Fabio
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Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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| LegalText | 12 U.S.C. § 359 | Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations | us | united_states_code | code_section | 12 | BANKS AND BANKING | 3 | FEDERAL RESERVE SYSTEM | 359 | 12 U.S.C. § 359 | 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/s359 | data/legal/raw/us/code/title-12/usc12.xml | 043666ff5f6fcd045cef38d075f34d557c531fb36c88468ba66b05660a62d624 | e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa | 1d8134b04881e94240f6cf0ff09c33bb759c048dd2cba70769f546ed819be975 | 2026-07-04 | official |
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12 U.S.C. § 359 - Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations
Text
Every Federal reserve bank shall have power to purchase and sell in the open market, either from or to domestic banks, firms, corporations, or individuals, acceptances of Federal intermediate credit banks and of national agricultural credit corporations, whenever the Board of Governors of the Federal Reserve System shall declare that the public interest so requires.
(Dec. 23, 1913, ch. 6, § 14(f), as added Mar. 4, 1923, ch. 252, title IV, § 405, 42 Stat. 1480; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)
Notes
Editorial Notes
Codification Section is comprised of subsec. (f) of section 14 of act Dec. 23, 1913, as added Mar. 4, 1923. For classification to this title of remainder of section 14, see Codification note under section 353 of this title.
Statutory Notes and Related Subsidiaries
Change of Name Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
National Agricultural Credit CorporationTitle II of the Agricultural Credits Act, act Mar. 4, 1923, title II, §§ 201–217, 42 Stat. 1461, authorized creation of national agricultural credit corporations, prior to repeal by Pub. L. 86–230, Sept. 8, 1959, § 24, 73 Stat. 466. Prior to such repeal, act June 16, 1933, § 77, 48 Stat. 292, had prohibited the creation, after June 16, 1933, of national agricultural credit corporations authorized to be formed under the Agricultural Credits Act.