CHAPTER 3 — Federal Reserve System
167 sections.
SUBCHAPTER I — DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM 11 sections
- § 221. — Definitions
- § 221a. — Additional definitions
- § 222. — Federal reserve districts; membership of national banks
- § 223. — Number of Federal reserve cities in district
- § 224. — Status of reserve cities under former statutes
- § 225. — Federal reserve banks; title
- § 225a. — Maintenance of long run growth of monetary and credit aggregates
- § 225b. — Appearances before and reports to the Congress
- § 226. — “Federal Reserve Act”
- § 227. — “Banking Act of 1933”
- § 228. — “Banking Act of 1935”
SUBCHAPTER II — BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 19 sections
- § 241. — Creation; membership; compensation and expenses
- § 242. — Ineligibility to hold office in member banks; qualifications and terms of office of members; chairman and vice chairman; oath of office
- § 243. — Assessments upon Federal reserve banks to pay expenses
- § 244. — Principal offices of Board; chairman of Board; obligations and expenses; qualifications of members; vacancies
- § 245. — Vacancies during recess of Senate
- § 246. — Powers of Secretary of the Treasury as affected by chapter
- § 247. — Reports to Congress
- § 247a. — Records of action on policy relating to open-market operation and policies determined generally; inclusion in report to Congress
- § 247b. — Appearances before Congress
- § 248. — Enumerated powers
- § 248–1. — Rules and regulations for transfer of funds and charges therefor among banks; clearing houses
- § 248a. — Pricing of services
- § 248b. — Annual independent audits of Federal reserve banks and Board
- § 248c. — Master account and services database
- § 249. — Repealed. Pub. L. 94–412, title V, § 501(c), Sept. 14, 1976, 90 Stat. 1258
- § 250. — Independence of financial regulatory agencies
- § 251. — Repealed. Pub. L. 104–208, div. A, title II, § 2224(a), Sept. 30, 1996, 110 Stat. 3009–415
- § 252. — Credit availability assessment
- § 253. — Open data publication by the Board of Governors
SUBCHAPTER III — FEDERAL ADVISORY COUNCIL 2 sections
SUBCHAPTER IV — FEDERAL OPEN MARKET COMMITTEE 1 sections
SUBCHAPTER V — FEDERAL DEPOSIT INSURANCE CORPORATION 3 sections
SUBCHAPTER VI — CAPITAL AND STOCK OF FEDERAL RESERVE BANKS; DIVIDENDS AND EARNINGS 10 sections
- § 281. — Capital
- § 282. — Subscription to capital stock by national banking association
- § 283. — Public subscription to capital stock
- § 284. — Omitted
- § 285. — Nonvoting stock
- § 286. — Transfers of stock; rules and regulations
- § 287. — Value of shares of stock; increase and decrease of stock; member banks as shareholders; surrender of shares
- § 288. — Cancellation of stock held by member bank on insolvency or discontinuance of banking operations for sixty days; repayment of cash-paid subscriptions
- § 289. — Dividends and surplus funds of reserve banks; transfer for fiscal year 2000
- § 290. — Use of earnings transferred to the Treasury
SUBCHAPTER VII — DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS AND ASSISTANTS 8 sections
- § 301. — Powers and duties of board of directors; suspension of member bank for undue use of bank credit
- § 302. — Number of members; classes
- § 303. — Qualifications and disabilities
- § 304. — Class A and class B directors; selection
- § 305. — Class C directors; selection; “Federal reserve agent”
- § 306. — Assistants to Federal reserve agent
- § 307. — Compensation of directors
- § 308. — Terms of directors; vacancies
SUBCHAPTER VIII — STATE BANKS AS MEMBERS OF SYSTEM 22 sections
- § 321. — Application for membership
- § 322. — Determination on application
- § 323. — Stock in Federal reserve banks; method of payment
- § 324. — Laws applicable on becoming members
- § 325. — Examinations
- § 326. — Acceptance of examinations and reports by State authorities; special examinations
- § 327. — Surrender of stock and cancellation of memberships
- § 328. — Withdrawals from membership
- § 329. — Capital stock required as condition precedent to membership
- § 329a. — Omitted
- § 330. — Laws applicable on becoming members; discounts for State banks
- § 331. — Certifying checks on State banks admitted as members
- § 332. — Depositaries of public money; financial agents; security required
- § 333. — Mutual savings banks; application and admission to membership in Federal Reserve System
- § 334. — Reports from affiliates; penalty for failure to furnish
- § 335. — Dealing in investment securities; limitations and conditions
- § 336. — Certificates of stock; representation of stock of other corporations
- § 337. — Repealed. Pub. L. 89–485, § 13(g), July 1, 1966, 80 Stat. 243
- § 338. — Examination of affiliates; forfeiture of membership on refusal of affiliate to give information or pay expense
- § 338a. — Investments to promote public welfare and community development; limitation on investments
- § 339. — Participation by State member banks in lotteries and related activities
- § 339a. — Resolution of clearing banks
SUBCHAPTER IX — POWERS AND DUTIES OF FEDERAL RESERVE BANKS 29 sections
- § 341. — General enumeration of powers
- § 342. — Deposits; exchange and collection; member and nonmember banks or other depository institutions; charges
- § 343. — Discount of obligations arising out of actual commercial transactions
- § 344. — Discount or purchase of bills to finance agricultural shipments
- § 345. — Rediscount of notes, drafts, and bills for member banks; limitation of amount
- § 346. — Discount of acceptances
- § 347. — Advances to member banks on their notes
- § 347a. — Advances to member bank groups; inadequate amounts of eligible and acceptable assets; liability of individual banks in group; distribution of loans among banks of group; rate of interest; notes accepted for advances as collateral security for Federal reserve notes; foreign obligations as security for advances
- § 347b. — Advances to individual member banks on time or demand notes; maturities; time notes secured by mortgage loans covering one-to-four family residences
- § 347c. — Advances to individuals, partnerships, and corporations; security; interest rate
- § 347d. — Transactions between Federal Reserve banks and branch or agency of foreign bank; matters considered
- § 348. — Discount of obligations given for agricultural purposes or based upon livestock; collateral security for Federal reserve notes
- § 348a. — Transactions with foreign banks; supervision of Board of Governors of the Federal Reserve System
- § 349. — Rediscount for intermediate credit banks of obligations given for agricultural purposes; discount of notes made pursuant to section 1031
- § 350. — Purchase and sale of debentures and like obligations of intermediate credit banks and agricultural credit corporations
- § 351. — Obligations of cooperative marketing association as issued or drawn for agricultural purposes
- § 352. — Limitation on amount of obligations of certain maturities which may be discounted and rediscounted
- § 352a. — Repealed. Pub. L. 85–699, title VI, § 601, Aug. 21, 1958, 72 Stat. 697
- § 353. — Purchase and sale of cable transfers, acceptances and bills
- § 354. — Transactions involving gold coin, bullion, and certificates
- § 355. — Purchase and sale of obligations of National, State, and municipal governments; open market operations; purchases and sales from or to United States; maximum aggregate amount of obligations acquired directly from or loaned directly to United States
- § 356. — Purchase of commercial paper from member banks and sale of same
- § 357. — Establishment of rates of discount
- § 358. — Establishment of accounts for purposes of open-market operations; correspondents and agencies
- § 359. — Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations
- § 359a. — Omitted
- § 360. — Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances
- § 361. — Bills receivable, bills of exchange, acceptances; regulations by Board of Governors
- §§ 362 to 364. — Omitted
SUBCHAPTER X — POWERS AND DUTIES OF MEMBER BANKS 18 sections
- § 371. — Real estate loans
- § 371a. — Repealed. Pub. L. 111–203, title VI, § 627(a)(1), July 21, 2010, 124 Stat. 1640
- § 371b. — Rate of interest on time deposits; payment of time deposits before maturity; waiver of notice requirements for withdrawal of savings deposits
- § 371b–1. — Repealed. Pub. L. 96–221, title V, § 529, Mar. 31, 1980, 94 Stat. 168
- § 371b–2. — Interbank liabilities
- § 371c. — Banking affiliates
- § 371c–1. — Restrictions on transactions with affiliates
- § 371d. — Investment in bank premises or stock of corporation holding premises
- § 372. — Bankers’ acceptances
- § 373. — Acceptance of drafts or bills drawn by banks in foreign countries or dependencies of United States for purpose of dollar exchange
- § 374. — Acting as agent for nonmember bank in getting discounts from reserve bank
- § 374a. — Acting as agent for nonbanking borrower in making loans on securities to dealers in stocks, bonds, etc.; penalties
- § 375. — [Reserved]
- § 375a. — Loans to executive officers of banks
- § 375b. — Extensions of credit to executive officers, directors, and principal shareholders of member banks
- § 376. — Rate of interest paid to directors, etc.
- § 377. — Repealed. Pub. L. 106–102, title I, § 101(a), Nov. 12, 1999, 113 Stat. 1341
- § 378. — Dealers in securities engaging in banking business; individuals or associations engaging in banking business; examinations and reports; penalties
SUBCHAPTER XI — DEPOSITARIES AND FISCAL AGENTS 6 sections
- § 391. — Federal reserve banks as Government depositaries and fiscal agents
- § 391a. — Reimbursement of Federal Reserve Banks
- § 392. — Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries
- § 393. — Federal reserve banks as depositaries for Farm Credit System
- § 394. — Federal reserve banks as depositaries for and fiscal agents of Home Owners’ Loan Corporation
- § 395. — Federal reserve banks as depositaries, custodians and fiscal agents for Commodity Credit Corporation
SUBCHAPTER XII — FEDERAL RESERVE NOTES 12 sections
- § 411. — Issuance to reserve banks; nature of obligation; redemption
- § 412. — Application for notes; collateral required
- § 413. — Distinctive letter and serial number of notes; cancellation of notes unfit for circulation; accounting; apportionment of credit among Federal Reserve banks
- § 414. — Authority of Board of Governors respecting issuance of notes; interest; lien
- § 415. — Reduction of liability for outstanding notes by depositing notes and collateral and payment of notes of series prior to 1928; reissue of deposited notes
- § 416. — Withdrawal of collateral deposited to protect notes and substitution of other collateral; retirement of notes; payment of notes of series prior to 1928; recovery of collateral; reissue of deposited notes
- § 417. — Custody and safe-keeping of notes issued to and collateral deposited with Reserve agent
- § 418. — Printing of notes; denomination and form
- § 419. — Delivery of notes prior to delivery to banks
- § 420. — Control and direction of plates and dies; expense of issue and retirement of notes paid by banks
- § 421. — Examination of plates and dies
- § 422. — Omitted
SUBCHAPTER XIII — CIRCULATING NOTES AND BONDS SECURING SAME 1 sections
SUBCHAPTER XIV — BANK RESERVES 10 sections
- § 461. — Reserve requirements
- § 462. — Omitted
- § 462a. — Repealed. Pub. L. 97–258, § 5(b), Sept. 13, 1982, 96 Stat. 1068
- § 462a–1. — Repealed. Pub. L. 89–597, § 2(d), Sept. 21, 1966, 80 Stat. 824
- §§ 462b, 462c. — Omitted
- § 463. — Limitation on amount of balance with any depository institution without access to Federal Reserve advances
- § 464. — Checking against and withdrawal of reserve balance
- § 465. — Basis for ascertaining deposits against which required balance is determined
- § 466. — Reserves of banks in dependencies or insular possessions
- § 467. — Deposits of gold coin, gold certificates, and Special Drawing Right certificates with United States Treasurer
SUBCHAPTER XV — BANK EXAMINATIONS 6 sections
- § 481. — Appointment of examiners; examination of member banks, State banks, and trust companies; reports
- § 482. — Employees of Office of Comptroller of the Currency; appointment; compensation and benefits
- § 483. — Special examination of member banks; information of condition furnished to Board of Governors of the Federal Reserve System
- § 484. — Limitation on visitorial powers
- § 485. — Examination of Federal reserve banks
- § 486. — Waiver of requirements as to reports from or examinations of affiliates
SUBCHAPTER XVI — CIVIL LIABILITY OF FEDERAL RESERVE AND MEMBER BANKS, SHAREHOLDERS, AND OFFICERS 7 sections
- § 501. — Liability of Federal reserve or member bank for certifying check when amount of deposit was inadequate
- § 501a. — Forfeiture of franchise of national banks for failure to comply with provisions of this chapter
- § 502. — Liability of shareholders of Federal reserve banks on contracts, etc.
- § 503. — Liability of directors and officers of member banks
- § 504. — Civil money penalty
- § 505. — Civil money penalty
- § 506. — Notice after separation from service