§348a Transactions with Foreign Banks; Supervision of Board of Governors of the Federal Reserve System

Summary

The Board of Governors of the Federal Reserve System must oversee and set rules for all deals and contacts between any Federal Reserve Bank and any foreign bank, banker, or group of foreign banks. Federal Reserve Bank officers may not negotiate with foreign bank officers without the Board’s prior permission; the Board can send its own representatives to talks, and each participating Reserve Bank must file a written report about the discussions, agreements, and other important facts.