[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC353]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 353. Purchase and sale of cable transfers, acceptances and
bills
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.
(Dec. 23, 1913, ch. 6, Sec. 14 (par.), 38 Stat. 264; Aug. 23, 1935, ch.
614, title II, Sec. 203(a), 49 Stat. 704.)
Codification
Section is comp
