Title 12, Banks and BankingRelease 119-102
§361 Bills Receivable, Bills of Exchange, Acceptances; Regulations by Board of Governors
Title 12 › CHAPTER 3 — FEDERAL RESERVE SYSTEM › SUBCHAPTER IX — POWERS AND DUTIES OF FEDERAL RESERVE BANKS › § 361
Summary
Federal Reserve banks must follow rules set by the Board of Governors when they discount or rediscount, buy, or sell certain financial papers. These include bills receivable, domestic and foreign bills of exchange, and acceptances that this law allows.
Full Legal Text
Title 12, §361
Banks and Banking, Source: USLM XML via OLRC
The discount and rediscount and the purchase and sale by any Federal reserve bank of any bills receivable and of domestic and foreign bills of exchange, and of acceptances authorized by this chapter, shall be subject to such restrictions, limitations, and regulations as may be imposed by the Board of Governors of the Federal Reserve System.
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 based on the tenth par. of section 13 of act Dec. 23, 1913, as amended. The tenth par. constituted the eighth par. of section 13 in 1916 (39 Stat. 753), became the ninth par. in 1923 (42 Stat. 1478), and became the tenth par. in 1932 (47 Stat. 715). For further details, see Codification notes under sections 342 to 344 of this title.
Statutory Notes and Related Subsidiaries
Change of Name
section 203(a) of act Aug. 23, 1935, changed the name of the Federal Reserve Board to Board of Governors of the Federal Reserve System.
Reference
Citations & Metadata
Citation
12 U.S.C. § 361
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102