Title 12 — Banks and BankingRelease 119-73not60
§356 Purchase of Commercial Paper From Member Banks and Sale of Same
Title 12 › Chapter 3— FEDERAL RESERVE SYSTEM › Subchapter IX— POWERS AND DUTIES OF FEDERAL RESERVE BANKS › § 356
Summary
Federal Reserve banks may buy or sell commercial bills from member banks, and they can endorse them or not.
Full Legal Text
Title 12, §356
Banks and Banking — Source: USLM XML via OLRC
Every Federal reserve bank shall have power to purchase from member banks and to sell, with or without its indorsement, bills of exchange arising out of commercial transactions, as hereinbefore defined.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of subsec. (c) of section 14 of act Dec. 23, 1913. For classification to this title of remainder of section 14, see Codification note under section 353 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 356
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60