U.S. Code » Title 12 » Chapter CHAPTER 3— FEDERAL RESERVE SYSTEM › Subchapter SUBCHAPTER IX— POWERS AND DUTIES OF FEDERAL RESERVE BANKS

12 U.S.C. § 357

Establishment of rates of discount

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Every Federal reserve bank shall have power to establish from time to time, subject to review and determination of the Board of Governors of the Federal Reserve System, rates of discount to be charged by the Federal reserve bank for each class of paper, which shall be fixed with a view of accommodating commerce and business, but each such bank shall establish such rates every fourteen days, or oftener if deemed necessary by the Board.

Notes of Decisions
Cited in 6 cases, 1929–2019 · leading case: Starr Int'l Co. v. United States, 106 Fed. Cl. 50 (Fed. Cl. 2012).
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Starr Int'l Co. v. United States, 106 Fed. Cl. 50 (Fed. Cl. 2012). · cites it 3× “12 U.S.C. § 357 (2006). In unusual and exigent circumstances, the Board of Governors of the Federal Reserve System .”
United States v. Philadelphia Nat'l Bank, 374 U.S. 321 (1963). · cites it 2× “§§ 263 (c), 353-359, control of the rediscount rate, see 12 U. S. C. § 357 , and modifications of reserve requirements, see 12 U.”
United States v. Wells Fargo, 943 F.3d 588 (2d Cir. 2019). “See 12 U.S.C. § 357 (providing that the rates are “subject to review and determination” by the Board); 12 C.”
Starr Int'l Co., Inc v. United States, 121 Fed. Cl. 428 (Fed. Cl. 2015). · cites it 2× “§ 343 (2006), and to establish an interest rate “fixed with a view of accommodating commerce and business,” 12 U.S.C. § 357 . However, Section 13(3) did not authorize the Federal Reserve Bank to acquire a borrower’s equity as consideration for the loan.”
Raichle v. Fed. Reserve Bank of New York, 34 F.2d 910 (2d Cir. 1929). · cites it 2× “The power “to establish from time to time, subject to review and determination of the Federal Reserve Board, rates of discount to be charged by the Federal Reserve Bank,” appears in the act (12 USCA § 357) with the open market powers.”
Kolb v. Naylor, 658 F. Supp. 520 (N.D. Iowa 1987). “The Federal Reserve Board is authorized to review the interest rate charged by member banks, 12 U.S.C. § 357 . The Board also sets the amount of reserve that member banks must maintain against deposits.”
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