Title 12 — Banks and BankingRelease 119-73not60
§262 Powers
Title 12 › Chapter 3— FEDERAL RESERVE SYSTEM › Subchapter III— FEDERAL ADVISORY COUNCIL › § 262
Summary
Lets the Federal Advisory Council meet with the Federal Reserve Board about business conditions. It can request information and give recommendations on things like discount rates, rediscounts, note issues, reserve conditions, and open-market operations.
Full Legal Text
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.
Legislative History
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.
Reference
Citations & Metadata
Citation
12 U.S.C. § 262
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60