Title 12 — Banks and BankingRelease 119-73not60

§353 Purchase and Sale of Cable Transfers, Acceptances and Bills

Title 12 › Chapter 3— FEDERAL RESERVE SYSTEM › Subchapter IX— POWERS AND DUTIES OF FEDERAL RESERVE BANKS › § 353

Last updated Apr 3, 2026|Official source

Summary

Federal Reserve Banks may, under Board rules, trade in open markets with domestic or foreign parties papers (such as cable transfers and bankers’ acceptances) that this chapter makes eligible for rediscount, with or without a member bank’s endorsement.

Full Legal Text

Title 12, §353

Banks and Banking — Source: USLM XML via OLRC

Any Federal reserve bank may, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, purchase and sell in the open market, at home or abroad, either from or to domestic or foreign banks, firms, corporations, or individuals, cable transfers and bankers’ acceptances and bills of exchange of the kinds and maturities by this chapter made eligible for rediscount, with or without the indorsement of a member bank.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in text, was in the original “this Act”, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classification of this Act to the Code, see

References in Text

note set out under section 226 of this title and Tables. Codification Section is comprised of introductory provisions of section 14 of act Dec. 23, 1913. Subsecs. (a) to (g) of section 14 are set out as sections 354 to 359 and 348a 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. § 353

Title 12 — Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60