PRIA, Government Policy, Made Personal

Summary

The Federal Advisory Council can meet and speak with the Federal Reserve Board. It can ask for information and give recommendations on discounts and rediscounts, note issues, reserve conditions, reserve banks’ buying or selling of gold or securities, open-market operations, and other reserve-bank matters.

Title 12, §262

Banks and Banking, Source: USLM XML via OLRC

The Federal Advisory Council shall have power, by itself or through its officers, (1) to confer directly with the Board of Governors of the Federal Reserve System on general business conditions; (2) to make oral or written representations concerning matters within the jurisdiction of said board; (3) to call for information and to make recommendations in regard to discount rates, rediscount business, note issues, reserve conditions in the various districts, the purchase and sale of gold or securities by reserve banks, open-market operations by said banks, and the general affairs of the reserve banking system.

Notes & Related Subsidiaries

Editorial Notes

Codification Section is comprised of second par. of section 12 of act Dec. 23, 1913. First par. of section 12 is classified to section 261 of this title.

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.

§262 Powers