Sec. 2. Open market operations

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Section 14(b) of the Federal Reserve Act ( 12 U.S.C. 355 ) is amended by adding at the end the following: In unusual and exigent circumstances, the Board of Governors of the Federal Reserve System, by the affirmative vote of not fewer than 5 members, may authorize any Federal reserve bank, during such periods as the Board may determine, to buy and sell, at home or abroad, bills, notes, revenue bonds, and warrants of any maturity, by any State, county, district, political subdivision, instrumentality of a political subdivision, territory, possession, or municipality in the United States, including irrigation, drainage and reclamation districts.

All such actions shall be subject to such limitations, restrictions, and regulations as the Board may prescribe. .

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U.S. Code

Purchase and sale of obligations of National, State, and municipal governments; open market operations; purchases and sales from or to United States; maximum aggregate amount of obligations acquired directly from or loaned directly to United States
§ 355

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Sec. 2

Open market operations

U.S.C.§ 355

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