§ 355. 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
1,916 words·~9 min read·
/usc/title-12/section-355A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Every Federal Reserve bank shall have power:
(1)To buy and sell, at home or abroad, bonds and notes of the United States, bonds issued under the provisions of subsection
(c)of section 1463 1 of this title and having maturities from date of purchase of not exceeding six months, and bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county, district, political subdivision, or municipality in the continental United States, including irrigation, drainage and reclamation districts, and obligations of, or fully guaranteed as to principal and interest by, a foreign government or agency thereof, such purchases to be made in accordance with rules and regulations prescribed by the Board of Governors of the Federal Reserve System. Notwithstanding any other provision of this chapter, any bonds, notes, or other obligations which are direct obligations of the United States or which are fully guaranteed by the United States as to principal and interest may be bought and sold without regard to maturities but only in the open market.
(2)To buy and sell in the open market, under the direction and regulations of the Federal Open Market Committee, any obligation which is a direct obligation of, or fully guaranteed as to principal and interest by, any agency of the United States.
(Dec. 23, 1913, ch. 6, § 14(b), 38 Stat. 264; Jan. 31, 1934, ch. 7, § 16(b), 48 Stat. 348; Apr. 27, 1934, ch. 168, § 7(b), 48 Stat. 646; Aug. 23, 1935, ch. 614, title II, §§ 203(a), 206(a), 49 Stat. 704, 706; Mar. 27, 1942, ch. 199, title IV, § 401, 56 Stat. 180; Apr. 28, 1947, ch. 44, 61 Stat. 56; June 30, 1950, ch. 425, 64 Stat. 307; June 23, 1952, ch. 454, 66 Stat. 154; June 29, 1954, ch. 422, 68 Stat. 329; June 25, 1956, ch. 447, 70 Stat. 339; Pub. L. 85–476, June 30, 1958, 72 Stat. 261;
Pub. L. 86–567, July 1, 1960, 74 Stat. 295; Pub. L. 87–353, § 3(d), Oct. 4, 1961, 75 Stat. 773; Pub. L. 87–506, June 28, 1962, 76 Stat. 112; Pub. L. 88–344, June 30, 1964, 78 Stat. 235; Pub. L. 89–484, June 30, 1966, 80 Stat. 235; Pub. L. 89–597, § 6, Sept. 21, 1966, 80 Stat. 825; Pub. L. 90–300, May 4, 1968, 82 Stat. 113; Pub. L. 91–360, July 31, 1970, 84 Stat. 668; Pub. L. 92–45, July 2, 1971, 85 Stat. 100; Pub. L. 93–93, Aug. 14, 1973, 87 Stat. 314; Pub. L. 93–495, title I, § 109, Oct. 28, 1974, 88 Stat. 1505;
Pub. L. 94–125, Nov. 12, 1975, 89 Stat. 678; Pub. L. 95–22, title II, § 201, Apr. 19, 1977, 91 Stat. 49; Pub. L. 95–128, title II, § 209, Oct. 12, 1977, 91 Stat. 1131; Pub. L. 95–154, Nov. 7, 1977, 91 Stat. 1256; Pub. L. 95–534, Oct. 27, 1978, 92 Stat. 2032; Pub. L. 96–18, §§ 1, 3, June 8, 1979, 93 Stat. 35, 36; Pub. L. 96–221, title I, § 105(b)(2), Mar. 31, 1980, 94 Stat. 140.)
Connections52 cite this · traces to 6
Cited by 52 sections · top 46
statutes-at-large
- Public Law 92–312
- Public Law 90–505
- Public Law 93–493
- Public Law 87–353
- Public Law 90–300
- Public Law 86–564
- Public Law 88–343
- Public Law 89–482
- Public Law 91–358
- Public Law 92–43
- Public Law 93–93
- Public Law 87–503
- Public Law 89–596
- Public Law 95–154
- Public Law 403
- Public Law 95–534
- Public Law 94–125
- Public Law 94–482To extend the Higher Education Act of 1995, to extend and revise the Vocational Education Act of 1983, and for other purposes
- Public Law 99–498To reauthorize and revise the Higher Education Act of 1965, and for other purposes
- Public Law 95–22To extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions
- Public Law 96–18To amend the Federal Reserve Act to authorize Federal Reserve banks to lend certain obligations to the Secretary of the Treasury to meet the short-term cash requirements of the Treasury, and for other purposes
- Public Law 95–128To amend certain Federal laws pertaining to community development, housing, and related programs
- Public Law 96–221To facilitate the implementation of monetary policy, to provide for the gradual elimination of all limitations on the rates of interest which are payable on deposits and accounts, and to authorize interest-bearing transaction accounts, and for other purposes
U.S. Code
- § 355Purchase 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
- § 347Advances to member banks on their notes
- § 2158Purchase and sale by Federal Reserve System
register
statute-compilations
bill
- Sec. 301Amendment to the Federal Reserve Act
- Sec. 2Independence from credit policy
- Sec. 2Independence from credit policy
- Sec. 3Independence from credit policy
- Sec. 3Independence from credit policy
- Sec. 301Muni Facility
- Sec. 2Purchase of COVID–19 related municipal issuances
- Sec. 301Muni Facility
- Sec. 110801Emergency relief for State, territorial, Tribal, and local governments
- Sec. 110801Emergency relief for State, territorial, Tribal, and local governments
- Sec. 110801Emergency relief for State, territorial, Tribal, and local governments
- Sec. 2Emergency relief for State, territorial, Tribal, and local governments
- Sec. 2Emergency relief for State, territorial, Tribal, and local governments
- Sec. 2Independence from credit policy
- Sec. 2Open market operations
- Sec. 304Corporate funds
- Sec. 2Amendments to the Federal Reserve Act
- Sec. 2Amendments to the Federal Reserve Act
Traces to 6 documents
U.S. Code
- Supervision of savings associations§ 1463
- “Federal Reserve Act”§ 226
- Purchase and sale of cable transfers, acceptances and bills§ 353
- Enumerated powers§ 248
- 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
- Omitted§ 359a
75 references not yet in our index
- 1
- Dec. 23, 1913, ch. 6, § 14(b)
- 38 Stat. 264
- Jan. 31, 1934, ch. 7, § 16(b)
- 48 Stat. 348
- Apr. 27, 1934, ch. 168, § 7(b)
- 48 Stat. 646
- Aug. 23, 1935, ch. 614
- 49 Stat. 704
- Mar. 27, 1942, ch. 199
- 56 Stat. 180
- Apr. 28, 1947, ch. 44
- 61 Stat. 56
- June 30, 1950, ch. 425
- 64 Stat. 307
- June 23, 1952, ch. 454
- 66 Stat. 154
- June 29, 1954, ch. 422
- 68 Stat. 329
- June 25, 1956, ch. 447
- 70 Stat. 339
- Pub. L. 85–476
- 72 Stat. 261
- Pub. L. 86–567
- 74 Stat. 295
- Pub. L. 87–353, § 3(d)
- 75 Stat. 773
- Pub. L. 87–506
- 76 Stat. 112
- Pub. L. 88–344
- 78 Stat. 235
- Pub. L. 89–484
- 80 Stat. 235
- Pub. L. 89–597, § 6
- 80 Stat. 825
- Pub. L. 90–300
- 82 Stat. 113
- Pub. L. 91–360
- 84 Stat. 668
- Pub. L. 92–45
+ 35 more
Citation graph
cites case law
§ 355
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
Stat.×27
Bills×18
U.S.C.×4
Stat. Comp.×2
Fed. Reg.×1
Cite1
ActDec. 23, 1913, ch. 6, § 14(b)
Stat.38 Stat. 264
ActJan. 31, 1934, ch. 7, § 16(b)
Stat.48 Stat. 348
Cites 81 · showing 11Cited by 52 across 5 sources