(a) Each Federal Reserve Bank has the authority as fiscal agent of the United States to:

1. (1) Perform functions with respect to the issuance of Book-entry Securities offered and sold by the Department to which this subpart applies, in accordance with the terms of the applicable offering circular and with procedures established by the Department;
2. (2) Service and maintain Book-entry Securities in accounts established for such purposes;
3. (3) Make payments of principal and interest, as directed by the Department;
4. (4) Effect transfer of Book-entry Securities between Participants' Securities Accounts as directed by the Participants; and
5. (5) Perform such other duties as fiscal agent that the Department may request.