US Code

Public Law 119-73 (01/23/2026)

12 U.S.C. § 349

Rediscount for intermediate credit banks of obligations given for agricultural purposes; discount of notes made pursuant to section 1031

section 348 of this title1

1 See References in Text note below.
Any Federal reserve bank may, subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, rediscount such notes, drafts, and bills mentioned in for any Federal intermediate credit bank, except that no Federal reserve bank shall rediscount for a Federal intermediate credit bank any such note or obligation which bears the indorsement of a nonmember State bank or trust company which is eligible for membership in the Federal reserve system in accordance with subchapter VIII of this chapter. Any Federal reserve bank may also, subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, discount notes payable to and bearing the indorsement of any Federal intermediate credit bank covering loans or advances made by such bank pursuant to the provisions of section 1031  of this title which have maturities at the time of discount of not more than nine months, exclusive of days of grace, and which are secured by notes, drafts, or bills of exchange eligible for rediscount by Federal Reserve banks.

Dec. 23, 1913, ch. 6, § 13AMar. 4, 1923, ch. 25242 Stat. 1479May 19, 1932, ch. 191, § 547 Stat. 160Aug. 23, 1935, ch. 61449 Stat. 704Pub. L. 102–242, title I, § 142(e)(1)105 Stat. 2281( (par.), formerly § 13a, as added , title IV, § 404, ; amended , ; , title II, § 203(a), ; renumbered § 13A, , , .)

Editorial Notes

References in Text

act Dec. 23, 1913, ch. 638 Stat. 251Subchapter VIII of this chapter, referred to in text, was in the original “section 9 of this Act”, meaning section 9 of , , known as the Federal Reserve Act. Section 9 of the act is classified generally to subchapter VIII (§ 321 et seq.) of this chapter.

Section 1031 of this titlePub. L. 92–181, title V, § 585 Stat. 624section 2074 of this title, referred to in text, was repealed by .26(a), , . See .

Codification

Section is comprised of second par. of section 13A, formerly section 13a, as added . Pars. 1, 3 to 5 of section 13A are set out as sections 348, 350 to 352 of this title, respectively.

Amendments

1932—Act , inserted last sentence.

Statutory Notes and Related Subsidiaries

Change of Name

Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.