§ 357. — Establishment of rates of discount.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC357]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 357. Establishment of rates of discount
Every Federal reserve bank shall have power to establish from time
to time, subject to review and determination of the Board of Governors
of the Federal Reserve System, rates of discount to be charged by the
Federal reserve bank for each class of paper, which shall be fixed with
a view of accommodating commerce and business, but each such bank shall
establish such rates every fourteen days, or oftener if deemed necessary
by the Board.
(Dec. 23, 1913, ch. 6, Sec. 14(d), 38 Stat. 264; Apr. 13, 1920, ch. 128,
41 Stat. 550; Mar. 4, 1923, ch. 252, title IV, Sec. 407, 42 Stat. 1480;
Aug. 23, 1935, ch. 614, title II, Secs. 203(a), 206(b), 49 Stat. 704,
706.)
Codification
Section is comprised of subsec. (d) of section 14 of act Dec. 23,
1913. For classification to this title of remainder of section 14, see
Codification note under section 353 of this title.
Amendments
1935--Act Aug. 23, 1935, Sec. 206(b), inserted words at end of
section beginning ``but each such''.
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, 343, 412 of this title.
