12 U.S.C. § 353
Purchase and sale of cable transfers, acceptances and bills
Any Federal reserve bank may, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, purchase and sell in the open market, at home or abroad, either from or to domestic or foreign banks, firms, corporations, or individuals, cable transfers and bankers’ acceptances and bills of exchange of the kinds and maturities by this chapter made eligible for rediscount, with or without the indorsement of a member bank.
Notes of Decisions
Cited in 1
case, 1980–1980 · leading case: Fed. Reserve Bank v. Metrocentre Improvement Dist. 1, 492 F. Supp. 353 (E.D. Ark. 1980).
Fed. Reserve Bank v. Metrocentre Improvement Dist. 1, 492 F. Supp. 353 (E.D. Ark. 1980). “§ 461 ; and to purchase and sell securities on the open market, 12 U.S.C. §§ 353 , 355, 359. , The legislative history of the Federal Reserve Act, which Act created the Board and the Reserve Banks, clearly indicates that there was to be a distinction between the regional Reserve…”
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