§ 348a. — Transactions with foreign banks; supervision of Board of Governors of the Federal Reserve System.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC348a]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 348a. Transactions with foreign banks; supervision of Board
of Governors of the Federal Reserve System
The Board of Governors of the Federal Reserve System shall exercise
special supervision over all relationships and transactions of any kind
entered into by any Federal reserve bank with any foreign bank or
banker, or with any group of foreign banks or bankers, and all such
relationships and transactions shall be subject to such regulations,
conditions, and limitations as the Board may prescribe. No officer or
other representative of any Federal reserve bank shall conduct
negotiations of any kind with the officers or representatives of any
foreign bank or banker without first obtaining the permission of the
Board of Governors of the Federal Reserve System. The Board of Governors
of the Federal Reserve System shall have the right, in its discretion,
to be represented in any conference or negotiations by such
representative or representatives as the Board may designate. A full
report of all conferences or negotiations, and all understandings or
agreements arrived at or transactions agreed upon, and all other
material facts appertaining to such conferences or negotiations, shall
be filed with the Board of Governors of the Federal Reserve System in
writing by a duly authorized officer of each Federal reserve bank which
shall have participated in such conferences or negotiations.
(Dec. 23, 1913, ch. 6, Sec. 14(g), as added June 16, 1933, ch. 89,
Sec. 10, 48 Stat. 181; amended Aug. 23, 1935, ch. 614, title II,
Sec. 203(a), 49 Stat. 704.)
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.
Section Referred to in Other Sections
This section is referred to in sections 263, 412 of this title.
