12 U.S.C. § 353
Section 353 · Purchase and sale of cable transfers, acceptances and bills
This is § 14 of the Federal Reserve Act of 1913
Amended 2 times on record
Applied in 1 court decisions — leading case 492 F. Supp. 353 - Federal Reserve Bank v. Metrocentre Improvement District 1 (1980)
Most recently applied in 492 F. Supp. 353 - Federal Reserve Bank v. Metrocentre Improvement District 1 (June 1980)
Any Federal reserve bank may, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, purchase and sell in the open market, at home or abroad, either from or to domestic or foreign banks, firms, corporations, or individuals, cable transfers and bankers’ acceptances and bills of exchange of the kinds and maturities by this chapter made eligible for rediscount, with or without the indorsement of a member bank.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Codification
Section is comprised of opening par. of section 14 of act Dec. 23, 1913. Subsecs. (a) to (e) of section 14 and subsec. (f) of section 14, as added Mar. 4, 1923, ch. 252, title IV, §405, 42 Stat. 1480, are set out as sections 354 to 359 of this title, respectively.
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.