12 U.S.C. § 2285

Functions

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(a) Purchase and sale of obligations issued, sold, or guaranteed by Federal agencies

The Bank is authorized to make commitments to purchase and sell, and to purchase and sell on terms and conditions determined by the Bank, any obligation which is issued, sold, or guaranteed by a Federal agency. Any Federal agency which is authorized to issue, sell, or guarantee any obligation is authorized to issue or sell such obligations directly to the Bank.

(b) Yield

Any purchase by the Bank shall be upon such terms and conditions as to yield a return at a rate not less than a rate determined by the Secretary of the Treasury taking into consideration (1) the current average yield on outstanding marketable obligations of the United States of comparable maturity, or (2) whenever the Bank’s own obligations outstanding are sufficient, the current average yield on outstanding obligations of the Bank of comparable maturity.

The Bank is authorized to charge fees for its commitments and other services adequate to cover all expenses and to provide for the accumulation of reasonable contingency reserves.

(Pub. L. 93–224, § 6, Dec. 29, 1973, 87 Stat. 938.)

Notes of Decisions

Cited in 3 cases, 1978–1996 · leading case: Consol. Aluminum Corp. v. Tennessee Valley Auth., 462 F. Supp. 464 (M.D. Tenn. 1978).

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Consol. Aluminum Corp. v. Tennessee Valley Auth., 462 F. Supp. 464 (M.D. Tenn. 1978). “The Federal Financing Bank may resell in the public markets any bonds of federal agencies which it holds ( 12 U.S.C. § 2285 (a) (1976). 7. TVA power is sold to three types of customers: (a) some 160 municipalities and cooperatives (together with one small private utility) which…”

Transactions Between the Fed. Fin. Bank & the Dep't of the Treasury (OLC 1996). · cites it 4× “” 12 U.S.C. § 2285 (a); see also Consolidated Aluminum Corp.”

Auth. of the Fed. Fin. Bank to Provide Loans to the Resolution Trust Corp. (OLC 1990). · cites it 3× “Section 6 of the Federal Financ ing Bank Act of 1973 (“the FFB Act”), 12 U.S.C. § 2285 , authorizes the Bank to provide loans by directly purchasing notes or other obligations from any “Federal agency” that is authorized to issue such obligations.”

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