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.
Dec. 23, 1913, ch. 6, § 14(d)38 Stat. 264Apr. 13, 1920, ch. 12841 Stat. 550Mar. 4, 1923, ch. 25242 Stat. 1480Aug. 23, 1935, ch. 61449 Stat. 704(, ; , ; , title IV, § 407, ; , title II, §§ 203(a), 206(b), , 706.)
Editorial Notes
Codification
section 353 of this titleSection is comprised of subsec. (d) of section 14 of act . For classification to this title of remainder of section 14, see Codification note under .
Amendments
1935—Act , § 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 , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.