§ 358. — Establishment of accounts for purposes of openmarket operations; correspondents and agencies.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC358]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 358. Establishment of accounts for purposes of open-market
operations; correspondents and agencies
Every Federal reserve bank shall have power to establish accounts
with other Federal reserve banks for exchange purposes and, with the
consent or upon the order and direction of the Board of Governors of the
Federal Reserve System and under regulations to be prescribed by said
Board, to open and maintain accounts in foreign countries, appoint
correspondents, and establish agencies in such countries wheresoever it
may be deemed best for the purpose of purchasing, selling, and
collecting bills of exchange, and to buy and sell, with or without its
indorsement, through such correspondents or agencies, bills of exchange
(or acceptances) arising out of actual commercial transactions which
have not more than ninety days to run, exclusive of days of grace, and
which bear the signature of two or more responsible parties, and, with
the consent of the Board of Governors of the Federal Reserve System, to
open and maintain banking accounts for such foreign correspondents or
agencies, or for foreign banks or bankers, or for foreign states as
defined in section 632 of this title. Whenever any such account has been
opened or agency or correspondent has been appointed by a Federal
reserve bank, with the consent of or under the order and direction of
the Board of Governors of the Federal Reserve System, any other Federal
reserve bank may, with the consent and approval of the Board of
Governors of the Federal Reserve System, be permitted to carry on or
conduct, through the Federal reserve bank opening such account or
appointing such agency or correspondent, any transactions authorized by
this section under rules and regulations to be prescribed by the board.
(Dec. 23, 1913, ch. 6, Sec. 14(e), 38 Stat. 264; Sept. 7, 1916, ch. 461,
39 Stat. 754; June 21, 1917, ch. 32, Sec. 6, 40 Stat. 235; Aug. 23,
1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704; Apr. 7, 1941, ch.
43, Sec. 1, 55 Stat. 131.)
Codification
Section is comprised of subsec. (e) 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
1941--Act Apr. 7, 1941, inserted in first sentence ``and which bear
the signature of two or more responsible parties'' and ``or for foreign
states as defined in section 632 of this title''.
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.
