§ 356 - Purchase of commercial paper from member banks and sale of same

CHAPTER 3— FEDERAL RESERVE SYSTEM › SUBCHAPTER IX— POWERS AND DUTIES OF FEDERAL RESERVE BANKS

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.

Notes

Editorial Notes

Codification

Section is comprised of subsec. (c) of section 14 of act Dec. 23, 1913. For classification to this title of remainder of section 14, see Codification note under section 353 of this title.