Powers and Duties of Federal Reserve Banks
341General enumeration of powers342Deposits; exchange and collection; member and nonmember banks or other depository institutions; charges343Discount of obligations arising out of actual commercial transactions344Discount or purchase of bills to finance agricultural shipments345Rediscount of notes, drafts, and bills for member banks; limitation of amount346Discount of acceptances347Advances to member banks on their notes347aAdvances to member bank groups; inadequate amounts of eligible and acceptable assets; liability of individual banks in group; distribution of loans among banks of group; rate of interest; notes accepted for advances as collateral security for Federal reserve notes; foreign obligations as security for advances347bAdvances to individual member banks on time or demand notes; maturities; time notes secured by mortgage loans covering one-to-four family residences347cAdvances to individuals, partnerships, and corporations; security; interest rate347dTransactions between Federal Reserve banks and branch or agency of foreign bank; matters considered348Discount of obligations given for agricultural purposes or based upon livestock; collateral security for Federal reserve notes348aTransactions with foreign banks; supervision of Board of Governors of the Federal Reserve System349Rediscount for intermediate credit banks of obligations given for agricultural purposes; discount of notes made pursuant to section 1031350Purchase and sale of debentures and like obligations of intermediate credit banks and agricultural credit corporations351Obligations of cooperative marketing association as issued or drawn for agricultural purposes352Limitation on amount of obligations of certain maturities which may be discounted and rediscounted352aRepealed. Pub. L. 85–699, title VI, § 601, Aug. 21, 1958, 72 Stat. 697Repealed353Purchase and sale of cable transfers, acceptances and bills354Transactions involving gold coin, bullion, and certificates355Purchase and sale of obligations of National, State, and municipal governments; open market operations; purchases and sales from or to United States; maximum aggregate amount of obligations acquired directly from or loaned directly to United States356Purchase of commercial paper from member banks and sale of same357Establishment of rates of discount358Establishment of accounts for purposes of open-market operations; correspondents and agencies359Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations359aOmitted360Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances362 to 364OmittedRepealed361Bills receivable, bills of exchange, acceptances; regulations by Board of Governors362 to 364Omitted