Chapter 75. To amend section 11 (m) of the Act approved December 23, 1913, known as the Federal Reserve Act, as amended by the Acts approved September 7, 1916, and March 3, 1919
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CHAP. 75.— An Act To amend section 11
(m)of the Act approved December 23, 1913, known as the Federal Reserve Act, as amended by the Acts approved September 7, 1916, and March 3, 1919. February 27, 1921. [[S. 4683](/us/bill/66/s/4683).] [[Public, No. 331](/us/pl/66/331).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * Federal Reserve Act Amendments.Vol. 40, p. 1315, amended. That section 11 of the Act approved December 23, 1913, known as the Federal Reserve Act, as amended, be further amended by striking out the whole of subsection (m), and by substituting therefor a subsection to read as follows: " “(m) Upon the affirmative vote of not less than five of its members,Rediscounts by reserve banks extended. the Federal Reserve Board shall have power to permit Federal reserve banks to discount for any member bank notes, drafts, or bills of exchange bearing the signature or endorsement of any one borrowerVol. 40, pp. 234, 235.Limit. in excess of the amount permitted by section 9 and section 13 of this Act, but in no case to exceed 20 per centum of the member bank’s capital and surplus: *Provided, however, *That all such notes,*Provisos.*Security of Liberty bonds, etc., required. drafts, or bills of exchange discounted for any member bank in excess of the amount permitted under such sections shall be secured by not less than a like face amount of bonds or notes of the United States issued since April 24, 1917, for which the borrower shall in good faith prior to January 1, 1921, have paid or agreed to pay not less than the full face amount thereof, or certificates of indebtedness of the United States: *Provided further, *That the provisions ofPermission to cease October 31, 1921. this subsection
(m)shall not be operative after October 31, 1921.” " Approved, February 27, 1921.