Title 12, Banks and BankingRelease 119-102
§359 Purchase and Sale of Acceptances of Intermediate Credit Banks and Agricultural Credit Corporations
Title 12 › CHAPTER 3 — FEDERAL RESERVE SYSTEM › SUBCHAPTER IX — POWERS AND DUTIES OF FEDERAL RESERVE BANKS › § 359
Summary
Federal Reserve banks may trade acceptances of intermediate credit banks and national agricultural credit corporations with domestic parties if Board says it's needed.
Full Legal Text
Title 12, §359
Banks and Banking, Source: USLM XML via OLRC
Every Federal reserve bank shall have power to purchase and sell in the open market, either from or to domestic banks, firms, corporations, or individuals, acceptances of Federal intermediate credit banks and of national agricultural credit corporations, whenever the Board of Governors of the Federal Reserve System shall declare that the public interest so requires.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of subsec. (f) of section 14 of act Dec. 23, 1913, as added Mar. 4, 1923. For classification to this title of remainder of section 14, see Codification note under section 353 of this title.
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. National Agricultural Credit CorporationTitle II of the Agricultural Credits Act, act Mar. 4, 1923, title II, §§ 201–217, 42 Stat. 1461, authorized creation of national agricultural credit corporations, prior to repeal by Pub. L. 86–230, Sept. 8, 1959, § 24, 73 Stat. 466. Prior to such repeal, act
June 16, 1933, § 77, 48 Stat. 292, had prohibited the creation, after
June 16, 1933, of national agricultural credit corporations authorized to be formed under the Agricultural Credits Act.
Reference
Citations & Metadata
Citation
12 U.S.C. § 359
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102