Notes on federal reserve system : US Code - Notes

Search Notes on federal reserve system : US Code - Notes

SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
Sec.
221. Definitions.
221a. Additional definitions.
222. Federal reserve districts; membership of national
banks.
223. Number of Federal reserve cities in district.
224. Status of reserve cities under former statutes.
225. Federal reserve banks; title.
225a. Maintenance of long run growth of monetary and credit
aggregates.
225b. Appearances before and reports to the Congress.
226. "Federal Reserve Act."
227. "Banking Act of 1933."
228. "Banking Act of 1935."

SUBCHAPTER II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
241. Creation; membership; compensation and expenses.
242. Ineligibility to hold office in member banks;
qualifications and terms of office of members;
chairman and vice chairman; oath of office.
243. Assessments upon Federal reserve banks to pay
expenses.
244. Principal offices of Board; chairman of Board;
obligations and expenses; qualifications of members;
vacancies.
245. Vacancies during recess of Senate.
246. Powers of Secretary of the Treasury as affected by
chapter.
247. Reports to Congress.
247a. Records of action on policy relating to open-market
operation and policies determined generally;
inclusion in report to Congress.
248. Enumerated powers.
248-1. Rules and regulations for transfer of funds and
charges therefor among banks; clearing houses.
248a. Pricing of services.
248b. Annual independent audits of Federal reserve banks and
Board.
249. Repealed.
250. Independence of financial regulatory agencies.
251. Repealed.
252. Credit availability assessment.

SUBCHAPTER III - FEDERAL ADVISORY COUNCIL
261. Creation; membership; compensation; meetings;
officers; procedure; quorum; vacancies.
262. Powers.

SUBCHAPTER IV - FEDERAL OPEN MARKET COMMITTEE
263. Federal Open Market Committee; creation; membership;
regulations governing open-market transactions.

SUBCHAPTER V - FEDERAL DEPOSIT INSURANCE CORPORATION
264. Transferred.
265. Insured banks as depositaries of public money; duties;
security; discrimination between banks prohibited;
repeal of inconsistent laws.
266. State-chartered banks and other institutions as
depositaries of public money; fiscal agents; duties.

SUBCHAPTER VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS;
DIVIDENDS AND EARNINGS
281. Capital.
282. Subscription to capital stock by national banking
association.
283. Public subscription to capital stock.
284. Omitted.
285. Nonvoting stock.
286. Transfers of stock; rules and regulations.
287. Value of shares of stock; increase and decrease of
stock; member banks as shareholders; surrender of
shares.
288. Cancellation of stock held by member bank on
insolvency or discontinuance of banking operations
for sixty days; repayment of cash-paid subscriptions.
289. Dividends and surplus funds of reserve banks; transfer
for fiscal year 2000.
290. Use of earnings transferred to Treasury.

SUBCHAPTER VII - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS
AND ASSISTANTS
301. Powers and duties of board of directors; suspension of
member bank for undue use of bank credit.
302. Number of members; classes.
303. Qualifications and disabilities.
304. Class A and class B directors; selection.
305. Class C directors; selection; "Federal reserve agent."
306. Assistants to Federal reserve agent.
307. Compensation of directors.
308. Terms of directors; vacancies.

SUBCHAPTER VIII - STATE BANKS AS MEMBERS OF SYSTEM
321. Application for membership.
322. Determination on application.
323. Stock in Federal reserve banks; method of payment.
324. Laws applicable on becoming members.
325. Examinations.
326. Acceptance of examinations and reports by State
authorities; special examinations.
327. Surrender of stock and cancellation of memberships.
328. Withdrawals from membership.
329. Capital stock required as condition precedent to
membership.
329a. Omitted.
330. Laws applicable on becoming members; discounts for
State banks.
331. Certifying checks on State banks admitted as members.
332. Depositaries of public money; financial agents;
security required.
333. Mutual savings banks; application and admission to
membership in Federal Reserve System.
334. Reports from affiliates; penalty for failure to
furnish.
335. Dealing in investment securities; limitations and
conditions.
336. Certificates of stock; representation of stock of
other corporations.
337. Repealed.
338. Examination of affiliates; forfeiture of membership on
refusal of affiliate to give information or pay
expense.
338a. Investments to promote public welfare and community
development; limitation on investments.
339. Participation by State member banks in lotteries and
related activities.
339a. Resolution of clearing banks.

SUBCHAPTER IX - POWERS AND DUTIES OF FEDERAL RESERVE BANKS
341. General enumeration of powers.
342. Deposits; exchange and collection; member and
nonmember banks or other depository institutions;
charges.
343. Discount of obligations arising out of actual
commercial transactions.
344. Discount or purchase of bills to finance agricultural
shipments.
345. Rediscount of notes, drafts, and bills for member
banks; limitation of amount.
346. Discount of acceptances.
347. Advances to member banks on their notes.
347a. Advances 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.
347b. Advances to individual member banks on time or demand
notes; maturities; time notes secured by mortgage
loans covering one-to-four family residences.
347c. Advances to individuals, partnerships, and
corporations; security; interest rate.
347d. Transactions between Federal Reserve banks and branch
or agency of foreign bank; matters considered.
348. Discount of obligations given for agricultural
purposes or based upon livestock; collateral security
for Federal reserve notes.
348a. Transactions with foreign banks; supervision of Board
of Governors of the Federal Reserve System.
349. Rediscount for intermediate credit banks of
obligations given for agricultural purposes; discount
of notes made pursuant to section 1031.
350. Purchase and sale of debentures and like obligations
of intermediate credit banks and agricultural credit
corporations.
351. Obligations of cooperative marketing association as
issued or drawn for agricultural purposes.
352. Limitation on amount of obligations of certain
maturities which may be discounted and rediscounted.
352a. Repealed.
353. Purchase and sale of cable transfers, acceptances and
bills.
354. Transactions involving gold coin, bullion, and
certificates.
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.
356. Purchase of commercial paper from member banks and
sale of same.
357. Establishment of rates of discount.
358. Establishment of accounts for purposes of open-market
operations; correspondents and agencies.
359. Purchase and sale of acceptances of intermediate
credit banks and agricultural credit corporations.
359a. Omitted.
360. Receiving checks and drafts on deposit at par; charges
for collections, exchange, and clearances.
361. Bills receivable, bills of exchange, acceptances;
regulations by Board of Governors.
362 to 364. Omitted.

SUBCHAPTER X - POWERS AND DUTIES OF MEMBER BANKS
371. Real estate loans.
371a. Payment of interest on demand deposits.
371b. Rate of interest on time deposits; payment of time
deposits before maturity; waiver of notice
requirements for withdrawal of savings deposits.
371b-1. Repealed.
371b-2. Interbank liabilities.
371c. Banking affiliates.
371c-1. Restrictions on transactions with affiliates.
371d. Investment in bank premises or stock of corporation
holding premises.
372. Bankers' acceptances.
373. Acceptance of drafts or bills drawn by banks in
foreign countries or dependencies of United States
for purpose of dollar exchange.
374. Acting as agent for nonmember bank in getting
discounts from reserve bank.
374a. Acting as agent for nonbanking borrower in making
loans on securities to dealers in stocks, bonds,
etc.; penalties.
375. Purchases from directors; sales to directors.
375a. Loans to executive officers of banks.
375b. Extensions of credit to executive officers, directors,
and principal shareholders of member banks.
376. Rate of interest paid to directors, etc.
377. Repealed.
378. Dealers in securities engaging in banking business;
individuals or associations engaging in banking
business; examinations and reports; penalties.

SUBCHAPTER XI - DEPOSITARIES AND FISCAL AGENTS
391. Federal reserve banks as Government depositaries and
fiscal agents.
391a. Reimbursement of Federal Reserve Banks.
392. Depositaries of Government funds as confined to banks
in Federal reserve system; member banks as
depositaries.
393. Federal reserve banks as depositaries for Farm Credit
System.
394. Federal reserve banks as depositaries for and fiscal
agents of Home Owners' Loan Corporation.
395. Federal reserve banks as depositaries, custodians and
fiscal agents for Commodity Credit Corporation.

SUBCHAPTER XII - FEDERAL RESERVE NOTES
411. Issuance to reserve banks; nature of obligation;
redemption.
412. Application for notes; collateral required.
413. Distinctive letter and serial number of notes;
cancellation of notes unfit for circulation;
accounting; apportionment of credit among Federal
Reserve banks.
414. Authority of Board of Governors respecting issuance of
notes; interest; lien.
415. Reduction of liability for outstanding notes by
depositing notes and collateral and payment of notes
of series prior to 1928; reissue of deposited notes.
416. Withdrawal of collateral deposited to protect notes
and substitution of other collateral; retirement of
notes; payment of notes of series prior to 1928;
recovery of collateral; reissue of deposited notes.
417. Custody and safe-keeping of notes issued to and
collateral deposited with reserve agent.
418. Printing of notes; denomination and form.
419. Delivery of notes prior to delivery to banks.
420. Control and direction of plates and dies; expense of
issue and retirement of notes paid by banks.
421. Examination of plates and dies.
422. Repealed.

SUBCHAPTER XIII - CIRCULATING NOTES AND BONDS SECURING SAME
441 to 448. Omitted.

SUBCHAPTER XIV - BANK RESERVES
461. Reserve requirements.
462 to 462c. Omitted or Repealed.
463. Limitation on amount of balance with any depository
institution without access to Federal Reserve
advances.
464. Checking against and withdrawal of reserve balance.
465. Basis for ascertaining deposits against which required
balance is determined.
466. Reserves of banks in dependencies or insular
possessions.
467. Deposits of gold coin, gold certificates, and Special
Drawing Right certificates with United States
Treasurer.

SUBCHAPTER XV - BANK EXAMINATIONS
481. Appointment of examiners; examination of member banks,
State banks, and trust companies; reports.
482. Employees of Office of Comptroller of the Currency;
appointment; compensation and benefits.
483. Special examination of member banks; information of
condition furnished to Board of Governors of the
Federal Reserve System.
484. Limitation on visitorial powers.
485. Examination of Federal reserve banks.
486. Waiver of requirements as to reports from or
examinations of affiliates.

SUBCHAPTER XVI - CIVIL LIABILITY OF FEDERAL RESERVE AND MEMBER
BANKS, SHAREHOLDERS, AND OFFICERS
501. Liability of Federal reserve or member bank for
certifying check when amount of deposit was
inadequate.
501a. Forfeiture of franchise of national banks for failure
to comply with provisions of this chapter.
502. Liability of shareholders of Federal reserve banks on
contracts, etc.
503. Liability of directors and officers of member banks.
504. Civil money penalty.
505. Civil money penalty.
506. Notice after separation from service.

SUBCHAPTER XVII - RESERVE-BANK BRANCHES
521. Reserve-bank branches; establishment; directors;
discontinuance of branches; approval for erection of
branch bank building.
522. Federal reserve branch bank buildings.