United States Code (Last Updated: May 24, 2014) |
Title 12. BANKS AND BANKING |
Chapter 3. FEDERAL RESERVE SYSTEM |
SubChapter IX. POWERS AND DUTIES OF FEDERAL RESERVE BANKS |
§ 356. Purchase of commercial paper from member banks and sale of same
Latest version.
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Every Federal reserve bank shall have power to purchase from member banks and to sell, with or without its indorsement, bills of exchange arising out of commercial transactions, as hereinbefore defined.
Codification
Section is comprised of subsec. (c) of section 14 of act