Title 12 — Banks and BankingRelease 119-73
§352 Limitation on amount of obligations of certain maturities which may be discounted and rediscounted
Title 12 › Chapter CHAPTER 3— - FEDERAL RESERVE SYSTEM › Subchapter SUBCHAPTER IX— - POWERS AND DUTIES OF FEDERAL RESERVE BANKS › § 352
Summary
Lets the Fed's Board set rules that cap, as a percentage of a Federal Reserve Bank's assets, how much it may discount notes, drafts, acceptances, or bills that mature in more than three months but not more than six months (not counting days of grace). The Board can also set similar percentage limits on how much the bank may rediscount such paper that matures in more than six months but not more than nine months.
Full Legal Text
Title 12, §352
Banks and Banking — Source: USLM XML via OLRC
The Board of Governors of the Federal Reserve System may, by regulation, limit to a percentage of the assets of a Federal reserve bank the amount of notes, drafts, acceptances, or bills having a maturity in excess of three months, but not exceeding six months, exclusive of days of grace, which may be discounted by such bank, and the amount of notes, drafts, bills, or acceptances having a maturity in excess of six months, but not exceeding nine months, which may be rediscounted by such bank.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of fifth par. of section 13A, formerly section 13a, as added Mar. 4, 1923. Pars. 1 to 4 of section 13A are set out as section 348, 349 to 351 of this title, respectively.
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. § 352
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73