§ 347d. — Transactions between Federal Reserve banks and branch or agency of foreign bank; matters considered.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC347d]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 347d. Transactions between Federal Reserve banks and branch
or agency of foreign bank; matters considered
Subject to such restrictions, limitations, and regulations as may be
imposed by the Board of Governors of the Federal Reserve System, each
Federal Reserve bank may receive deposits from, discount paper endorsed
by, and make advances to any branch or agency of a foreign bank in the
same manner and to the same extent that it may exercise such powers with
respect to a member bank if such branch or agency is maintaining
reserves with such Reserve bank pursuant to section 3105 of this title.
In exercising any such powers with respect to any such branch or agency,
each Federal Reserve bank shall give due regard to account balances
being maintained by such branch or agency with such Reserve bank and the
proportion of the assets of such branch or agency being held as reserves
under section 3105 of this title. For the purposes of this paragraph,
the terms ``branch'', ``agency'', and ``foreign bank'' shall have the
same meanings assigned to them in section 3101 of this title.
(Dec. 23, 1913, ch. 6, Sec. 13 (par.), as added Pub. L. 95-369,
Sec. 7(b), Sept. 17, 1978, 92 Stat. 621.)
Codification
Section is comprised of the fourteenth (last) par. of section 13 of
act Dec. 23, 1913, as added by act Sept. 17, 1978. For additional
details concerning the enactment and numbering of the first thirteen
pars. of section 13, see Codification notes set out under sections 92,
342 to 347, 347c, 361, 372, and 373 of this title.
Prior Provisions
A prior section 347d, act Mar. 9, 1933, ch. 1, Sec. 404, as added
Mar. 24, 1933, ch. 8, Sec. 1, 48 Stat. 20, which related to direct loans
to State banks and trust companies, was omitted from the Code as
terminated since by its own terms, it was effective for only one year
following date of its enactment, Mar. 24, 1933.
Section Referred to in Other Sections
This section is referred to in sections 84, 412, 461 of this title.
