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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 12 U.S.C. § 356 Purchase of commercial paper from member banks and sale of same us united_states_code code_section 12 BANKS AND BANKING 3 FEDERAL RESERVE SYSTEM 356 12 U.S.C. § 356 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip /us/usc/t12/s356 data/legal/raw/us/code/title-12/usc12.xml 231e5b072273ce39e2b53354774f7643be1cf0d11efa865fa7d4aba61d8ee792 e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa 3ff2a0468879cf8ffb43d58d1e79d71c28000c4e53ba47a9108bb536e5d22393 2026-07-04 official
legal
us-code

12 U.S.C. § 356 - Purchase of commercial paper from member banks and sale of same

Text

Every Federal reserve bank shall have power to purchase from member banks and to sell, with or without its indorsement, bills of exchange arising out of commercial transactions, as hereinbefore defined.

(Dec. 23, 1913, ch. 6, § 14(c), 38 Stat. 264.)

Notes

Editorial Notes

Codification Section is comprised of subsec. (c) of section 14 of act Dec. 23, 1913. For classification to this title of remainder of section 14, see Codification note under section 353 of this title.