In estimating the reserve balances required by this chapter, member banks may deduct from the amount of their gross demand deposits the amounts of balances due from other banks (except Federal Reserve banks and foreign banks) and cash items in process of collection payable immediately upon presentation in the United States, within the meaning of these terms as defined by the Board of Governors of the Federal Reserve System.
Dec. 23, 1913, ch. 6, § 19(g) 38 Stat. 270 Aug. 15, 1914, ch. 252 38 Stat. 692 June 21, 1917, ch. 32, § 10 40 Stat. 240 Aug. 23, 1935, ch. 614 49 Stat. 714 Pub. L. 89–597, § 2(b)80 Stat. 824 (, formerly § 19 (par. 10), ; , ; , ; , title III, § 324(b), ; renumbered § 19(g), , , .)
Editorial Notes
References in Text
act Dec. 23, 1913, ch. 6 38 Stat. 251 section 226 of this titleThis chapter, referred to in text, was in the original “this Act”, meaning , , known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under and Tables.
Codification
Pub. L. 89–597Section is comprised of subsec. (g), formerly tenth par., of section 19 of act , as redesignated by .
Amendments
1935—Act , changed method of estimating reserve balances.