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.
Dec. 23, 1913, ch. 6, § 14(f) Mar. 4, 1923, ch. 252 42 Stat. 1480 Aug. 23, 1935, ch. 614 49 Stat. 704 (, as added , title IV, § 405, ; amended , title II, § 203(a), .)
Editorial Notes
Codification
section 353 of this titleSection is comprised of subsec. (f) of section 14 of act , as added . For classification to this title of remainder of section 14, see Codification note under .
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.
National Agricultural Credit Corporation
42 Stat. 1461 Pub. L. 86–23073 Stat. 466 48 Stat. 292 Title II of the Agricultural Credits Act, act , title II, §§ 201–217, , authorized creation of national agricultural credit corporations, prior to repeal by , , § 24, . Prior to such repeal, act , § 77, , had prohibited the creation, after , of national agricultural credit corporations authorized to be formed under the Agricultural Credits Act.