US Code

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

12 U.S.C. § 248

Enumerated powers

The Board of Governors of the Federal Reserve System shall be authorized and empowered:
(a)

Examination of accounts and affairs of banks; publication of weekly statements; reports of liabilities and assets of depository institutions; covered institutions

(1)
To examine at its discretion the accounts, books, and affairs of each Federal reserve bank and of each member bank and to require such statements and reports as it may deem necessary. The said board shall publish once each week a statement showing the condition of each Federal reserve bank and a consolidated statement for all Federal reserve banks. Such statements shall show in detail the assets and liabilities of the Federal reserve banks, single and combined, and shall furnish full information regarding the character of the money held as reserve and the amount, nature, and maturities of the paper and other investments owned or held by Federal reserve banks.
(2)
section 1813 of this titlesection 1813 of this titlesection 1422 of this title To require any depository institution specified in this paragraph to make, at such intervals as the Board may prescribe, such reports of its liabilities and assets as the Board may determine to be necessary or desirable to enable the Board to discharge its responsibility to monitor and control monetary and credit aggregates. Such reports shall be made (A) directly to the Board in the case of member banks and in the case of other depository institutions whose reserve requirements under sections 461, 463, 464, 465, and 466 of this title exceed zero, and (B) for all other reports to the Board through the (i) Federal Deposit Insurance Corporation in the case of insured State savings associations that are insured depository institutions (as defined in ), State nonmember banks, savings banks, and mutual savings banks, (ii) National Credit Union Administration Board in the case of insured credit unions, (iii) the Comptroller of the Currency in the case of any Federal savings association which is an insured depository institution (as defined in ) or which is a member as defined in , and (iv) such State officer or agency as the Board may designate in the case of any other type of bank, savings association, or credit union. The Board shall endeavor to avoid the imposition of unnecessary burdens on reporting institutions and the duplication of other reporting requirements. Except as otherwise required by law, any data provided to any department, agency, or instrumentality of the United States pursuant to other reporting requirements shall be made available to the Board. The Board may classify depository institutions for the purposes of this paragraph and may impose different requirements on each such class.
(b)

Permitting or requiring rediscounting of paper at specified rate

To permit, or, on the affirmative vote of at least five members of the Board of Governors, to require Federal reserve banks to rediscount the discounted paper of other Federal reserve banks at rates of interest to be fixed by the Board.

(c)

Suspending reserve requirements

To suspend for a period not exceeding thirty days, and from time to time to renew such suspension for periods not exceeding fifteen days, any reserve requirements specified in this chapter.

(d)

Supervising and regulating issue and retirement of notes

To supervise and regulate through the Secretary of the Treasury the issue and retirement of Federal Reserve notes, except for the cancellation and destruction, and accounting with respect to such cancellation and destruction, of notes unfit for circulation, and to prescribe rules and regulations under which such notes may be delivered by the Secretary of the Treasury to the Federal Reserve agents applying therefor.

(e)

Adding to or reclassifying reserve cities

To add to the number of cities classified as reserve cities under existing law in which national banking associations are subject to the reserve requirements set forth in section 20 of this Act, or to reclassify existing reserve cities or to terminate their designation as such.

(f)

Suspending or removing officers or directors of reserve banks

To suspend or remove any officer or director of any Federal reserve bank, the cause of such removal to be forthwith communicated in writing by the Board of Governors of the Federal Reserve System to the removed officer or director and to said bank.

(g)

Requiring writing off of doubtful or worthless assets of banks

To require the writing off of doubtful or worthless assets upon the books and balance sheets of Federal reserve banks.

(h)

Suspending operations of or liquidating or reorganizing banks

To suspend, for the violation of any of the provisions of this chapter, the operations of any Federal reserve bank, to take possession thereof, administer the same during the period of suspension, and, when deemed advisable, to liquidate or reorganize such bank.

(i)

Requiring bonds of agents; safeguarding property in hands of agents

To require bonds of Federal reserve agents, to make regulations for the safeguarding of all collateral, bonds, Federal reserve notes, money, or property of any kind deposited in the hands of such agents, and said board shall perform the duties, functions, or services specified in this chapter, and make all rules and regulations necessary to enable said board effectively to perform the same.

(j)

Exercising supervision over reserve banks

To exercise general supervision over said Federal reserve banks.

(k)

Delegation of certain functions; power to delegate; review of delegated activities

To delegate, by published order or rule and subject to subchapter II of chapter 5, and chapter 7, of title 5, any of its functions, other than those relating to rulemaking or pertaining principally to monetary and credit policies, to one or more administrative law judges, members or employees of the Board, or Federal Reserve banks. The assignment of responsibility for the performance of any function that the Board determines to delegate shall be a function of the Chairman. The Board shall, upon the vote of one member, review action taken at a delegated level within such time and in such manner as the Board shall by rule prescribe. The Board of Governors may not delegate to a Federal reserve bank its functions for the establishment of policies for the supervision and regulation of depository institution holding companies and other financial firms supervised by the Board of Governors.

(l)

Employing attorneys, experts, assistants, and clerks; salaries and fees

ProvidedTo employ such attorneys, experts, assistants, clerks, or other employees as may be deemed necessary to conduct the business of the board. All salaries and fees shall be fixed in advance by said board and shall be paid in the same manner as the salaries of the members of said board. All such attorneys, experts, assistants, clerks, and other employees shall be appointed without regard to the provisions of the Act of January sixteenth, eighteen hundred and eighty-three (volume twenty-two, United States Statutes at Large, page four hundred and three), and amendments thereto, or any rule or regulation made in pursuance thereof: , That nothing herein shall prevent the President from placing said employees in the classified service.

(m)

[Repealed]

(n)

Board’s authority to examine depository institutions and affiliates

To examine, at the Board’s discretion, any depository institution, and any affiliate of such depository institution, in connection with any advance to, any discount of any instrument for, or any request for any such advance or discount by, such depository institution under this chapter.

(o)

Authority to appoint conservator or receiver

section 1821(c)(9) of this titleThe Board may appoint the Federal Deposit Insurance Corporation as conservator or receiver for a State member bank under .

(p)

Authority

1

1 See References in Text note below.
section 1841 of this titleThe Board may act in its own name and through its own attorneys in enforcing any provision of this title, regulations promulgated hereunder, or any other law or regulation, or in any action, suit, or proceeding to which the Board is a party and which involves the Board’s regulation or supervision of any bank, bank holding company (as defined in ), or other entity, or the administration of its operations.

(q)

Uniform protection authority for Federal reserve facilities

(1)
Notwithstanding any other provision of law, to authorize personnel to act as law enforcement officers to protect and safeguard the premises, grounds, property, personnel, including members of the Board, of the Board, or any Federal reserve bank, and operations conducted by or on behalf of the Board or a reserve bank.
(2)
The Board may, subject to the regulations prescribed under paragraph (5), delegate authority to a Federal reserve bank to authorize personnel to act as law enforcement officers to protect and safeguard the bank’s premises, grounds, property, personnel, and operations conducted by or on behalf of the bank.
(3)
Law enforcement officers designated or authorized by the Board or a reserve bank under paragraph (1) or (2) are authorized while on duty to carry firearms and make arrests without warrants for any offense against the United States committed in their presence, or for any felony cognizable under the laws of the United States committed or being committed within the buildings and grounds of the Board or a reserve bank if they have reasonable grounds to believe that the person to be arrested has committed or is committing such a felony. Such officers shall have access to law enforcement information that may be necessary for the protection of the property or personnel of the Board or a reserve bank.
(4)
For purposes of this subsection, the term “law enforcement officers” means personnel who have successfully completed law enforcement training and are authorized to carry firearms and make arrests pursuant to this subsection.
(5)
The law enforcement authorities provided for in this subsection may be exercised only pursuant to regulations prescribed by the Board and approved by the Attorney General.
(r)

Voting; documentation of determinations

(1)
Any action that this chapter provides may be taken only upon the affirmative vote of 5 members of the Board may be taken upon the unanimous vote of all members then in office if there are fewer than 5 members in office at the time of the action.
(2)
(A)
section 343(3) of this title Any action that the Board is otherwise authorized to take under may be taken upon the unanimous vote of all available members then in office, if—
(i)
at least 2 members are available and all available members participate in the action;
(ii)
the available members unanimously determine that—
(I)
unusual and exigent circumstances exist and the borrower is unable to secure adequate credit accommodations from other sources;
(II)
action on the matter is necessary to prevent, correct, or mitigate serious harm to the economy or the stability of the financial system of the United States;
(III)
despite the use of all means available (including all available telephonic, telegraphic, and other electronic means), the other members of the Board have not been able to be contacted on the matter; and
(IV)
action on the matter is required before the number of Board members otherwise required to vote on the matter can be contacted through any available means (including all available telephonic, telegraphic, and other electronic means); and
(iii)
any credit extended by a Federal reserve bank pursuant to such action is payable upon demand of the Board.
(B)
The available members of the Board shall document in writing the determinations required by subparagraph (A)(ii), and such written findings shall be included in the record of the action and in the official minutes of the Board, and copies of such record shall be provided as soon as practicable to the members of the Board who were not available to participate in the action and to the Chairman of the Committee on Banking, Housing, and Urban Affairs of the Senate and to the Chairman of the Committee on Financial Services of the House of Representatives.
(s)

2
2 So in original. Two subsecs. (s) have been enacted.
  Federal Reserve transparency and release of information

(1)

In general

In order to ensure the disclosure in a timely manner consistent with the purposes of this chapter of information concerning the borrowers and counterparties participating in emergency credit facilities, discount window lending programs, and open market operations authorized or conducted by the Board or a Federal reserve bank, the Board of Governors shall disclose, as provided in paragraph (2)—
(A)
the names and identifying details of each borrower, participant, or counterparty in any credit facility or covered transaction;
(B)
the amount borrowed by or transferred by or to a specific borrower, participant, or counterparty in any credit facility or covered transaction;
(C)
the interest rate or discount paid by each borrower, participant, or counterparty in any credit facility or covered transaction; and
(D)
information identifying the types and amounts of collateral pledged or assets transferred in connection with participation in any credit facility or covered transaction.
(2)

Mandatory release date

In the case of—
(A)
a credit facility, the Board shall disclose the information described in paragraph (1) on the date that is 1 year after the effective date of the termination by the Board of the authorization of the credit facility; and
(B)
a covered transaction, the Board shall disclose the information described in paragraph (1) on the last day of the eighth calendar quarter following the calendar quarter in which the covered transaction was conducted.
(3)

Earlier release date authorized

The Chairman of the Board may publicly release the information described in paragraph (1) before the relevant date specified in paragraph (2), if the Chairman determines that such disclosure would be in the public interest and would not harm the effectiveness of the relevant credit facility or the purpose or conduct of covered transactions.

(4)

Definitions

For purposes of this subsection, the following definitions shall apply:
(A)

Credit facility

section 714(f)(1)(A) of title 31The term “credit facility” has the same meaning as in .

(B)

Covered transaction

The term “covered transaction” means—
(i)
section 353 of this title any open market transaction with a nongovernmental third party conducted under or section 354, 355, or 356 of this title, after ; and
(ii)
section 347b of this title any advance made under after .
(5)

Termination of credit facility by operation of law

A credit facility shall be deemed to have terminated as of the end of the 24-month period beginning on the date on which the credit facility ceases to make extensions of credit and loans, unless the credit facility is otherwise terminated by the Board before such date.

(6)

Consistent treatment of information

section 343(3)(D) of this titlesection 714(f)(3)(C) of title 31section 552(b)(3) of title 5Except as provided in this subsection or , or in , the information described in paragraph (1) and information concerning the transactions described in section 714(f) of such title, shall be confidential, including for purposes of , until the relevant mandatory release date described in paragraph (2), unless the Chairman of the Board determines that earlier disclosure of such information would be in the public interest and would not harm the effectiveness of the relevant credit facility or the purpose of conduct of the relevant transactions.

(7)

Protection of personal privacy

section 343(3)(C) of this titlesection 714(f)(3)(C) of title 31section 6802 of title 15This subsection and , , and subsection (a) or (c) of section 1109 of the Dodd-Frank Wall Street Reform and Consumer Protection Act shall not be construed as requiring any disclosure of nonpublic personal information (as defined for purposes of ) concerning any individual who is referenced in collateral pledged or assets transferred in connection with a credit facility or covered transaction, unless the person is a borrower, participant, or counterparty under the credit facility or covered transaction.

(8)

Study of FOIA exemption impact

(A)

Study

The Inspector General of the Board of Governors of the Federal Reserve System shall—
(i)
section 552(b)(3) of title 5 conduct a study on the impact that the exemption from (known as the Freedom of Information Act) established under paragraph (6) has had on the ability of the public to access information about the administration by the Board of Governors of emergency credit facilities, discount window lending programs, and open market operations; and
(ii)
make any recommendations on whether the exemption described in clause (i) should remain in effect.
(B)

Report

Not later than 30 months after , the Inspector General of the Board of Governors of the Federal Reserve System shall submit a report on the findings of the study required under subparagraph (A) to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, and publish the report on the website of the Board.

(9)

Rule of construction

section 552 of title 5Nothing in this section is meant to affect any pending litigation or lawsuit filed under (popularly known as the Freedom of Information Act) on or before .

(s)

2  Assessments, fees, and other charges for certain companies

(1)

In general

The Board shall collect a total amount of assessments, fees, or other charges from the companies described in paragraph (2) that is equal to the total expenses the Board estimates are necessary or appropriate to carry out the supervisory and regulatory responsibilities of the Board with respect to such companies.

(2)

Companies

The companies described in this paragraph are—
(A)
all bank holding companies having total consolidated assets of $100,000,000,000 or more;
(B)
all savings and loan holding companies having total consolidated assets of $100,000,000,000 or more; and
(C)
section 5323 of this title all nonbank financial companies supervised by the Board under .
(3)

Tailoring assessments

In collecting assessments, fees, or other charges under paragraph (1) from each company described in paragraph (2) with total consolidated assets of between $100,000,000,000 and $250,000,000,000, the Board shall adjust the amount charged to reflect any changes in supervisory and regulatory responsibilities resulting from the Economic Growth, Regulatory Relief, and Consumer Protection Act with respect to each such company.

Dec. 23, 1913, ch. 6, § 1138 Stat. 261Sept. 7, 1916, ch. 46139 Stat. 752Sept. 26, 1918, ch. 177, § 240 Stat. 968Mar. 3, 1919, ch. 101, § 340 Stat. 1315Feb. 27, 1921, ch. 7541 Stat. 1146June 26, 1930, ch. 61246 Stat. 814Mar. 9, 1933, ch. 148 Stat. 2June 16, 1933, ch. 89, § 748 Stat. 167Aug. 23, 1935, ch. 61449 Stat. 704June 12, 1945, ch. 186, § 1(c)59 Stat. 237Pub. L. 86–114, § 3(b)(6)73 Stat. 264Pub. L. 86–251, § 3(c)73 Stat. 488Pub. L. 87–722, § 376 Stat. 670Pub. L. 89–427, § 280 Stat. 161Pub. L. 89–76580 Stat. 1314Pub. L. 90–269, § 182 Stat. 50Pub. L. 95–251, § 2(a)(3)92 Stat. 183Pub. L. 96–221, title I, § 10294 Stat. 132Pub. L. 97–258, § 5(b)96 Stat. 1068Pub. L. 97–457, § 17(b)96 Stat. 2509Pub. L. 101–73, title VII, § 744(i)(1)103 Stat. 439Pub. L. 102–242, title I105 Stat. 2273Pub. L. 102–550, title XVI, § 1603(d)(9)106 Stat. 4080Pub. L. 103–325, title III108 Stat. 2227Pub. L. 106–102, title VII, § 735113 Stat. 1479Pub. L. 107–56, title III, § 364115 Stat. 333Pub. L. 107–297, title III, § 301116 Stat. 2340Pub. L. 111–203, title III124 Stat. 1527Pub. L. 115–174, title IV, § 401(c)(2)132 Stat. 1358(, ; , ; , ; , ; , ; , ; , title I, § 3, ; , ; , title II, § 203(a), title III, §§ 321(a), 342, , 713, 722; , ; , , ; , , ; , , ; , , ; , , ; , , ; , , ; , , ; , , ; , , ; , , ; , §§ 133(f), 142(c), , , 2281; , , ; , §§ 322(d), 331(d), title VI, § 602(g)(2), , , 2232, 2293; , , ; , , ; , , ; , §§ 318(c), 366(1), title XI, §§ 1103(b), 1108(c), , , 1556, 2118, 2126; , , .)

Editorial Notes

References in Text

section 461 of this titleSections 461, 463, 464, 465, and 466 of this title, referred to in subsec. (a)(2), was in the original “section 19 of the Federal Reserve Act”. Provisions of section 19 relating to reserve requirements are classified to the cited sections. For complete classification of section 19 to the Code, see References in Text note set out under .

act Dec. 23, 1913, ch. 638 Stat. 251section 226 of this titleThis chapter, referred to in subsecs. (c), (h), (i), (n), and (r)(1) and in par. (1) of the first subsec. (s) (relating to Federal Reserve transparency and release of information), 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.

Reference in subsec. (e) to “section 20 of this Act” means section 20 of the Federal Reserve Act which is not classified to the Code. Since section 20 does not set forth any reserve requirements, section 19 of the Federal Reserve Act might have been intended. For provisions of section 19 relating to reserve requirements, see note above.

lact Jan. 16, 1883, ch. 2722 Stat. 403section 8165 of Title 40Pub. L. 107–217116 Stat. 1062Pub. L. 89–554, § 8(a)80 Stat. 632The Act of January sixteenth, eighteen hundred and eighty-three, referred to in subsec. (), is , , which enacted section 42 of former Title 40, Public Buildings, Property, and Works, and sections 632, 633, 635, 637, 638, and 640 to 642a of former Title 5, Executive Departments and Government Officers and Employees. For complete classification of this Act to the Code, see Tables. Section 42 of former Title 40 was repealed and reenacted as , Public Buildings, Property, and Works, by , §§ 1, 6(b), , , 1304. The sections that were classified to former Title 5 were repealed by , , , the first section of which enacted Title 5, Government Organization and Employees. For distribution of former sections of Title 5 into the revised Title 5, see table at the beginning of Title 5.

act Dec. 23, 1913, ch. 638 Stat. 251section 226 of this titleThis title, referred to in subsec. (p), probably should read “this Act”, meaning , , known as the Federal Reserve Act, which does not contain titles. For complete classification of this Act to the Code, see References in Text note set out under and Tables.

section 1109 of Pub. L. 111–203124 Stat. 2127Subsection (a) or (c) of section 1109 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to in par. (7) of the first subsec. (s) (relating to Federal Reserve transparency and release of information), is subsec. (a) or (c) of , title XI, , 2128, which is not classified to the Code.

Pub. L. 111–203, referred to in par. (8)(B) of the first subsec. (s) (relating to Federal Reserve transparency and release of information), was in the original “the date of enactment of this section”, which was translated as meaning the date of enactment of which added such subsec. (s), to reflect the probable intent of Congress.

Pub. L. 115–174132 Stat. 1296section 1601 of Title 15The Economic Growth, Regulatory Relief, and Consumer Protection Act, referred to in par. (3) of the second subsec. (s) (relating to assessments, fees, and other charges for certain companies), is , , . For complete classification of this Act to the Code, see Short Title of 2018 Amendment note set out under , Commerce and Trade, and Tables.

Codification

section 7(b) of Pub. L. 89–55480 Stat. 631In subsec. (k), “subchapter II of chapter 5, and chapter 7, of title 5” was substituted for “the Administrative Procedure Act” on authority of , , , the first section of which enacted Title 5, Government Organization and Employees.

osection 248–1 of this titleSection is comprised of section 11 of act . The fourteenth par. of section 16 of act , which formerly constituted subsec. () of this section, is now classified to .

Amendments

Pub. L. 115–174, § 401(c)(2)(A)2018—Subsec. (s)(2). , substituted “$100,000,000,000” for “$50,000,000,000” in subpars. (A) and (B).

Pub. L. 115–174, § 401(c)(2)(B)Subsec. (s)(3). , added par. (3).

Pub. L. 111–203, § 366(1)(A)section 1813 of this title2010—Subsec. (a)(2). , which directed insertion of “State savings associations that are insured depository institutions (as defined in ),” after “case of insured”, was executed by making the insertion after “case of insured” in subpar. (B)(i), to reflect the probable intent of Congress.

Pub. L. 111–203, § 366(1)(B)Subsec. (a)(2)(B)(iii). , (C), substituted “Comptroller of the Currency” for “Director of the Office of Thrift Supervision” and inserted “Federal” before “savings association which”.

Pub. L. 111–203, § 366(1)(D)Subsec. (a)(2)(B)(iv). , substituted “savings association” for “savings and loan association”.

Pub. L. 111–203, § 1108(c)Subsec. (k). , inserted at end “The Board of Governors may not delegate to a Federal reserve bank its functions for the establishment of policies for the supervision and regulation of depository institution holding companies and other financial firms supervised by the Board of Governors.”

Pub. L. 111–203, § 1103(b)Subsec. (s). , added subsec. (s) relating to Federal Reserve transparency and release of information.

Pub. L. 111–203, § 318(c), added subsec. (s) relating to assessments, fees, and other charges for certain companies.

Pub. L. 107–2972002—Subsec. (r). added subsec. (r).

Pub. L. 107–562001—Subsec. (q). added subsec. (q).

Pub. L. 106–1021999—Subsec. (m). substituted “[Repealed]” for text of subsec. (m) which related to percentage of capital and surplus represented by loans to be determined by the Federal Reserve Board.

Pub. L. 103–325, § 602(g)(2)1994—Subsec. (d). , substituted “Secretary of the Treasury” for “bureau under the charge of the Comptroller of the Currency” before “the issue and retirement” and for “Comptroller” before “to the Federal Reserve agents”.

Pub. L. 103–325, § 322(d)Subsec. (m). , which directed substitution of “15 percent” for “10 percentum” wherever appearing, was executed by substituting “15 percent” for “10 per centum” in two places to reflect the probable intent of Congress.

Pub. L. 103–325, § 331(d)Subsec. (p). , added subsec. (p).

oPub. L. 102–550o1992—Subsecs. (), (p). redesignated subsec. (p) as ().

Pub. L. 102–242, § 142(c)1991—Subsec. (n). , which directed addition of subsec. (n) at end of section, was executed by adding subsec. (n) after subsec. (m). See Construction of 1991 Amendment note below.

Pub. L. 102–242, § 133(f)Subsec. (p). , added subsec. (p).

Pub. L. 101–73section 1813 of this title1989—Subsec. (a)(2)(iii). substituted “the Director of the Office of Thrift Supervision in the case of any savings association which is an insured depository institution (as defined in )” for “Federal Home Loan Bank Board in the case of any institution insured by the Federal Savings and Loan Insurance Corporation”.

Pub. L. 97–457section 84(c)(4) of this titlesection 84 of this title1983—Subsec. (m). substituted “under ” for “under paragraph (8) of ” after “in the case of national banks”.

Pub. L. 97–2581982—Subsec. (n). struck out subsec. (n) which provided that, whenever in the judgment of the Secretary of the Treasury such action was necessary to protect the currency system of the United States, the Secretary of the Treasury, in his discretion, could require any or all individuals, partnerships, associations, and corporations to pay and deliver to the Treasurer of the United States any or all gold coin, gold bullion, and gold certificates owned by such individuals, partnerships, associations, and corporations and that, upon receipt of such gold coin, gold bullion or gold certificates, the Secretary of the Treasury would pay therefor an equivalent amount of any other form of coin or currency coined or issued under the laws of the United States.

Pub. L. 96–2211980—Subsec. (a). designated existing provisions as par. (1) and added par. (2).

Pub. L. 95–2511978—Subsec. (k). substituted “administrative law judges” for “hearing examiners”.

Pub. L. 90–2691968—Subsec. (c). struck out requirements for establishment by the Board of Governors of the Federal Reserve System of a graduated tax on the deficiency in the gold reserve whenever the reserve held against Federal Reserve notes fell below 25 percent and for an automatic increase in the rates of interest or discount fixed by the Board in an amount equal to the graduated tax imposed.

Pub. L. 89–4271966—Subsec. (d). excepted the cancellation and destruction, and the accounting with respect to the cancellation and destruction, of notes unfit for circulation from the area of responsibility exercised by the Board of Governors of the Federal Reserve System through the Bureau of the Comptroller of the Currency over the issue and retirement of Federal Reserve notes.

Pub. L. 89–765Pub. L. 87–722, § 376 Stat. 670Subsec. (k). added subsec. (k). A former subsec. (k) was repealed by , , .

Pub. L. 87–722section 92a of this title1962—Subsec. (k). repealed subsec. (k) which related to the authority of the Board of Governors of the Federal Reserve System to permit national banks to act as trustees, etc., and is now covered by .

Pub. L. 86–1141959—Subsec. (e). substituted “reserve cities” for “reserve and central reserve cities” in two places.

Pub. L. 86–251Subsec. (m). struck out “in the form of notes” after “represented by obligations” in proviso.

1945—Subsec. (c). Act , substituted “25 per centum” for “40 per centum”, and “20 per centum” for “32½ per centum” wherever appearing.

1935—Subsec. (k). Act , § 342, amended last sentence of third par.

Subsec. (m). Act , § 321(a), inserted proviso at end of first sentence.

1933—Subsec. (m). Act , amended provisions generally.

Subsec. (n). Act , added subsec. (n).

1930—Subsec. (k). Act , added last par.

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.

Effective Date of 2018 Amendment

Pub. L. 115–174section 401(d) of Pub. L. 115–174section 5365 of this titleExcept as otherwise provided, amendment by effective 18 months after , see , set out as a note under .

Effective Date of 2010 Amendment

section 318(c) of Pub. L. 111–203section 318(e) of Pub. L. 111–203section 16 of this titleAmendment by effective on the transfer date, see , set out as an Effective Date note under .

section 366(1) of Pub. L. 111–203section 351 of Pub. L. 111–203section 906 of Title 2Amendment by effective on the transfer date, see , set out as a note under , The Congress.

Pub. L. 111–203section 4 of Pub. L. 111–203section 5301 of this titleAmendment by sections 1103(b) and 1108(c) of effective 1 day after , except as otherwise provided, see , set out as an Effective Date note under .

Effective Date of 1992 Amendment

Pub. L. 102–550Pub. L. 102–242Pub. L. 102–242Pub. L. 102–550Pub. L. 102–242section 1609 of Pub. L. 102–550section 191 of this titleAmendment by effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, , as of , except that where amendment is to any provision of law added or amended by effective after , then amendment by effective on effective date of amendment by , see , set out as a note under .

Effective Date of 1991 Amendment

section 133(f) of Pub. L. 102–242section 133(g) of Pub. L. 102–242section 191 of this titleAmendment by effective 1 year after , see , set out as a note under .

Effective Date of 1980 Amendment

Pub. L. 96–221, title I, § 10894 Stat. 141

section 248a of this title“This title [enacting , amending this section and sections 342, 347b, 355, 360, 412, 461, 463, 505, and 1425a of this title, and enacting provisions set out as notes under sections 226 and 355 of this title] shall take effect on the first day of the sixth month which begins after the date of the enactment of this title [], except that the amendments regarding sections 19(b)(7) and 19(b)(8)(D) of the Federal Reserve Act [section 461(b)(7) and (b)(8)(D) of this title] shall take effect on the date of enactment of this title.”
, , , provided that:

Effective Date of 1959 Amendment

Pub. L. 86–114section 3(b) of Pub. L. 86–114section 141 of this titleAmendment by effective three years after , see , set out as a Central Reserve and Reserve Cities note under former .

Construction of 2018 Amendment

Pub. L. 115–174section 401(g) of Pub. L. 115–174section 5365 of this titleFor construction of amendment by as applied to certain foreign banking organizations, see , set out as a note under .

Construction of 1991 Amendment

Pub. L. 102–550, title XVI, § 1603(e)(2)106 Stat. 4081

Pub. L. 102–242“The amendment made by section 142(c) of the Federal Deposit Insurance Corporation Improvement Act of 1991 [] (adding a paragraph at the end of section 11 of the Federal Reserve Act [this section]) shall be considered to have been executed before the amendment made by section 133(f) of the Federal Deposit Insurance Corporation Improvement Act of 1991 [amending this section].”
, , , provided that:

Executive Documents

Executive Order No. 6359

Ex. Ord. No. 6359, , as amended by Ex. Ord. No. 11825, , 40 F.R. 1003, which provided for receipt on consignment of gold by the United States mints and assay offices, was revoked by Ex. Ord. No. 12553, , 51 F.R. 7237.

Ex. Ord. No. 10547. Inspection of Statistical Transcript Cards

Ex. Ord. No. 10547, , 19 F.R. 4661, required statistical transcript cards submitted with, or prepared by the Internal Revenue Service from, corporation income tax returns for the taxable years ending after , and before , to be open to inspection by the Board of Governors of the Federal Reserve System as an aid in executing the powers conferred upon such Board by this section, such inspection to be in accordance and upon compliance with the rules and regulations prescribed by the Secretary of the Treasury in T.D. 6081, 19 F.R. 4666.