§ 354. — Transactions involving gold coin, bullion, and certificates.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC354]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 354. Transactions involving gold coin, bullion, and
certificates
Every Federal reserve bank shall have power to deal in gold coin and
bullion at home or abroad, to make loans thereon, exchange Federal
reserve notes for gold, gold coin, or gold certificates, and to contract
for loans of gold coin or bullion, giving therefor, when necessary,
acceptable security, including the hypothecation of United States bonds
or other securities which Federal reserve banks are authorized to hold.
(Dec. 23, 1913, ch. 6, Sec. 14(a), 38 Stat. 264.)
Codification
Section is comprised of subsec. (a) of section 14 of act Dec. 23,
1913. For classification to this title of remainder of section 14, see
Codification note set out under section 353 of this title.
Section Referred to in Other Sections
This section is referred to in sections 263, 412 of this title.
