (o), (p). Pub. L. 102-550 redesignated subsec.
(p) as (o).
1991 - Subsec. (n). Pub. L. 102-242, Sec. 142(c), which directed
addition of subsec. (n) at end of section, was executed by adding
subsec. (n) after subsec. (m). See Construction of 1991 Amendment
note below.
Subsec. (p). Pub. L. 102-242, Sec. 133(f), added subsec. (p).
1989 - Subsec. (a)(2)(iii). Pub. L. 101-73 substituted ''the
Director of the Office of Thrift Supervision in the case of any
savings association which is an insured depository institution (as
defined in section 1813 of this title)'' for ''Federal Home Loan
Bank Board in the case of any institution insured by the Federal
Savings and Loan Insurance Corporation''.
1983 - Subsec. (m). Pub. L. 97-457 substituted ''under section
84(c)(4) of this title'' for ''under paragraph (8) of section 84 of
this title'' after ''in the case of national banks''.
1982 - Subsec. (n). Pub. L. 97-258 struck out subsec. (n) which
provided that, whenever in the judgment of the Secretary of the
Treasury such action was necessary to protect the currency system
of the United States, the Secretary of the Treasury, in his
discretion, could require any or all individuals, partnerships,
associations, and corporations to pay and deliver to the Treasurer
of the United States any or all gold coin, gold bullion, and gold
certificates owned by such individuals, partnerships, associations,
and corporations and that, upon receipt of such gold coin, gold
bullion or gold certificates, the Secretary of the Treasury would
pay therefor an equivalent amount of any other form of coin or
currency coined or issued under the laws of the United States.
1980 - Subsec. (a). Pub. L. 96-221 designated existing provisions
as par. (1) and added par. (2).
1978 - Subsec. (k). Pub. L. 95-251 substituted ''administrative
law judges'' for ''hearing examiners''.
1968 - Subsec. (c). Pub. L. 90-269 struck out requirements for
establishment by the Board of Governors of the Federal Reserve
System of a graduated tax on the deficiency in the gold reserve
whenever the reserve held against Federal Reserve notes fell below
25 percent and for an automatic increase in the rates of interest
or discount fixed by the Board in an amount equal to the graduated
tax imposed.
1966 - Subsec. (d). Pub. L. 89-427 excepted the cancellation and
destruction, and the accounting with respect to the cancellation
and destruction, of notes unfit for circulation from the area of
responsibility exercised by the Board of Governors of the Federal
Reserve System through the Bureau of the Comptroller of the
Currency over the issue and retirement of Federal Reserve notes.
Subsec. (k). Pub. L. 89-765 added subsec. (k). A former subsec.
(k) was repealed by Pub. L. 87-722, Sec. 3, Sept. 28, 1962, 76
Stat. 670.
1962 - Subsec. (k). Pub. L. 87-722 repealed subsec. (k) which
related to the authority of the Board of Governors of the Federal
Reserve System to permit national banks to act as trustees, etc.,
and is now covered by section 92a of this title.
1959 - Subsec. (e). Pub. L. 86-114 substituted ''reserve cities''
for ''reserve and central reserve cities'' in two places.
Subsec. (m). Pub. L. 86-251 struck out ''in the form of notes''
after ''represented by obligations'' in proviso.
1945 - Subsec. (c). Act June 12, 1945, substituted ''25 per
centum'' for ''40 per centum'', and ''20 per centum'' for ''32 1/2
per centum'' wherever appearing.
1935 - Subsec. (k). Act Aug. 23, 1935, Sec. 342, amended last
sentence of third par.
Subsec. (m). Act Aug. 23, 1935, Sec. 321(a), inserted proviso at
end of first sentence.
1933 - Subsec. (m). Act June 16, 1933, amended provisions
generally.
Subsec. (n). Act Mar. 9, 1933, added subsec. (n).
1930 - Subsec. (k). Act June 26, 1930, added last par.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-MISC4-
TERMINATION DATE OF 2001 AMENDMENT
Amendments by title III of Pub. L. 107-56 to terminate effective
on and after the first day of fiscal year 2005 if Congress enacts a
joint resolution that such amendments no longer have the force of
law, see section 303 of Pub. L. 107-56, set out as a Four-Year
Congressional Review; Expedited Consideration note under section
5311 of Title 31, Money and Finance.
EFFECTIVE DATE OF 1992 AMENDMENT
Amendment by Pub. L. 102-550 effective as if included in the
Federal Deposit Insurance Corporation Improvement Act of 1991, Pub.
L. 102-242, as of Dec. 19, 1991, except that where amendment is to
any provision of law added or amended by Pub. L. 102-242 effective
after Dec. 19, 1992, then amendment by Pub. L. 102-550 effective on
effective date of amendment by Pub. L. 102-242, see section 1609 of
Pub. L. 102-550, set out as a note under section 191 of this title.
EFFECTIVE DATE OF 1991 AMENDMENT
Amendment by section 133(f) of Pub. L. 102-242 effective 1 year
after Dec. 19, 1991, see section 133(g) of Pub. L. 102-242, set out
as a note under section 191 of this title.
EFFECTIVE DATE OF 1980 AMENDMENT
Section 108 of title I of Pub. L. 96-221 provided that: ''This
title (enacting section 248a of this title, amending this section
and sections 342, 347b, 355, 360, 412, 461, 463, 505, and 1425a of
this title, and enacting provisions set out as notes under sections
226 and 355 of this title) shall take effect on the first day of
the sixth month which begins after the date of the enactment of
this title (Mar. 31, 1980), except that the amendments regarding
sections 19(b)(7) and 19(b)(8)(D) of the Federal Reserve Act
(section 461(b)(7) and (b)(8)(D) of this title) shall take effect
on the date of enactment of this title.''
EFFECTIVE DATE OF 1959 AMENDMENT
Amendment by Pub. L. 86-114 effective three years after July 28,
1959, see section 3(b) of Pub. L. 86-114, set out as a Central
Reserve and Reserve Cities note under section 141 of this title.
CONSTRUCTION OF 1991 AMENDMENT
Section 1603(e)(2) of Pub. L. 102-550 provided that: ''The
amendment made by section 142(c) of the Federal Deposit Insurance
Corporation Improvement Act of 1991 (Pub. L. 102-242) (adding a
paragraph at the end of section 11 of the Federal Reserve Act (this
section)) shall be considered to have been executed before the
amendment made by section 133(f) of the Federal Deposit Insurance
Corporation Improvement Act of 1991 (amending this section).''
-TRANS-
TRANSFER OF FUNCTIONS
For transfer of functions to Secretary of the Treasury, see note
set out under section 121 of this title.
-EXEC-
EXECUTIVE ORDER NO. 6359
Ex. Ord. No. 6359, Oct. 25, 1933, as amended by Ex. Ord. No.
11825, Dec. 31, 1974, 40 F.R. 1003, which provided for receipt on
consignment of gold by the United States mints and assay offices,
was revoked by Ex. Ord. No. 12553, Feb. 25, 1986, 51 F.R. 7237.
EX. ORD. NO. 10547. INSPECTION OF STATISTICAL TRANSCRIPT CARDS
Ex. Ord. No. 10547, July 27, 1954, 19 F.R. 4661, required
statistical transcript cards submitted with, or prepared by the
Internal Revenue Service from, corporation income tax returns for
the taxable years ending after June 30, 1951, and before July 1,
1952, to be open to inspection by the Board of Governors of the
Federal Reserve System as an aid in executing the powers conferred
upon such Board by this section, such inspection to be in
accordance and upon compliance with the rules and regulations
prescribed by the Secretary of the Treasury in T.D. 6081, 19 F.R.
4666.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in sections 212, 501, 3105 of this
title; title 5 section 5373.
-CITE-
12 USC Sec. 248-1 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 248-1. Rules and regulations for transfer of funds and charges
therefor among banks; clearing houses
-STATUTE-
The Board of Governors of the Federal Reserve System shall make
and promulgate from time to time regulations governing the transfer
of funds and charges therefor among Federal reserve banks and their
branches, and may at its discretion exercise the functions of a
clearing house for such Federal reserve banks, or may designate a
Federal reserve bank to exercise such functions, and may also
require each such bank to exercise the functions of a clearing
house for depository institutions.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 16 (par.), 38 Stat. 268; Aug. 23, 1935,
ch. 614, Sec. 203(a), 49 Stat. 704; Pub. L. 96-221, title I, Sec.
105(d), Mar. 31, 1980, 94 Stat. 140.)
-COD-
CODIFICATION
Section is comprised of fourteenth par. of section 16 of act Dec.
23, 1913, which was formerly classified to section 248(o) of this
title. For classification to this title of other pars. of section
16, see Codification note set out under section 411 of this title.
-MISC3-
AMENDMENTS
1980 - Pub. L. 96-221 substituted ''depository institutions'' for
''its member banks''.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed the name of the
Federal Reserve Board to Board of Governors of the Federal Reserve
System.
-MISC4-
EFFECTIVE DATE OF 1980 AMENDMENT
Amendment by Pub. L. 96-221 effective on first day of sixth month
which begins after Mar. 31, 1980, see section 108 of Pub. L.
96-221, set out as a note under section 248 of this title.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in sections 348, 461 of this title.
-CITE-
12 USC Sec. 248a 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 248a. Pricing of services
-STATUTE-
(a) Publication of pricing principles and proposed schedule of
fees; effective date of schedule of fees
Not later than the first day of the sixth month after March 31,
1980, the Board shall publish for public comment a set of pricing
principles in accordance with this section and a proposed schedule
of fees based upon those principles for Federal Reserve bank
services to depository institutions, and not later than the first
day of the eighteenth month after March 31, 1980, the Board shall
begin to put into effect a schedule of fees for such services which
is based on those principles.
(b) Covered services
The services which shall be covered by the schedule of fees under
subsection (a) of this section are -
(1) currency and coin services;
(2) check clearing and collection services;
(3) wire transfer services;
(4) automated clearinghouse services;
(5) settlement services;
(6) securities safekeeping services;
(7) Federal Reserve float; and
(8) any new services which the Federal Reserve System offers,
including but not limited to payment services to effectuate the
electronic transfer of funds.
(c) Criteria applicable
The schedule of fees prescribed pursuant to this section shall be
based on the following principles:
(1) All Federal Reserve bank services covered by the fee
schedule shall be priced explicitly.
(2) All Federal Reserve bank services covered by the fee
schedule shall be available to nonmember depository institutions
and such services shall be priced at the same fee schedule
applicable to member banks, except that nonmembers shall be
subject to any other terms, including a requirement of balances
sufficient for clearing purposes, that the Board may determine
are applicable to member banks.
(3) Over the long run, fees shall be established on the basis
of all direct and indirect costs actually incurred in providing
the Federal Reserve services priced, including interest on items
credited prior to actual collection, overhead, and an allocation
of imputed costs which takes into account the taxes that would
have been paid and the return on capital that would have been
provided had the services been furnished by a private business
firm, except that the pricing principles shall give due regard to
competitive factors and the provision of an adequate level of
such services nationwide.
(4) Interest on items credited prior to collection shall be
charged at the current rate applicable in the market for Federal
funds.
(d) Budgetary consequences of decline in volume of services
The Board shall require reductions in the operating budgets of
the Federal Reserve banks commensurate with any actual or projected
decline in the volume of services to be provided by such banks.
The full amount of any savings so realized shall be paid into the
United States Treasury.
(e) Parity in clearing
All depository institutions, as defined in section 461(b)(1) of
this title, may receive for deposit and as deposits any evidences
of transaction accounts, as defined by section 461(b)(1) of this
title from other depository institutions, as defined in section
461(b)(1) of this title or from any office of any Federal Reserve
bank without regard to any Federal or State law restricting the
number or the physical location or locations of such depository
institutions.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 11A, as added Pub. L. 96-221, title I,
Sec. 107, Mar. 31, 1980, 94 Stat. 140; amended Pub. L. 100-86,
title VI, Sec. 612(a), Aug. 10, 1987, 101 Stat. 652.)
-MISC1-
AMENDMENTS
1987 - Subsec. (e). Pub. L. 100-86 added subsec. (e).
EFFECTIVE DATE OF 1987 AMENDMENT
Section 612(b) of Pub. L. 100-86 provided that: ''The amendment
made by subsection (a) (amending this section) shall take effect on
the date of enactment of this title (Aug. 10, 1987).''
EFFECTIVE DATE
Section effective on first day of sixth month which begins after
Mar. 31, 1980, see section 108 of Pub. L. 96-221, set out as an
Effective Date of 1980 Amendment note under section 248 of this
title.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in sections 461, 1431, 1795f, 1841 of
this title.
-CITE-
12 USC Sec. 248b 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 248b. Annual independent audits of Federal reserve banks and
Board
-STATUTE-
The Board shall order an annual independent audit of the
financial statements of each Federal reserve bank and the Board.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 11B, as added Pub. L. 106-102, title
VII, Sec. 726, Nov. 12, 1999, 113 Stat. 1475.)
-CITE-
12 USC Sec. 249 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 249. Repealed. Pub. L. 94-412, title V, Sec. 501(c), Sept. 14,
1976, 90 Stat. 1258
-MISC1-
Section, act Aug. 8, 1947, ch. 517, 61 Stat. 921, dealt with
regulation of consumer credit.
SAVINGS PROVISION
Repeal by Pub. L. 94-412 not to affect any action taken or
proceeding pending at the time of repeal, see section 501(h) of
Pub. L. 94-412, set out as a note under section 1601 of Title 50,
War and National Defense.
-CITE-
12 USC Sec. 250 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 250. Independence of financial regulatory agencies
-STATUTE-
No officer or agency of the United States shall have any
authority to require the Securities and Exchange Commission, the
Board of Governors of the Federal Reserve System, the Federal
Deposit Insurance Corporation, the Comptroller of the Currency, the
Director of the Office of Thrift Supervision, the Federal Housing
Finance Board, or the National Credit Union Administration to
submit legislative recommendations, or testimony, or comments on
legislation, to any officer or agency of the United States for
approval, comments, or review, prior to the submission of such
recommendations, testimony, or comments to the Congress if such
recommendations, testimony, or comments to the Congress include a
statement indicating that the views expressed therein are those of
the agency submitting them and do not necessarily represent the
views of the President.
-SOURCE-
(Pub. L. 93-495, title I, Sec. 111, Oct. 28, 1974, 88 Stat. 1506;
Pub. L. 103-325, title III, Sec. 331(a), Sept. 23, 1994, 108 Stat.
2232; Pub. L. 106-102, title VI, Sec. 606(e)(2), Nov. 12, 1999, 113
Stat. 1455.)
-COD-
CODIFICATION
Section was not enacted as part of the Federal Reserve Act which
comprises this chapter.
-MISC3-
AMENDMENTS
1999 - Pub. L. 106-102 substituted ''Director of the Office of
Thrift Supervision, the Federal Housing Finance Board,'' for
''Federal Home Loan Bank Board,''.
1994 - Pub. L. 103-325 inserted ''the Comptroller of the
Currency,'' after ''Federal Deposit Insurance Corporation,''.
-CITE-
12 USC Sec. 251 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 251. Repealed. Pub. L. 104-208, div. A, title II, Sec.
2224(a), Sept. 30, 1996, 110 Stat. 3009-415
-MISC1-
Section, Pub. L. 102-242, title IV, Sec. 477, Dec. 19, 1991, 105
Stat. 2387; Pub. L. 102-550, title XVI, Sec. 1606(i)(3), Oct. 28,
1992, 106 Stat. 4089, required Board of Governors of Federal
Reserve System to collect and publish information on availability
of credit to small businesses.
-CITE-
12 USC Sec. 252 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
-HEAD-
Sec. 252. Credit availability assessment
-STATUTE-
(a) Study
(1) In general
Not later than 12 months after September 30, 1996, and once
every 60 months thereafter, the Board, in consultation with the
Director of the Office of Thrift Supervision, the Comptroller of
the Currency, the Board of Directors of the Corporation, the
Administrator of the National Credit Union Administration, the
Administrator of the Small Business Administration, and the
Secretary of Commerce, shall conduct a study and submit a report
to the Congress detailing the extent of small business lending by
all creditors.
(2) Contents of study
The study required under paragraph (1) shall identify, to the
extent practicable, those factors which provide policymakers with
insights into the small business credit market, including -
(A) the demand for small business credit, including
consideration of the impact of economic cycles on the levels of
such demand;
(B) the availability of credit to small businesses;
(C) the range of credit options available to small
businesses, such as those available from insured depository
institutions and other providers of credit;
(D) the types of credit products used to finance small
business operations, including the use of traditional loans,
leases, lines of credit, home equity loans, credit cards, and
other sources of financing;
(E) the credit needs of small businesses, including, if
appropriate, the extent to which such needs differ, based upon
product type, size of business, cash flow requirements,
characteristics of ownership or investors, or other aspects of
such business;
(F) the types of risks to creditors in providing credit to
small businesses; and
(G) such other factors as the Board deems appropriate.
(b) Use of existing data
The studies required by this section shall not increase the
regulatory or paperwork burden on regulated financial institutions,
other sources of small business credit, or small businesses.
-SOURCE-
(Pub. L. 104-208, div. A, title II, Sec. 2227, Sept. 30, 1996, 110
Stat. 3009-417.)
-COD-
CODIFICATION
Section was enacted as part of the Economic Growth and Regulatory
Paperwork Reduction Act of 1996, and also as part of the Omnibus
Consolidated Appropriations Act, 1997, and not as part of the
Federal Reserve Act which comprises this chapter.
-MISC3-
STUDY OF FINANCIAL MODERNIZATION'S EFFECT ON THE ACCESSIBILITY OF
SMALL BUSINESS AND FARM LOANS
Pub. L. 106-102, title I, Sec. 109, Nov. 12, 1999, 113 Stat.
1362, provided that:
''(a) Study. - The Secretary of the Treasury, in consultation
with the Federal banking agencies (as defined in section 3(z) of
the Federal Deposit Insurance Act (12 U.S.C. 1813(z))), shall
conduct a study of the extent to which credit is being provided to
and for small businesses and farms, as a result of this Act (see
Tables for classification) and the amendments made by this Act.
''(b) Report. - Before the end of the 5-year period beginning on
the date of the enactment of this Act (Nov. 12, 1999), the
Secretary, in consultation with the Federal banking agencies, shall
submit a report to the Congress on the study conducted pursuant to
subsection (a) and shall include such recommendations as the
Secretary determines to be appropriate for administrative and
legislative action.''
-CROSS-
DEFINITIONS
Section 2001(c) of title II of div. A of Pub. L. 104-208,
provided that: ''Except as otherwise specified in this title (see
Tables for classification), the following definitions shall apply
for purposes of this title:
''(1) Appraisal subcommittee. - The term 'Appraisal
Subcommittee' means the Appraisal Subcommittee established under
section 1011 of the Federal Financial Institutions Examination
Council Act of 1978 (12 U.S.C. 3310) (as in existence on the day
before the date of enactment of this Act (Sept. 30, 1996)).
''(2) Appropriate Federal banking agency. - The term
'appropriate Federal banking agency' has the same meaning as in
section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
''(3) Board. - The term 'Board' means the Board of Governors of
the Federal Reserve System.
''(4) Corporation. - The term 'Corporation' means the Federal
Deposit Insurance Corporation.
''(5) Council. - The term 'Council' means the Financial
Institutions Examination Council established under section 1004
of the Federal Financial Institutions Examination Council Act of
1978 (12 U.S.C. 3303).
''(6) Insured credit union. - The term 'insured credit union'
has the same meaning as in section 101 of the Federal Credit
Union Act (12 U.S.C. 1752).
''(7) Insured depository institution. - The term 'insured
depository institution' has the same meaning as in section 3 of
the Federal Deposit Insurance Act.''
-CITE-
12 USC SUBCHAPTER III - FEDERAL ADVISORY COUNCIL 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER III - FEDERAL ADVISORY COUNCIL
.
-HEAD-
SUBCHAPTER III - FEDERAL ADVISORY COUNCIL
-CITE-
12 USC Sec. 261 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER III - FEDERAL ADVISORY COUNCIL
-HEAD-
Sec. 261. Creation; membership; compensation; meetings; officers;
procedure; quorum; vacancies
-STATUTE-
There is created a Federal Advisory Council, which shall consist
of as many members as there are Federal reserve districts. Each
Federal reserve bank by its board of directors shall annually
select from its own Federal reserve district one member of said
council, who shall receive such compensation and allowances as may
be fixed by his board of directors subject to the approval of the
Board of Governors of the Federal Reserve System. The meetings of
said advisory council shall be held at Washington, District of
Columbia, at least four times each year, and oftener if called by
the Board of Governors of the Federal Reserve System. The council
may in addition to the meetings above provided for hold such other
meetings in Washington, District of Columbia, or elsewhere, as it
may deem necessary, may select its own officers and adopt its own
methods of procedure, and a majority of its members shall
constitute a quorum for the transaction of business. Vacancies in
the council shall be filled by the respective reserve banks, and
members selected to fill vacancies shall serve for the unexpired
term.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 12 (par.), 38 Stat. 263; Aug. 23, 1935,
ch. 614, title II, Sec. 203(a), 49 Stat. 704.)
-COD-
CODIFICATION
Section is comprised of first par. of section 12 of act Dec. 23,
1913. Second par. of section 12 is classified to section 262 of
this title.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-CITE-
12 USC Sec. 262 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER III - FEDERAL ADVISORY COUNCIL
-HEAD-
Sec. 262. Powers
-STATUTE-
The Federal Advisory Council shall have power, by itself or
through its officers, (1) to confer directly with the Board of
Governors of the Federal Reserve System on general business
conditions; (2) to make oral or written representations concerning
matters within the jurisdiction of said board; (3) to call for
information and to make recommendations in regard to discount
rates, rediscount business, note issues, reserve conditions in the
various districts, the purchase and sale of gold or securities by
reserve banks, open-market operations by said banks, and the
general affairs of the reserve banking system.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 12 (par.), 38 Stat. 263; Aug. 23, 1935,
ch. 614, title II, Sec. 203(a), 49 Stat. 704.)
-COD-
CODIFICATION
Section is comprised of second par. of section 12 of act Dec. 23,
1913. First par. of section 12 is classified to section 261 of this
title.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-CITE-
12 USC SUBCHAPTER IV - FEDERAL OPEN MARKET COMMITTEE 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER IV - FEDERAL OPEN MARKET COMMITTEE
.
-HEAD-
SUBCHAPTER IV - FEDERAL OPEN MARKET COMMITTEE
-CITE-
12 USC Sec. 263 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER IV - FEDERAL OPEN MARKET COMMITTEE
-HEAD-
Sec. 263. Federal Open Market Committee; creation; membership;
regulations governing open-market transactions
-STATUTE-
(a) There is hereby created a Federal Open Market Committee
(hereinafter referred to as the ''Committee''), which shall consist
of the members of the Board of Governors of the Federal Reserve
System and five representatives of the Federal Reserve banks to be
selected as hereinafter provided. Such representatives shall be
presidents or first vice presidents of Federal Reserve banks and,
beginning with the election for the term commencing March 1, 1943,
shall be elected annually as follows: One by the board of directors
of the Federal Reserve Bank of New York, one by the boards of
directors of the Federal Reserve Banks of Boston, Philadelphia, and
Richmond, one by the boards of directors of the Federal Reserve
Banks of Cleveland and Chicago, one by the boards of directors of
the Federal Reserve Banks of Atlanta, Dallas, and St. Louis, and
one by the boards of directors of the Federal Reserve Banks of
Minneapolis, Kansas City, and San Francisco. In such elections each
board of directors shall have one vote; and the details of such
elections may be governed by regulations prescribed by the
committee, which may be amended from time to time. An alternate to
serve in the absence of each such representative shall likewise be
a president or first vice president of a Federal Reserve bank and
shall be elected annually in the same manner. The meetings of said
Committee shall be held at Washington, District of Columbia, at
least four times each year upon the call of the chairman of the
Board of Governors of the Federal Reserve System or at the request
of any three members of the Committee.
(b) No Federal Reserve bank shall engage or decline to engage in
open-market operations under sections 348a and 353 to 359 of this
title except in accordance with the direction of and regulations
adopted by the Committee. The Committee shall consider, adopt, and
transmit to the several Federal Reserve banks, regulations relating
to the open-market transactions of such banks.
(c) The time, character, and volume of all purchases and sales of
paper described in sections 348a and 353 to 359 of this title as
eligible for open-market operations shall be governed with a view
to accommodating commerce and business and with regard to their
bearing upon the general credit situation of the country.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 12A, as added June 16, 1933, ch. 89,
Sec. 8, 48 Stat. 168; amended Aug. 23, 1935, ch. 614, title II,
Sec. 205, 49 Stat. 705; July 7, 1942, ch. 488, Sec. 1, 56 Stat.
647.)
-MISC1-
AMENDMENTS
1942 - Subsec. (a). Act July 7, 1942, substituted second, third,
and fourth sentences for former second and third sentences.
1935 - Act Aug. 23, 1935, amended provisions relating to
membership in subsec. (a), substituted ''Committee'' for ''Federal
Reserve Board'' and ''Board'' in subsec. (b), and omitted subsec.
(d).
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 355 of this title.
-CITE-
12 USC SUBCHAPTER V - FEDERAL DEPOSIT INSURANCE
CORPORATION 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER V - FEDERAL DEPOSIT INSURANCE CORPORATION
.
-HEAD-
SUBCHAPTER V - FEDERAL DEPOSIT INSURANCE CORPORATION
-CITE-
12 USC Sec. 264 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER V - FEDERAL DEPOSIT INSURANCE CORPORATION
-HEAD-
Sec. 264. Transferred
-COD-
CODIFICATION
Section, act Dec. 23, 1913, ch. 6, Sec. 12B, as added June 16,
1933, ch. 89, Sec. 8, 48 Stat. 168; amended June 16, 1934, ch. 546,
Sec. 1 (1)-(10), 48 Stat. 969, 970; June 28, 1935, ch. 335, 49
Stat. 435; Aug. 23, 1935, ch. 614, title I, Sec. 101, 49 Stat. 684;
Apr. 21, 1936, ch. 244, 49 Stat. 1237; May 25, 1938, ch. 276, 52
Stat. 442; June 16, 1938, ch. 489, 52 Stat. 767; June 20, 1939, ch.
214, Sec. 2, 53 Stat. 842; Apr. 13, 1943, ch. 62, Sec. 1, 57 Stat.
65; Aug. 5, 1947, ch. 492, Sec. 2, 4, 61 Stat. 773; June 25, 1948,
ch. 645, Sec. 21, 62 Stat. 862; Oct. 15, 1949, ch. 695, Sec. 4, 63
Stat. 880; Aug. 17, 1950, ch. 729, Sec. 5-7, 64 Stat. 457, relating
to the Federal Deposit Insurance Corporation, was withdrawn from
the Federal Reserve Act and made a separate act to be known as the
Federal Deposit Insurance Act, by section 1 of act Sept. 21, 1950,
ch. 967, 64 Stat. 873. The Federal Deposit Insurance Act is
classified to chapter 16 (Sec. 1811 et seq.) of this title.
-CITE-
12 USC Sec. 265 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER V - FEDERAL DEPOSIT INSURANCE CORPORATION
-HEAD-
Sec. 265. Insured banks as depositaries of public money; duties;
security; discrimination between banks prohibited; repeal of
inconsistent laws
-STATUTE-
All insured banks designated for that purpose by the Secretary of
the Treasury shall be depositaries of public money of the United
States (including, without being limited to, revenues and funds of
the United States, and any funds the deposit of which is subject to
the control or regulation of the United States or any of its
officers, agents, or employees, and Postal Savings funds), and the
Secretary is authorized to deposit public money in such
depositaries, under such regulations as may be prescribed by the
Secretary; and they may also be employed as financial agents of the
Government; and they shall perform all such reasonable duties, as
depositaries of public money and financial agents of the Government
as may be required of them. The Secretary of the Treasury shall
require of the insured banks thus designated satisfactory security
by the deposit of United States bonds or otherwise, for the
safekeeping and prompt payment of public money deposited with them
and for the faithful performance of their duties as financial
agents of the Government: Provided, That no such security shall be
required for the safekeeping and prompt payment of such parts of
the deposits of the public money in such banks as are insured
deposits and each officer, employee, or agent of the United States
having official custody of public funds and lawfully depositing the
same in an insured bank shall, for the purpose of determining the
amount of the insured deposits, be deemed a depositor in such
custodial capacity separate and distinct from any other officer,
employee, or agent of the United States having official custody of
public funds and lawfully depositing the same in the same insured
bank in custodial capacity. Notwithstanding any other provision of
law, no department, board, agency, instrumentality, officer,
employee, or agent of the United States shall issue or permit to
continue in effect any regulations, rulings, or instructions or
enter into or approve any contracts or perform any other acts
having to do with the deposit, disbursement, or expenditure of
public funds, or the deposit, custody, or advance of funds subject
to the control of the United States as trustee or otherwise which
shall discriminate against or prefer national banking associations,
State banks members of the Federal Reserve System, or insured banks
not members of the Federal Reserve System, by class, or which shall
require those enjoying the benefits, directly or indirectly, of
disbursed public funds so to discriminate. All Acts or parts
thereof in conflict herewith are repealed. The terms ''insured
bank'' and ''insured deposit'' as used in this section shall be
construed according to the definitions of such terms in section
1813 of this title.
-SOURCE-
(June 11, 1942, ch. 404, Sec. 10, 56 Stat. 356; Sept. 3, 1954, ch.
1263, Sec. 26, 68 Stat. 1235.)
-COD-
CODIFICATION
Section was formerly classified to section 1110 of the Appendix
to Title 50, War and National Defense.
-MISC3-
AMENDMENTS
1954 - Act Sept. 3, 1954, substituted ''section 1813'' for
''section 264'' in last sentence.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in title 49 section 22106.
-CITE-
12 USC Sec. 266 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER V - FEDERAL DEPOSIT INSURANCE CORPORATION
-HEAD-
Sec. 266. State-chartered banks and other institutions as
depositaries of public money; fiscal agents; duties
-STATUTE-
Banks, savings banks, and savings and loan, building and loan,
homestead associations (including cooperative banks), and credit
unions created under the laws of any State and the deposits or
accounts of which are insured by a State or agency thereof or
corporation chartered pursuant to the laws of any State may be
depositaries of public money and may be employed as fiscal agents
of the United States. The Secretary of the Treasury is authorized
to deposit public money in any such institution, and shall
prescribe such regulations as may be necessary to enable such
institutions to become depositaries of public money and fiscal
agents of the United States. Each such institution shall perform
all such reasonable duties as depositary of public money and fiscal
agent of the United States as may be required of it including
services in connection with the collection of taxes and other
obligations owed the United States.
-SOURCE-
(Pub. L. 95-147, Sec. 2(d), Oct. 28, 1977, 91 Stat. 1228.)
-COD-
CODIFICATION
Section was not enacted as part of the Federal Reserve Act, which
comprises this chapter.
-CITE-
12 USC SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL
RESERVE BANKS; DIVIDENDS AND EARNINGS 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS;
DIVIDENDS AND EARNINGS
.
-HEAD-
SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS;
DIVIDENDS AND EARNINGS
-CITE-
12 USC Sec. 281 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS;
DIVIDENDS AND EARNINGS
-HEAD-
Sec. 281. Capital
-STATUTE-
No Federal reserve bank shall commence business with a subscribed
capital less than $4,000,000.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 253.)
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 481 of this title.
-CITE-
12 USC Sec. 282 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS;
DIVIDENDS AND EARNINGS
-HEAD-
Sec. 282. Subscription to capital stock by national banking
association
-STATUTE-
Every national banking association within each Federal reserve
district shall be required to subscribe to the capital stock of the
Federal reserve bank for that district in a sum equal to 6 per
centum of the paid-up capital stock and surplus of such bank,
one-sixth of the subscription to be payable on call of the Board of
Governors of the Federal Reserve System, one-sixth within three
months and one-sixth within six months thereafter, and the
remainder of the subscription, or any part thereof, shall be
subject to call when deemed necessary by the Board, said payments
to be in gold or gold certificates.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 252; Aug. 23, 1935, ch.
614, title II, Sec. 203(a), 49 Stat. 704.)
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 481 of this title.
-CITE-
12 USC Sec. 283 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS;
DIVIDENDS AND EARNINGS
-HEAD-
Sec. 283. Public subscription to capital stock
-STATUTE-
No individual, copartnership, or corporation other than a member
bank of its district shall be permitted to subscribe for or to hold
at any time more than $25,000 par value of stock in any Federal
reserve bank. Such stock shall be known as public stock and may be
transferred on the books of the Federal reserve bank by the
chairman of the board of directors of such bank.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 253.)
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 481 of this title.
-CITE-
12 USC Sec. 284 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS;
DIVIDENDS AND EARNINGS
-HEAD-
Sec. 284. Omitted
-COD-
CODIFICATION
Section, act Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 251, was
omitted as obsolete pursuant to a communication from the Board of
Governors of the Federal Reserve System dated Mar. 7, 1941, which
stated ''As originally enacted the Federal Reserve Act provided for
a Reserve Bank Organization Committee to have charge of the initial
steps in organizing the Federal Reserve System and this Committee
was authorized to allot Federal Reserve Bank stock to the United
States in the event that subscriptions to such stock by banks and
by the public were inadequate. However, subscriptions by member
banks were adequate and there was no necessity or authority for the
allocation of any stock to the United States. Accordingly, (this
section) is now of no practical effect, and may be regarded as
obsolete.''
-CITE-
12 USC Sec. 285 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS;
DIVIDENDS AND EARNINGS
-HEAD-
Sec. 285. Nonvoting stock
-STATUTE-
Stock not held by member banks shall not be entitled to voting
power.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 253.)
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 481 of this title.
-CITE-
12 USC Sec. 286 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS;
DIVIDENDS AND EARNINGS
-HEAD-
Sec. 286. Transfers of stock; rules and regulations
-STATUTE-
The Board of Governors of the Federal Reserve System is empowered
to adopt and promulgate rules and regulations governing the
transfers of said stock.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 253; Aug. 23, 1935, ch.
614, title II, Sec. 203(a), 49 Stat. 704.)
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 481 of this title.
-CITE-
12 USC Sec. 287 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS;
DIVIDENDS AND EARNINGS
-HEAD-
Sec. 287. Value of shares of stock; increase and decrease of stock;
member banks as shareholders; surrender of shares
-STATUTE-
The capital stock of each Federal reserve bank shall be divided
into shares of $100 each. The outstanding capital stock shall be
increased from time to time as member banks increase their capital
stock and surplus or as additional banks become members, and may be
decreased as member banks reduce their capital stock or surplus or
cease to be members. Shares of the capital stock of Federal
reserve banks owned by member banks shall not be transferred or
hypothecated. When a member bank increases its capital stock or
surplus, it shall thereupon subscribe for an additional amount of
capital stock of the Federal reserve bank of its district equal to
6 per centum of the said increase, one-half of said subscription to
be paid in the manner hereinbefore provided for original
subscription, and one-half subject to call of the Board of
Governors of the Federal Reserve System. A bank applying for stock
in a Federal reserve bank at any time after the organization
thereof must subscribe for an amount of the capital stock of the
Federal reserve bank equal to 6 per centum of the paid-up capital
stock and surplus of said applicant bank, paying therefor its par
value plus one-half of 1 per centum a month from the period of the
last dividend. When a member bank reduces its capital stock or
surplus it shall surrender a proportionate amount of its holdings
in the capital stock of said Federal Reserve bank. Any member bank
which holds capital stock of a Federal Reserve bank in excess of
the amount required on the basis of 6 per centum of its paid-up
capital stock and surplus shall surrender such excess stock. When
a member bank voluntarily liquidates it shall surrender all of its
holdings of the capital stock of said Federal Reserve bank and be
released from its stock subscription not previously called. In any
such case the shares surrendered shall be canceled and the member
bank shall receive in payment therefor, under regulations to be
prescribed by the Board of Governors of the Federal Reserve System,
a sum equal to its cash-paid subscriptions on the shares
surrendered and one-half of 1 per centum a month from the period of
the last dividend not to exceed the book value thereof, less any
liability of such member bank to the Federal Reserve bank.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 5, 38 Stat. 257; Aug. 23, 1935, ch.
614, title II, Sec. 203(a), title III, Sec. 319(a), 49 Stat. 704,
713.)
-MISC1-
AMENDMENTS
1935 - Act Aug. 23, 1935, Sec. 319(a), amended last four
sentences.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 321 of this title.
-CITE-
12 USC Sec. 288 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS;
DIVIDENDS AND EARNINGS
-HEAD-
Sec. 288. Cancellation of stock held by member bank on insolvency
or discontinuance of banking operations for sixty days;
repayment of cash-paid subscriptions
-STATUTE-
If any member bank shall be declared insolvent and a receiver
appointed therefor, the stock held by it in said Federal reserve
bank shall be canceled, without impairment of its liability, and
all cash-paid subscriptions on said stock, with one-half of 1 per
centum per month from the period of last dividend, if earned, not
to exceed the book value thereof, shall be first applied to all
debts of the insolvent member bank to the Federal reserve bank, and
the balance, if any, shall be paid to the receiver of the insolvent
bank.
If any national bank which has not gone into liquidation as
provided in section 181 of this title, and for which a receiver has
not already been appointed for other lawful cause, shall
discontinue its banking operations for a period of sixty days the
Comptroller of the Currency may, if he deems it advisable, appoint
a receiver for such bank. The stock held by the said national bank
in the Federal reserve bank of its district shall thereupon be
canceled and said national bank shall receive in payment therefor,
under regulations to be prescribed by the Board of Governors of the
Federal Reserve System, a sum equal to its cash-paid subscriptions
on the shares canceled and one-half of 1 per centum a month from
the period of the last dividend, if earned, not to exceed the book
value thereof, less any liability of such national bank to the
Federal reserve bank.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 6, 38 Stat. 258; Apr. 23, 1930, ch.
207, Sec. 1, 46 Stat. 250; Aug. 23, 1935, ch. 614, title II, Sec.
203(a), title III, Sec. 319(b), 49 Stat. 704, 713.)
-MISC1-
AMENDMENTS
1935 - Act Aug. 23, 1935, Sec. 319(b), struck out provision
requiring execution of certificate of reduction of capital stock.
1930 - Act Apr. 23, 1930, among other changes, added second par.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-TRANS-
EXCEPTION AS TO TRANSFER OF FUNCTIONS
Functions vested by any provision of law in Comptroller of the
Currency, referred to in this section, not included in transfer of
functions to Secretary of the Treasury, see note set out under
section 1 of this title.
-CITE-
12 USC Sec. 289 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS;
DIVIDENDS AND EARNINGS
-HEAD-
Sec. 289. Dividends and surplus funds of reserve banks; transfer
for fiscal year 2000
-STATUTE-
(a) Dividends and surplus funds of reserve banks
(1) Stockholder dividends
(A) In general
After all necessary expenses of a Federal reserve bank have
been paid or provided for, the stockholders of the bank shall
be entitled to receive an annual dividend of 6 percent on
paid-in capital stock.
(B) Dividend cumulative
The entitlement to dividends under subparagraph (A) shall be
cumulative.
(2) Deposit of net earnings in surplus fund
That portion of net earnings of each Federal reserve bank which
remains after dividend claims under paragraph (1)(A) have been
fully met shall be deposited in the surplus fund of the bank.
(b) (FOOTNOTE 1) Transfer for fiscal year 2000
(FOOTNOTE 1) See Codification note below.
(1) In general
The Federal reserve banks shall transfer from the surplus funds
of such banks to the Board of Governors of the Federal Reserve
System for transfer to the Secretary of the Treasury for deposit
in the general fund of the Treasury, a total amount of
$3,752,000,000 in fiscal year 2000.
(2) Allocated by Fed
Of the total amount required to be paid by the Federal reserve
banks under paragraph (1) for fiscal year 2000, the Board shall
determine the amount each such bank shall pay in such fiscal
year.
(3) Replenishment of surplus fund prohibited
During fiscal year 2000, no Federal reserve bank may replenish
such bank's surplus fund by the amount of any transfer by such
bank under paragraph (1).
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 7(a), (b), 38 Stat. 258; Mar. 3, 1919,
ch. 101, Sec. 1, 40 Stat. 1314; June 16, 1933, ch. 89, Sec. 4, 48
Stat. 163; Pub. L. 103-66, title III, Sec. 3002(a), Aug. 10, 1993,
107 Stat. 337; Pub. L. 103-325, title VI, Sec. 602(d), Sept. 23,
1994, 108 Stat. 2291; Pub. L. 106-113, div. B, Sec. 1000(a)(5)
(title III, Sec. 302), Nov. 29, 1999, 113 Stat. 1536, 1501A-304.)
-COD-
CODIFICATION
Section is comprised of subsec. (a) (formerly first undesignated
par.) of section 7 of act Dec. 23, 1913, and subsec. (b) (enacted
by Pub. L. 106-113, div. B, Sec. 1000(a)(5) (title III, Sec.
302(2)), Nov. 29, 1999, 113 Stat. 1536, 1501A-304) of section 7.
Another subsec. (b) of section 7 is classified to section 290 of
this title. Subsec. (c) of section 7 is classified to section 531
of this title.
-MISC3-
AMENDMENTS
1999 - Subsec. (a)(3). Pub. L. 106-113, Sec. 1000(a)(5) (title
III, Sec. 302(1)), struck out heading and text of par. (3). Text
read as follows: ''During fiscal years 1997 and 1998, any amount in
the surplus fund of any Federal reserve bank in excess of the
amount equal to 3 percent of the total paid-in capital and surplus
of the member banks of such bank shall be transferred to the Board
for transfer to the Secretary of the Treasury for deposit in the
general fund of the Treasury.''
Subsec. (b). Pub. L. 106-113, Sec. 1000(a)(5) (title III, Sec.
302(2)), added subsec. (b).
1994 - Par. (1)(B). Pub. L. 103-325, Sec. 602(d)(1), inserted
''(A)'' after ''subparagraph''.
Par. (2). Pub. L. 103-325, Sec. 602(d)(2), substituted
''paragraph (1)(A)'' for ''subparagraph (A)''.
1993 - Pub. L. 103-66 inserted section catchline and amended
section generally. Prior to amendment, section read as follows:
''After all necessary expenses of a Federal reserve bank shall have
been paid or provided for, the stockholders shall be entitled to
receive an annual dividend of 6 per centum on the paid-in capital
stock, which dividend shall be cumulative. After the aforesaid
dividend claims have been fully met, the net earnings shall be paid
into the surplus fund of the Federal reserve bank.''
1933 - Act June 16, 1933, provided that net earnings shall be
paid into surplus instead of to the United States as a franchise
tax.
EFFECTIVE DATE OF 1933 AMENDMENT
Section 4 of act June 16, 1933, provided that the amendment made
by that section is effective July 1, 1932.
ADDITIONAL TRANSFERS FOR FISCAL YEARS 1997 AND 1998
Pub. L. 103-66, title III, Sec. 3002(b), Aug. 10, 1993, 107 Stat.
337, provided that:
''(1) In general. - In addition to the amounts required to be
transferred from the surplus funds of the Federal reserve banks
pursuant to section 7(a)(3) of the Federal Reserve Act (former 12
U.S.C. 289(a)(3)), the Federal reserve banks shall transfer from
such surplus funds to the Board of Governors of the Federal Reserve
System for transfer to the Secretary of the Treasury for deposit in
the general fund of the Treasury, a total amount of $106,000,000 in
fiscal year 1997 and a total amount of $107,000,000 in fiscal year
1998.
''(2) Allocation by fed. - Of the total amount required to be
paid by the Federal reserve banks under paragraph (1) for fiscal
year 1997 or 1998, the Board of Governors of the Federal Reserve
System shall determine the amount each such bank shall pay in such
fiscal year.
''(3) Replenishment of surplus fund prohibited. - No Federal
reserve bank may replenish such bank's surplus fund by the amount
of any transfer by such bank under paragraph (1) during fiscal
years 1997 and 1998.''
-CITE-
12 USC Sec. 290 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS;
DIVIDENDS AND EARNINGS
-HEAD-
Sec. 290. Use of earnings transferred to Treasury
-STATUTE-
The net earnings derived by the United States from Federal
reserve banks shall, in the discretion of the Secretary, be used to
supplement the gold reserve held against outstanding United States
notes, or shall be applied to the reduction of the outstanding
bonded indebtedness of the United States under regulations to be
prescribed by the Secretary of the Treasury. Should a Federal
reserve bank be dissolved or go into liquidation, any surplus
remaining, after the payment of all debts, dividend requirements as
hereinbefore provided, and the par value of the stock, shall be
paid to and become the property of the United States and shall be
similarly applied.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 7(b), 38 Stat. 258; Pub. L. 103-66,
title III, Sec. 3002(c)(1), Aug. 10, 1993, 107 Stat. 337.)
-COD-
CODIFICATION
Section is comprised of subsec. (b) (formerly second undesignated
par.) of section 7 of act Dec. 23, 1913. Subsec. (a) and another
subsec. (b) (enacted by Pub. L. 106-113, div. B, Sec. 1000(a)(5)
(title III, Sec. 302(2)), Nov. 29, 1999, 113 Stat. 1536, 1501A-304)
of section 7 are classified to section 289 of this title. Subsec.
(c) of section 7 is classified to section 531 of this title.
-MISC3-
AMENDMENTS
1993 - Pub. L. 103-66 inserted section catchline.
-CITE-
12 USC SUBCHAPTER VII - DIRECTORS OF FEDERAL RESERVE
BANKS; RESERVE AGENTS AND ASSISTANTS 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VII - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS
AND ASSISTANTS
.
-HEAD-
SUBCHAPTER VII - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS
AND ASSISTANTS
-SECREF-
SUBCHAPTER REFERRED TO IN OTHER SECTIONS
This subchapter is referred to in section 442 of this title.
-CITE-
12 USC Sec. 301 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VII - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS
AND ASSISTANTS
-HEAD-
Sec. 301. Powers and duties of board of directors; suspension of
member bank for undue use of bank credit
-STATUTE-
Every Federal reserve bank shall be conducted under the
supervision and control of a board of directors.
The board of directors shall perform the duties usually
appertaining to the office of directors of banking associations and
all such duties as are prescribed by law.
Said board of directors shall administer the affairs of said bank
fairly and impartially and without discrimination in favor of or
against any member bank or banks and may, subject to the provisions
of law and the orders of the Board of Governors of the Federal
Reserve System, extend to each member bank such discounts,
advancements, and accommodations as may be safely and reasonably
made with due regard for the claims and demands of other members
banks, the maintenance of sound credit conditions, and the
accommodation of commerce, industry, and agriculture. The Board of
Governors of the Federal Reserve System may prescribe regulations
further defining within the limitations of this chapter the
conditions under which discounts, advancements, and the
accommodations may be extended to member banks. Each Federal
reserve bank shall keep itself informed of the general character
and amount of the loans and investments of its member banks with a
view to ascertaining whether undue use is being made of bank credit
for the speculative carrying of or trading in securities, real
estate, or commodities, or for any other purpose inconsistent with
the maintenance of sound credit conditions; and, in determining
whether to grant or refuse advances, rediscounts, or other credit
accommodations, the Federal reserve bank shall give consideration
to such information. The chairman of the Federal reserve bank
shall report to the Board of Governors of the Federal Reserve
System any such undue use of bank credit by any member bank,
together with his recommendation. Whenever, in the judgment of the
Board of Governors of the Federal Reserve System, any member bank
is making such undue use of bank credit, the Board may, in its
discretion, after reasonable notice and an opportunity for a
hearing, suspend such bank from the use of the credit facilities of
the Federal Reserve System and may terminate such suspension or may
renew it from time to time.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 4 (pars.), 38 Stat. 255; June 16, 1933,
ch. 89, Sec. 3(a), 48 Stat. 163; Aug. 23, 1935, ch. 614, title II,
Sec. 203(a), 49 Stat. 704.)
-REFTEXT-
REFERENCES IN TEXT
This chapter, referred to in text, was in the original ''this
Act'', meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended,
known as the Federal Reserve Act. For complete classification of
this Act to the Code, see References in Text note set out under
section 226 of this title and Tables.
-COD-
CODIFICATION
Section is comprised of pars. 6 to 8 of section 4 of act Dec. 23,
1913.
Pars. 1 to 3 and 25 of section 4 were omitted from the code as
executed.
Pars. 4 and 5, 9 to 12, 13 to 15, 16 to 21, 22, 24, and 26 of
section 4, and par. 23 of section 4 as added June 21, 1917, ch. 32,
Sec. 2, 40, Stat. 232, are classified to sections 341, 302, 303,
304, 305, 307, 308, and 306, respectively, of this title.
-MISC3-
AMENDMENTS
1933 - Act June 16, 1933, among other changes, added all after
first sentence in third par.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 442 of this title.
-CITE-
12 USC Sec. 302 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VII - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS
AND ASSISTANTS
-HEAD-
Sec. 302. Number of members; classes
-STATUTE-
Such board of directors shall be selected as hereinafter
specified and shall consist of nine members, holding office for
three years, and divided into three classes, designated as classes
A, B, and C.
Class A shall consist of three members, without discrimination on
the basis of race, creed, color, sex, or national origin, who shall
be chosen by and be representative of the stockholding banks.
Class B shall consist of three members, who shall represent the
public and shall be elected without discrimination on the basis of
race, creed, color, sex, or national origin, and with due but not
exclusive consideration to the interests of agriculture, commerce,
industry, services, labor, and consumers.
Class C shall consist of three members who shall be designated by
the Board of Governors of the Federal Reserve System. They shall be
elected to represent the public, without discrimination on the
basis of race, creed, color, sex, or national origin, and with due
but not exclusive consideration to the interests of agriculture,
commerce, industry, services, labor, and consumers.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 4 (pars.), 38 Stat. 255; Aug. 23, 1935,
ch. 614, title II, Sec. 203(a), 49 Stat. 704; Pub. L. 95-188, title
II, Sec. 202, Nov. 16, 1977, 91 Stat. 1387.)
-COD-
CODIFICATION
Section is comprised of pars. 9 to 12 of section 4 of act Dec.
23, 1913. For classification to this title of other pars. of
section 4, see Codification note set out under section 301 of this
title.
Provisions of section which related to appointment of Class C
directors when the necessary subscriptions to the capital stock
have been obtained for the organization of any Federal Reserve Bank
and which required the organization committee to exercise the
powers and duties appertaining to the office of chairman in the
organization of such Federal Reserve Bank pending the designation
of a chairman, were omitted as obsolete.
Another section 202 of Pub. L. 95-188 enacted section 225a of
this title.
-MISC3-
AMENDMENTS
1977 - Second par. Pub. L. 95-188, Sec. 202(a), required Class A
members to be chosen without discrimination on the basis of race,
creed, color, sex or national origin.
Third par. Pub. L. 95-188, Sec. 202(b), substituted requirement
that Class B members represent the public and be elected without
discrimination on the basis of race, creed, color, sex, or national
origin, and with due but not exclusive consideration to the
interests of agriculture, commerce, industry, services, labor, and
consumers for prior requirement that such Class B members, at the
time of their election, be actively engaged in their district in
commerce, agriculture or some other industrial pursuit.
Fourth par. Pub. L. 95-188, Sec. 202(c), required Class C
members to be elected to represent the public, without
discrimination on the basis of race, creed, color, sex, or national
origin, and with due but not exclusive consideration to the
interests of agriculture, commerce, industry, services, labor, and
consumers.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 442 of this title.
-CITE-
12 USC Sec. 303 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VII - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS
AND ASSISTANTS
-HEAD-
Sec. 303. Qualifications and disabilities
-STATUTE-
No Senator or Representative in Congress shall be a member of the
Board of Governors of the Federal Reserve System or an officer or a
director of a Federal reserve bank.
No director of class B shall be an officer, director, or employee
of any bank.
No director of class C shall be an officer, director, employee,
or stockholder of any bank.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 4 (pars.), 38 Stat. 255; Aug. 23, 1935,
ch. 614, title II, Sec. 203(a), 49 Stat. 704.)
-COD-
CODIFICATION
Section is comprised of pars. 13 to 15 of section 4 of act Dec.
23, 1913. For classification to this title of other pars. of
section 4, see Codification note set out under section 301 of this
title.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 442 of this title.
-CITE-
12 USC Sec. 304 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VII - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS
AND ASSISTANTS
-HEAD-
Sec. 304. Class A and class B directors; selection
-STATUTE-
Directors of class A and class B shall be chosen in the following
manner: The Board of Governors of the Federal Reserve System shall
classify the member banks of the district into three general groups
or divisions designating each group by number. Each group shall
consist as nearly as may be of banks of similar capitalization.
Each member bank shall be permitted to nominate to the chairman of
the board of directors of the Federal reserve bank of the district
one candidate for director of class A and one candidate for
director of class B. The candidates so nominated shall be listed by
the chairman, indicating by whom nominated, and a copy of said list
shall, within fifteen days after its completion, be furnished by
the chairman to each member bank. Each member bank by a resolution
of the board or by an amendment to its bylaws shall authorize its
president, cashier, or some other officer to cast the vote of the
member bank in the elections of class A and class B directors:
Provided, That whenever any member banks within the same Federal
Reserve district are subsidiaries of the same bank holding company
within the meaning of the Bank Holding Company Act of 1956 (12
U.S.C. 1841 et seq.), participation in any such nomination or
election by such member banks, including such bank holding company
if it is also a member bank, shall be confined to one of such
banks, which may be designated for the purpose by such holding
company.
Within fifteen days after receipt of the list of candidates the
duly authorized officer of a member bank shall certify to the
chairman his first, second, and other choices for director of class
A and class B, respectively, upon a preferential ballot upon a form
furnished by the chairman of the board of directors of the Federal
reserve bank of the district. Each such officer shall make a cross
opposite the name of the first, second, and other choices for a
director of class A and for a director of class B, but shall not
vote more than one choice for any one candidate. No officer or
director of a member bank shall be eligible to serve as a class A
director unless nominated and elected by banks which are members of
the same group as the member bank of which he is an officer or
director.
Any person who is an officer or director of more than one member
bank shall not be eligible for nomination as a class A director
except by banks in the same group as the bank having the largest
aggregate resources of any of those of which such person is an
officer or director.
Any candidate having a majority of all votes cast in the column
of first choice shall be declared elected. If no candidate have a
majority of all the votes in the first column, then there shall be
added together the votes cast by the electors for such candidates
in the second column and the votes cast for the several candidates
in the first column. The candidate then having a majority of the
electors voting and the highest number of combined votes shall be
declared elected. If no candidate have a majority of electors
voting and the highest number of votes when the first and second
choices shall have been added, then the votes cast in the third
column for other choices shall be added together in like manner,
and the candidate then having the highest number of votes shall be
declared elected. An immediate report of election shall be
declared.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 4 (pars.), 38 Stat. 256; Sept. 26,
1918, ch. 177, Sec. 1, 40 Stat. 968; June 26, 1930, ch. 614, 46
Stat. 815; June 16, 1933, ch. 89, Sec. 3(b), 48 Stat. 163; Aug. 23,
1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704; Pub. L. 89-485,
Sec. 13(e), July 1, 1966, 80 Stat. 243.)
-REFTEXT-
REFERENCES IN TEXT
The Bank Holding Company Act of 1956, referred to in text, is act
May 9, 1956, ch. 240, 70 Stat. 133, as amended, which is classified
principally to chapter 17 (Sec. 1841 et seq.) of this title. For
complete classification of this Act to the Code, see Short Title
note set out under section 1841 of this title and Tables.
-COD-
CODIFICATION
Section is comprised of pars. 16 to 21 of section 4 of act Dec.
23, 1913. For classification to this title of other pars. of
section 4, see Codification note set out under section 301 of this
title.
-MISC3-
AMENDMENTS
1966 - Pub. L. 89-485 substituted proviso restricting
participation in nomination or election of directors by member
banks to one member bank whenever any member banks within the same
Federal reserve district are subsidiaries of the same bank holding
company, such member bank to be designated for the purpose by the
holding company for former proviso restricting the selection of
directors by member banks to one member bank when two or more
member banks within the same Federal reserve district are
affiliated with the same holding company affiliate, such member
bank to be designated for such purpose by the holding company
affiliate.
1933 - Act June 16, 1933, inserted proviso at end of second par.
1930 - Act June 26, 1930, amended last par.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 442 of this title.
-CITE-
12 USC Sec. 305 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VII - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS
AND ASSISTANTS
-HEAD-
Sec. 305. Class C directors; selection; ''Federal reserve agent''
-STATUTE-
Class C directors shall be appointed by the Board of Governors of
the Federal Reserve System. They shall have been for at least two
years residents of the district for which they are appointed, one
of whom shall be designated by said board as chairman of the board
of directors of the Federal reserve bank and as ''Federal reserve
agent.'' He shall be a person of tested banking experience and in
addition to his duties as chairman of the board of directors of the
Federal reserve bank he shall be required to maintain, under
regulations to be established by the Board of Governors of the
Federal Reserve System, a local office of said board on the
premises of the Federal reserve bank. He shall make regular
reports to the Board of Governors of the Federal Reserve System and
shall act as its official representative for the performance of the
functions conferred upon it by this chapter. He shall receive an
annual compensation to be fixed by the Board of Governors of the
Federal Reserve System and paid monthly by the Federal reserve bank
to which he is designated. One of the directors of class C shall
be appointed by the Board of Governors of the Federal Reserve
System as deputy chairman to exercise the powers of the chairman of
the board when necessary. In case of the absence of the chairman
and deputy chairman, the third class C director shall preside at
meetings of the board.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 4 (par.), 38 Stat. 256; June 21, 1917,
ch. 32, Sec. 2, 40 Stat. 232; Aug. 23, 1935, ch. 614, title II,
Sec. 203(a), 49 Stat. 704.)
-COD-
CODIFICATION
Section is comprised of par. 22 of section 4 of act Dec. 23,
1913. For classification to this title of other pars. of section 4,
see Codification note set out under section 301 of this title.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 442 of this title.
-CITE-
12 USC Sec. 306 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VII - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS
AND ASSISTANTS
-HEAD-
Sec. 306. Assistants to Federal reserve agent
-STATUTE-
Subject to the approval of the Board of Governors of the Federal
Reserve System, the Federal reserve agent shall appoint one or more
assistants. Such assistants, who shall be persons of tested
banking experience, shall assist the Federal reserve agent in the
performance of his duties and shall also have power to act in his
name and stead during his absence or disability. The Board of
Governors of the Federal Reserve System shall require such bonds of
the assistant Federal reserve agents as it may deem necessary for
the protection of the United States. Assistants to the Federal
reserve agent shall receive an annual compensation, to be fixed and
paid in the same manner as that of the Federal reserve agent.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 4 (par.), as added June 21, 1917, ch.
32, Sec. 2, 40 Stat. 232; amended Aug. 23, 1935, ch. 614, title II,
Sec. 203(a), 49 Stat. 704.)
-COD-
CODIFICATION
Section is comprised of par. 23 of section 4 of act Dec. 23,
1913, as added June 21, 1917. For classification to this title of
other pars. of section 4, see Codification note set out under
section 301 of this title.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 442 of this title.
-CITE-
12 USC Sec. 307 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VII - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS
AND ASSISTANTS
-HEAD-
Sec. 307. Compensation of directors
-STATUTE-
Directors of Federal reserve banks shall receive, in addition to
any compensation otherwise provided, a reasonable allowance for
necessary expenses in attending meetings of their respective
boards, which amount shall be paid by the respective Federal
reserve banks. Any compensation that may be provided by boards of
directors of Federal reserve banks for directors, officers, or
employees shall be subject to the approval of the Board of
Governors of the Federal Reserve System.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 4 (par.), 38 Stat. 257; Aug. 23, 1935,
ch. 614, title II, Sec. 203(a), 49 Stat. 704.)
-COD-
CODIFICATION
Section is comprised of par. 24 of section 4 of act Dec. 23,
1913. For classification to this title of other pars. of section 4,
see Codification note set out under section 301 of this title.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 442 of this title.
-CITE-
12 USC Sec. 308 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VII - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS
AND ASSISTANTS
-HEAD-
Sec. 308. Terms of directors; vacancies
-STATUTE-
At the first meeting of the full board of directors of each
Federal reserve bank, it shall be the duty of the directors of
classes A, B, and C, respectively, to designate one of the members
of each class whose term of office shall expire in one year from
the 1st of January nearest to date of such meeting, one whose term
of office shall expire at the end of two years from said date, and
one whose term of office shall expire at the end of three years
from said date. Thereafter every director of a Federal reserve
bank chosen as hereinbefore provided shall hold office for a term
of three years. Vacancies that may occur in the several classes of
directors of Federal reserve banks may be filled in the manner
provided for the original selection of such directors, such
appointees to hold office for the unexpired terms of their
predecessors.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 4 (par.), 38 Stat. 257.)
-COD-
CODIFICATION
Section is comprised of par. 26 of section 4 of act Dec. 23,
1913. For classification to this title of other pars. of section 4,
see Codification note set out under section 301 of this title.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 442 of this title.
-CITE-
12 USC SUBCHAPTER VIII - STATE BANKS AS MEMBERS OF SYSTEM 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VIII - STATE BANKS AS MEMBERS OF SYSTEM
.
-HEAD-
SUBCHAPTER VIII - STATE BANKS AS MEMBERS OF SYSTEM
-SECREF-
SUBCHAPTER REFERRED TO IN OTHER SECTIONS
This subchapter is referred to in sections 349, 501, 1818 of this
title; title 7 section 6f; title 15 sections 78o-5, 78q.
-CITE-
12 USC Sec. 321 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VIII - STATE BANKS AS MEMBERS OF SYSTEM
-HEAD-
Sec. 321. Application for membership
-STATUTE-
Any bank incorporated by special law of any State, or organized
under the general laws of any State or of the United States,
including Morris Plan banks and other incorporated banking
institutions engaged in similar business, desiring to become a
member of the Federal Reserve System, may make application to the
Board of Governors of the Federal Reserve System, under such rules
and regulations as it may prescribe, for the right to subscribe to
the stock of the Federal Reserve bank organized within the district
in which the applying bank is located. Such application shall be
for the same amount of stock that the applying bank would be
required to subscribe to as a national bank. For the purposes of
membership of any such bank the terms ''capital'' and ''capital
stock'' shall include the amount of outstanding capital notes and
debentures legally issued by the applying bank and purchased by the
Reconstruction Finance Corporation. The Board of Governors of the
Federal Reserve System, subject to the provisions of this chapter
and to such conditions as it may prescribe pursuant thereto may
permit the applying bank to become a stockholder of such Federal
Reserve bank.
Upon the conversion of a national bank into a State bank, or the
merger or consolidation of a national bank with a State bank which
is not a member of the Federal Reserve System, the resulting or
continuing State bank may be admitted to membership in the Federal
Reserve System by the Board of Governors of the Federal Reserve
System in accordance with the provisions of this section, but,
otherwise, the Federal Reserve bank stock owned by the national
bank shall be canceled and paid for as provided in section 287 of
this title. Upon the merger or consolidation of a national bank
with a State member bank under a State charter, the membership of
the State bank in the Federal Reserve System shall continue.
Any such State bank which on February 25, 1927, has established
and is operating a branch or branches in conformity with the State
law, may retain and operate the same while remaining or upon
becoming a stockholder of such Federal Reserve bank; but no such
State bank may retain or acquire stock in a Federal Reserve bank
except upon relinquishment of any branch or branches established
after February 25, 1927, beyond the limits of the city, town, or
village in which the parent bank is situated: Provided, however,
That nothing herein contained shall prevent any State member bank
from establishing and operating branches in the United States or
any dependency or insular possession thereof or in any foreign
country, on the same terms and conditions and subject to the same
limitations and restrictions as are applicable to the establishment
of branches by national banks except that the approval of the Board
of Governors of the Federal Reserve System, instead of the
Comptroller of the Currency, shall be obtained before any State
member bank may hereafter establish any branch and before any State
bank hereafter admitted to membership may retain any branch
established after February 25, 1927, beyond the limits of the city,
town, or village in which the parent bank is situated. The
approval of the Board shall likewise be obtained before any State
member bank may establish any new branch within the limits of any
such city, town, or village (except within the District of
Columbia).
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 9 (pars.), 38 Stat. 259; June 21, 1917,
ch. 32, Sec. 3, 40 Stat. 232; Feb. 25, 1927, ch. 191, Sec. 9, 44
Stat. 1229; June 16, 1933, ch. 89, Sec. 5(a), (b), 48 Stat. 164;
June 16, 1934, ch. 546, Sec. 2, 48 Stat. 971; Aug. 23, 1935, ch.
614, title II, Sec. 203(a), title III, Sec. 338, 49 Stat. 704, 721;
Aug. 17, 1950, ch. 729, Sec. 8, 64 Stat. 458; July 15, 1952, ch.
753, Sec. 2(a), 66 Stat. 633.)
-REFTEXT-
REFERENCES IN TEXT
This chapter, referred to in text, was in the original ''this
Act'', meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended,
known as the Federal Reserve Act. For complete classification of
this Act to the Code, see References in Text note set out under
section 226 of this title and Tables.
-COD-
CODIFICATION
Section is comprised of the first three pars. of section 9 of act
Dec. 23, 1913, as amended. The first par. of this section is
comprised of the first par. of section 9 as amended in 1917 (40
Stat. 232). The second par. of this section was added as a new par.
to follow the first par. of section 9, by act Aug. 17, 1950. The
third par. of this section originally constituted the second par.
of section 9, as amended by act Feb. 25, 1927, and became the third
par. when act Aug. 17, 1950 added the new second par. The fourth
to twenty-third pars. of section 9, as amended, are classified to
sections 322 to 338a of this title. Section 329a of this title,
which was based on par. twelve of section 9, was omitted from the
Code. Paragraph twenty-two of section 9, which was classified to
section 337 of this title, was repealed by Pub. L. 89-485, Sec.
13(g), July 1, 1966, 80 Stat. 243.
-MISC3-
AMENDMENTS
1952 - Act July 15, 1952, inserted last sentence to third par.
1950 - Act Aug. 17, 1950, inserted second par., permitting
application for membership in the Federal Reserve System by the
State bank resulting from a conversion, merger, or consolidation
transaction involving a national bank, except where the national
bank merges or consolidates with a State bank already a member of
System in which case the membership continues.
1935 - Act Aug. 23, 1935, Sec. 338, inserted phrase in third
(formerly second) par. beginning ''except that the approval of the
Board of Governors''.
1934 - Act June 16, 1934, inserted third sentence in first par.
1933 - Act June 16, 1933, inserted ''including Morris Plan banks
and other incorporated banking institutions engaged in similar
business'' in first par. and inserted proviso to third (formerly
second) par. through ''branches of national banks''.
1927 - Act Feb. 25, 1927, inserted second par. which became third
par. in 1950. See Codification note above.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-TRANS-
EXCEPTION AS TO TRANSFER OF FUNCTIONS
Functions vested by any provision of law in Comptroller of the
Currency, referred to in this section, not included in transfer of
functions to Secretary of the Treasury, see note set out under
section 1 of this title.
ABOLITION OF RECONSTRUCTION FINANCE CORPORATION
Section 6(a) of Reorg. Plan No. 1 of 1957, eff. June 30, 1957,
22 F.R. 4633, 71 Stat. 647, set out in the Appendix to Title 5,
Government Organization and Employees, abolished Reconstruction
Finance Corporation.
-SECREF-
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in title 7 section 6f.
-CITE-
12 USC Sec. 322 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VIII - STATE BANKS AS MEMBERS OF SYSTEM
-HEAD-
Sec. 322. Determination on application
-STATUTE-
In acting upon such applications the Board of Governors of the
Federal Reserve System shall consider the financial condition of
the applying bank, the general character of its management, and
whether or not the corporate powers exercised are consistent with
the purposes of this chapter.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 9 (par.), as added June 21, 1917, ch.
32, Sec. 3, 40 Stat. 233; amended Aug. 23, 1935, ch. 614, title II,
Sec. 203(a), 49 Stat. 704.)
-COD-
CODIFICATION
Section is comprised of the fourth par. of section 9 of act Dec.
23, 1913, as amended. The fourth par. constituted the second par.
of section 9 in 1917 (40 Stat. 232), became the third par. in 1927
(44 Stat. 1229), and became the fourth par. in 1950 (64 Stat. 458).
For further details, see Codification note set out under section
321 of this title.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-CITE-
12 USC Sec. 323 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VIII - STATE BANKS AS MEMBERS OF SYSTEM
-HEAD-
Sec. 323. Stock in Federal reserve banks; method of payment
-STATUTE-
Whenever the Board of Governors of the Federal Reserve System
shall permit the applying bank to become a stockholder in the
Federal reserve bank of the district its stock subscription shall
be payable on call of the Board of Governors of the Federal Reserve
System, and stock issued to it shall be held subject to the
provisions of this chapter.
-SOURCE-
(Dec. 23, 1913, ch. 6, Sec. 9 (par.), 38 Stat. 259; June 21, 1917,
ch. 32, Sec. 3, 40 Stat. 233; Aug. 23, 1935, ch. 614, title II,
Sec. 203(a), 49 Stat. 704.)
-COD-
CODIFICATION
Section is comprised of the fifth par. of section 9 of act Dec.
23, 1913, as amended. The fifth par. constituted the third par. of
section 9 in 1917 (40 Stat. 232), became the fourth par. in 1927
(44 Stat. 1229), and became the fifth par. in 1950 (64 Stat. 458).
For further details, see Codification note set out under section
321 of this title.
-CHANGE-
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.
-CITE-
12 USC Sec. 324 01/06/03
-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER VIII - STATE BANKS AS MEMBERS OF SYSTEM
-HEAD-
Sec. 324. Laws applicable on becoming members
-STATUTE-
All banks admitted to membership under authority of this section
shall be required to comply with the reserve and capital
requirements of this chapter, to conform to those provisions of law
imposed on national banks which prohibit such banks from lending on
or purchasing their own stock and which relate to the withdrawal or
impairment of their capital stock, and to conform to the provisions
of sections 56 and 60(b) of this title with respect to the payment
of dividends; except that any reference in any such provision to
the Comptroller of the Currency shall be deemed for the purposes of
this sentence to be a reference to the Board of Governors of the
Federal Reserve System. Such banks and the officers, agents, and
employees thereof shall also be subject to the provisions of and to
the penalties prescribed by sections 334, 656, and 1005 of title
18, and shall be required to make reports of condition and of the
payment of dividends to the Federal Reserve bank of which they
become a member. Not less than three of such reports shall be made
annually on call of the Federal Reserve bank on dates to be fixed
by the Board of Governors of the Federal Reserve System. Any bank
which (A) maintains procedures reasonably adapted to avoid any
inadvertent error and, unintentionally and as a result of such an
error, fails to make or publish any report required under this
paragraph, within the period of time specified by the Board, or
submits or publishes any false or misleading report or information,
or (B) inadvertently transmits or publishes any report which is
minimally late, shall be subject to a penalty of not more than
$2,000 for each day during which such failure continues or such
false or misleading information is not corrected. The bank shall
have the burden of proving that an error was inadvertent and that a
report was inadvertently transmitted or published late. Any bank
which fails to make or publish such reports within the period of
time specified by the Board, or submits or publishes any false or
misleading report or information, in a manner not described in the
2nd preceding sentence shall be subject to a penalty of not more
than $20,000 for each day during which such failure continues or
such false or misleading information is not corrected.
Notwithstanding the preceding sentence, if any bank knowingly or
with reckless disregard for the accuracy of any information or
report described in such sentence submits or publishes any false or
misleading report or information, the Board may assess a penalty of
not more than $1,000,000 or 1 percent of total assets of such bank,
whichever is less, per day for each day during which such failure
continues or such false or misleading information is not
corrected. Any penalty imposed under any of the 4 preceding
sentences shall be assessed and collected by the Board in the
manner provided in subparagraphs (E), (F), (G), and (I) of section
1818(i)(2) of this title (for penalties imposed under such section)
and any such assessment (including the determination of the amount
of the penalty) shall be subject to the provisions of such
section. Any bank against which any penalty is assessed under this
subsection shall be afforded an agency hearing if such bank submits
a request for such hearing within 20 days after
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| Enviado por: | El remitente no desea revelar su nombre |
| Idioma: | inglés |
| País: | Estados Unidos |
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