PRIA Logo™
Title 12 — Banks and BankingRelease 119-73not60

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

Title 12 › Chapter 3— FEDERAL RESERVE SYSTEM › Subchapter IX— POWERS AND DUTIES OF FEDERAL RESERVE BANKS › § 348a

Last updated Apr 3, 2026|Official source

Summary

The Board of Governors must closely oversee all deals and contacts that any Federal Reserve Bank has with foreign banks or foreign bankers. The Board can set rules, conditions, and limits on those dealings. No officer of a Federal Reserve Bank may negotiate with foreign bankers without the Board’s permission. The Board can choose its own representatives to attend talks. Any authorized officer who took part must file a written report with the Board that describes the talks, agreements, and important facts.

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 3, 2026

Release point: 119-73not60