Title 12 — Banks and BankingRelease 119-73not60
§357 Establishment of Rates of Discount
Title 12 › Chapter 3— FEDERAL RESERVE SYSTEM › Subchapter IX— POWERS AND DUTIES OF FEDERAL RESERVE BANKS › § 357
Summary
Each Federal Reserve Bank must set discount rates for each kind of paper to help commerce. The Board of Governors reviews and decides those rates, and the banks must set them at least every fourteen days.
Full Legal Text
Title 12, §357
Banks and Banking — Source: USLM XML via OLRC
Every Federal reserve bank shall have power to establish from time to time, subject to review and determination of the Board of Governors of the Federal Reserve System, rates of discount to be charged by the Federal reserve bank for each class of paper, which shall be fixed with a view of accommodating commerce and business, but each such bank shall establish such rates every fourteen days, or oftener if deemed necessary by the Board.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of subsec. (d) 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.
Amendments
1935—Act Aug. 23, 1935, § 206(b), inserted words at end of section beginning “but each such”.
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. § 357
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60