Title 12, Banks and BankingRelease 119-102
§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
Summary
Board rules let Fed banks buy or sell on open markets, domestic or foreign, instruments eligible for rediscount. Cable transfers, bankers’ acceptances, and bills are included, with or without member 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
Aug 21, 2026
Release point: 119-102