Title 12 — Banks and BankingRelease 119-73
§348a Transactions with foreign banks; supervision of Board of Governors of the Federal Reserve System
Title 12 › Chapter CHAPTER 3— - FEDERAL RESERVE SYSTEM › Subchapter SUBCHAPTER IX— - POWERS AND DUTIES OF FEDERAL RESERVE BANKS › § 348a
Summary
Federal Reserve Board must supervise dealings between Federal Reserve Banks and foreign banks or bankers and can set rules. No bank officer may negotiate with a foreign bank without the Board’s permission. The Board may send representatives. Banks involved must file a written report, signed by an authorized officer, describing talks and agreements.
Full Legal Text
Title 12, §348a
Banks and Banking — Source: USLM XML via OLRC
The Board of Governors of the Federal Reserve System shall exercise special supervision over all relationships and transactions of any kind entered into by any Federal reserve bank with any foreign bank or banker, or with any group of foreign banks or bankers, and all such relationships and transactions shall be subject to such regulations, conditions, and limitations as the Board may prescribe. No officer or other representative of any Federal reserve bank shall conduct negotiations of any kind with the officers or representatives of any foreign bank or banker without first obtaining the permission of the Board of Governors of the Federal Reserve System. The Board of Governors of the Federal Reserve System shall have the right, in its discretion, to be represented in any conference or negotiations by such representative or representatives as the Board may designate. A full report of all conferences or negotiations, and all understandings or agreements arrived at or transactions agreed upon, and all other material facts appertaining to such conferences or negotiations, shall be filed with the Board of Governors of the Federal Reserve System in writing by a duly authorized officer of each Federal reserve bank which shall have participated in such conferences or negotiations.
Legislative History
Notes & Related Subsidiaries
Statutory Notes and Related Subsidiaries
Change of Name
section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Reference
Citations & Metadata
Citation
12 U.S.C. § 348a
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73