§ 412. Application for notes; collateral required
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/usc/title-12/section-412A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any Federal Reserve bank may make application to the local Federal Reserve agent for such amount of the Federal Reserve notes hereinbefore provided for as it may require. Such application shall be accompanied with a tender to the local Federal Reserve agent of collateral in amount equal to the sum of the Federal Reserve notes thus applied for and issued pursuant to such application. The collateral security thus offered shall be notes, drafts, bills of exchange, or acceptances acquired under section 92, 342 to 348, 349 to 352, 361, 372, or 373 of this title, or bills of exchange endorsed by a member bank of any Federal Reserve district and purchased under the provisions of sections 348a and 353 to 359 of this title, or bankers’ acceptances purchased under the provisions of said sections 348a and 353 to 359 of this title, or gold certificates, or Special Drawing Right certificates, or any obligations which are direct obligations of, or are fully guaranteed as to principal and interest by, the United States or any agency thereof, or assets that Federal Reserve banks may purchase or hold under sections 348a and 353 to 359 of this title or any other asset of a Federal Reserve bank.
In no event shall such collateral security be less than the amount of Federal Reserve notes applied for. The Federal Reserve agent shall each day notify the Board of Governors of the Federal Reserve System of all issues and withdrawals of Federal Reserve notes to and by the Federal Reserve bank to which he is accredited. The said Board of Governors of the Federal Reserve System may at any time call upon a Federal Reserve bank for additional security to protect the Federal Reserve notes issued to it.
Collateral shall not be required for Federal Reserve notes which are held in the vaults of, or are otherwise held by or on behalf of, Federal Reserve banks.
(Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 265; Sept. 7, 1916, ch. 461, 39 Stat. 754; June 21, 1917, ch. 32, § 7, 40 Stat. 236; Feb. 27, 1932, ch. 58, § 3, 47 Stat. 57; Feb. 3, 1933, ch. 34, 47 Stat. 794; Jan. 30, 1934, ch. 6, § 2(b)(2), 48 Stat. 338; Mar. 6, 1934, ch. 47, 48 Stat. 398; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Mar. 1, 1937, ch. 20, 50 Stat. 23; June 30, 1939, ch. 256, 53 Stat. 991; June 30, 1941, ch. 264, 55 Stat. 395; May 25, 1943, ch. 102, 57 Stat. 85;
June 12, 1945, ch. 186, § 2, 59 Stat. 237; Pub. L. 90–349, § 5(a), June 19, 1968, 82 Stat. 189; Pub. L. 95–630, title I, § 113, Nov. 10, 1978, 92 Stat. 3671; Pub. L. 96–221, title I, § 105(b)(1), Mar. 31, 1980, 94 Stat. 140; Pub. L. 106–122, Dec. 6, 1999, 113 Stat. 1638; Pub. L. 108–100, § 19(d), Oct. 28, 2003, 117 Stat. 1193.)
Connections16 cite this · traces to 3
Cited by 16 sections · top 15
U.S. Code
- § 226“Federal Reserve Act”
- § 5001Findings; purposes
- § 347aAdvances to member bank groups; inadequate amounts of eligible and acceptable assets; liability of individual banks in group; distribution of loans among banks of group; rate of interest; notes accepted for advances as collateral security for Federal reserve notes; foreign obligations as security for advances
- § 5018Depositary services efficiency and cost reduction
statutes-at-large
- Public Law 90–347
- Public Law 347
- Public Law 106–122To amend the Federal Reserve Act to broaden the range of discount window loans which may be used as collateral for Federal reserve notes
- Public Law 95–630To extend the authority for the flexible regulation of Interest rates on deposits and accounts in depository institutions
- 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
- Public Law 10
- Public Law 108–100To facilitate check truncation by authorizing substitute checks, to foster innovation in the check collection system without mandating receipt of checks in electronic form, and to improve the overall efficiency of the Nation’s payments system, and for other purposes
- Public Law 9
42 references not yet in our index
- Dec. 23, 1913, ch. 6, § 16
- 38 Stat. 265
- Sept. 7, 1916, ch. 461
- 39 Stat. 754
- June 21, 1917, ch. 32, § 7
- 40 Stat. 236
- Feb. 27, 1932, ch. 58, § 3
- 47 Stat. 57
- Feb. 3, 1933, ch. 34
- 47 Stat. 794
- Jan. 30, 1934, ch. 6, § 2(b)(2)
- 48 Stat. 338
- Mar. 6, 1934, ch. 47
- 48 Stat. 398
- Aug. 23, 1935, ch. 614
- 49 Stat. 704
- Mar. 1, 1937, ch. 20
- 50 Stat. 23
- June 30, 1939, ch. 256
- 53 Stat. 991
- June 30, 1941, ch. 264
- 55 Stat. 395
- May 25, 1943, ch. 102
- 57 Stat. 85
- June 12, 1945, ch. 186, § 2
- 59 Stat. 237
- Pub. L. 90–349, § 5(a)
- 82 Stat. 189
- Pub. L. 95–630, title I, § 113
- 92 Stat. 3671
- Pub. L. 96–221, title I, § 105(b)(1)
- 94 Stat. 140
- Pub. L. 106–122
- 113 Stat. 1638
- Pub. L. 108–100, § 19(d)
- 117 Stat. 1193
- Pub. L. 108–100
- Pub. L. 96–221
- Pub. L. 95–630
- Pub. L. 90–349
+ 2 more
Citation graph
cites case law
§ 412
Application for notes; collateral required
Stat.×8
U.S.C.×5
Stat. Comp.×3
ActDec. 23, 1913, ch. 6, § 16
Stat.38 Stat. 265
ActSept. 7, 1916, ch. 461
Stat.39 Stat. 754
ActJune 21, 1917, ch. 32, § 7
Cites 45 · showing 8Cited by 16 across 3 sources