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119th Congress

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119th Congress

Title 12 — Banks and Banking

Chapter 3 — Federal Reserve System

§ 248. Enumerated powers

Statutory text

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)

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 section 1813 of this title), 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 section 1813 of this title) or which is a member as defined in section 1422 of this title, 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

To 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: Provided, 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

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

(p)

Authority

The Board may act in its own name and through its own attorneys in enforcing any provision of this title,1 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 section 1841 of this title), 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)

Any action that the Board is otherwise authorized to take under section 343(3) of this title 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 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

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

(B)

Covered transaction

The term “covered transaction” means—

(i)

any open market transaction with a nongovernmental third party conducted under section 353 of this title or section 354, 355, or 356 of this title, after ; and

(ii)

any advance made under section 347b of this title 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

Except as provided in this subsection or section 343(3)(D) of this title, or in section 714(f)(3)(C) of title 31, 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 section 552(b)(3) of title 5, 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

This subsection and section 343(3)(C) of this title, section 714(f)(3)(C) of title 31, 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 section 6802 of title 15) 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)

conduct a study on the impact that the exemption from section 552(b)(3) of title 5 (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

Nothing in this section is meant to affect any pending litigation or lawsuit filed under section 552 of title 5 (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)

all nonbank financial companies supervised by the Board under section 5323 of this title.

(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.

Footnotes

  1. 1 See References in Text note below.
  2. 2 So in original. Two subsecs. (s) have been enacted.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

  1. Pub. L. 63–6 § 11 · 38 Stat. 103

    Enacted · 12 U.S.C. § 248

    Dec. 23, 1913, ch. 6, § 11, 38 Stat. 261

    Source evidence

    Code source credit
    Dec. 23, 1913, ch. 6, § 11, 38 Stat. 261

    Enacted provision · exact public law section
    Sec. 11. There shall be a Commissioner of Mediation and Conciliation, who shall be appointed by the President, by and with the advice and consent of the Senate, and whose salary shall be $7,500 per annum, who shall hold his office for a term of seven years and until a successor qualifies, and who shall be removable by the President Other members to constitute Board of Mediation and Conciliation. only for misconduct in office. The President shall also designate not more than two other officials of the Government who have been appointed by and with the advice and consent of the Senate, and the officials thus designated, together with the Commissioner of Mediation and Conciliation, shall constitute a board to be known as the United States Board of Mediation and Conciliation. Assistant Commissioner. Appointment and pay. Duties and authority. There shall also be an Assistant Commissioner of Mediation and Conciliation, who shall be appointed by the President, by and with the advice and consent of the Senate, and whoso salary shall be $5,000 per annum. In the absence of the Commissioner of Mediation and Conciliation, or when that office shall become vacant, the assistant commissioner shall exercise the functions and perform the duties of that office. Under the direction of the Commissioner of Mediation and Conciliation, the assistant commissioner shall assist in the work of mediation and conciliation and when acting alone in any case he shall have the right to take acknowledgments, receive agreements of arbitration, and cause the notices in writing to be served upon the arbitrators chosen by the respective parties to the controversy, as provided for in section five of this Act. Former Act repealed. Vol. 30, p. 424. The Act of June first, eighteen hundred and ninety-eight, relating to the mediation and arbitration of controversies between railway companies and certain classes of their employees is hereby repealed: Provided, Proviso. Pending agreements, etc., continued. That any agreement of arbitration which, at the time of the passage of this Act, shall have been executed in accordance with the provisions of said Act of June first, eighteen hundred and ninety-eight, shall be governed by the provisions of said Act of June first, eighteen hundred and ninety-eight, and the proceedings thereunder shall be conducted in accordance with the provisions of said Act.

  2. Public Law not identified

    Added · 12 U.S.C. § 248(k)

    Subsec. (k). Act June 26, 1930, added last par

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (k). Act June 26, 1930, added last par.

  3. Public Law not identified

    Amended · 12 U.S.C. § 248(m)

    Subsec. (m). Act June 16, 1933, amended provisions generally

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (m). Act June 16, 1933, amended provisions generally.

  4. Public Law not identified

    Added · 12 U.S.C. § 248(n)

    Subsec. (n). Act Mar. 9, 1933, added subsec. (n)

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (n). Act Mar. 9, 1933, added subsec. (n).

  5. Public Law not identified

    Amended · 12 U.S.C. § 248(k)

    Subsec. (k). Act Aug. 23, 1935, § 342, amended last sentence of third par

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (k). Act Aug. 23, 1935, § 342, amended last sentence of third par.

  6. Public Law not identified

    Inserted · 12 U.S.C. § 248(m)

    Subsec. (m). Act Aug. 23, 1935, § 321(a), inserted proviso at end of first sentence

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (m). Act Aug. 23, 1935, § 321(a), inserted proviso at end of first sentence.

  7. Public Law not identified

    1. Substituted · 12 U.S.C. § 248(c)

      Subsec. (c). Act June 12, 1945, substituted “25 per centum” for “40 per centum” wherever appearing

    2. Substituted · 12 U.S.C. § 248(c)

      Subsec. (c). Act June 12, 1945, substituted “20 per centum” for “32½ per centum” wherever appearing

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (c). Act June 12, 1945, substituted “25 per centum” for “40 per centum”, and “20 per centum” for “32½ per centum” wherever appearing.

  8. Pub. L. 86–114 § 3(b)(6) · 73 Stat. 263

    Substituted · 12 U.S.C. § 248(e)

    Pub. L. 86–114 substituted “reserve cities” for “reserve and central reserve cities” in two places

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 86–114 substituted “reserve cities” for “reserve and central reserve cities” in two places.

    Enacted provision · exact public law section
    (6) section 11(e) of the Federal Reserve Act (12 U.S.C., sec. 38 Stat. 262. 248e) is amended by striking out “and central reserve” each place it appears;

  9. Pub. L. 86–251 § 3(c) · 73 Stat. 487

    Struck · 12 U.S.C. § 248(m)

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

    Source evidence

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

    Enacted provision · exact public law section
    (c) Paragraph (8) of such section 5200 and subsection 11 (m) of 48 Stat. 167. the Federal Reserve Act (12 U.S.C. 248(m)) are amended by striking out “in the form of notes”.

  10. Pub. L. 87–722 § 3 · 76 Stat. 668

    Repealed · 12 U.S.C. § 248(k)

    Pub. L. 87–722 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 section 92a of this title

    Source evidence

    Code amendment note
    Subsec. (k). Pub. L. 87–722 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 section 92a of this title.

    Enacted provision · exact public law section
    Sec. 3. Subsection (k) of section 11 of the Federal Reserve Act (12 38 Stat. 262. U.S.C. 248(k)) is repealed.

  11. Pub. L. 89–427 § 2 · 80 Stat. 161

    Changed · 12 U.S.C. § 248(d)

    Pub. L. 89–427 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

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 89–427 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.

    Enacted provision · exact public law section
    Sec. 2. Paragraph (d) of section 11 of the Federal Reserve Act (12 U.S.C. 248(d)) is amended by inserting “except for the cancellation 38 Stat. 262. and destruction, and accounting with respect to such cancellation and destruction, of notes unfit for circulation,” immediately after “To supervise and regulate through the Bureau under the charge of the Comptroller of the Currency the issue and retirement of Federal Reserve notes,”.

  12. Pub. L. 89–765 · 80 Stat. 1314

    Repealed · 12 U.S.C. § 248(k)

    Pub. L. 89–765 added subsec. (k). A former subsec. (k) was repealed by Pub. L. 87–722, § 3, Sept. 28, 1962, 76 Stat. 670

    Source evidence

    Code amendment note
    Subsec. (k). Pub. L. 89–765 added subsec. (k). A former subsec. (k) was repealed by Pub. L. 87–722, § 3, Sept. 28, 1962, 76 Stat. 670.

  13. Pub. L. 90–269 § 1 · 82 Stat. 50

    Struck · 12 U.S.C. § 248(c)

    Pub. L. 90–269 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

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 90–269 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.

    Enacted provision · exact public law section
    Section1, Subsection (c) of section 11 of the Federal Reserve Act (12 U.S.C. 248(c)) is amended by striking both provisos, and by striking the last sentence, in such subsection.

  14. Pub. L. 95–251 § 2(a)(3) · 92 Stat. 183

    Substituted · 12 U.S.C. § 248(k)

    Pub. L. 95–251 substituted “administrative law judges” for “hearing examiners”

    Source evidence

    Code amendment note
    Subsec. (k). Pub. L. 95–251 substituted “administrative law judges” for “hearing examiners”.

    Enacted provision · exact public law section
    (3) section 11 (k) of the Federal Reserve Act (12 U.S.C. 248(h));

  15. Monetary Control Act of 1980

    Pub. L. 96–221 title I § 102 · 94 Stat. 131

    1. Amended · 12 U.S.C. § 248(a)

      Pub. L. 96–221 designated existing provisions as par. (1)

    2. Added · 12 U.S.C. § 248(a)

      Pub. L. 96–221 added par. (2)

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 96–221 designated existing provisions as par. (1) and added par. (2).

    Enacted provision · exact public law section
    Sec. 102. reporting requirements Section 11(a) of the Federal Reserve Act (12 U.S.C. 248(a)) is amended— (1) by inserting “(1)” after “(a)”; and (2) by adding at the end thereof the following new paragraph: “(2) 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 12 USC 461. requirements under section 19 of this Act exceed zero, and (B) for all other reports to the Board through the (i) Federal Deposit Insurance Corporation in the case of insured State nonmember banks, savings banks, and mutual savings banks, (ii) National Credit Union Administration Board in the case of insured credit unions, (iii) Federal Home Loan Bank Board in the case of any institution insured by the Federal Savings and Loan Insurance Corporation or which is a 12 USC 1422. member as defined in section 2 of the Federal Home Loan Bank Act, and (iv) such State officer or agency as the Board may designate in the case of any other type of bank, savings and loan 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.”.

  16. Pub. L. 97–258 § 5(b) · 96 Stat. 1068

    Struck · 12 U.S.C. § 248(n)

    Pub. L. 97–258 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

    Source evidence

    Code amendment note
    Subsec. (n). Pub. L. 97–258 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.

  17. Pub. L. 97–457 § 17(b) · 96 Stat. 2507

    Substituted · 12 U.S.C. § 248(m)

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

    Source evidence

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

    Enacted provision · exact public law section
    (b) Section 11(m) of the Federal Reserve Act (12 U.S.C. 248(m)) is amended by striking out in the first sentence “under paragraph (8) of section 5200 of the Revised Statutes, as amended (U.S.C., Supp. VII, title 12, sec. 84)” and inserting in lieu thereof “under section 5200(c)(4) of the Revised Statutes”.

  18. Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 title VII § 744(i)(1) · 103 Stat. 183

    Substituted · 12 U.S.C. § 248(a)(2)(iii)

    Pub. L. 101–73 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 section 1813 of this title)” for “Federal Home Loan Bank Board in the case of any institution insured by the Federal Savings and Loan Insurance Corporation”

    Source evidence

    Code amendment note
    Subsec. (a)(2)(iii). Pub. L. 101–73 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 section 1813 of this title)” for “Federal Home Loan Bank Board in the case of any institution insured by the Federal Savings and Loan Insurance Corporation”.

    Enacted provision · exact public law section
    (1) Section 11.— Section 11(a)(2) of the Federal Reserve Act (12 U.S.C. 248(a)(2)) is amended by striking “(iii) Federal Home Loan Bank Board in the case of any institution insured by the Federal Savings and Loan Insurance Corporation” and inserting “(iii) the Director of the Office of Thrift Supervision in the case of any savings association which is an insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act)”.

  19. Federal Deposit Insurance Corporation Improvement Act of 1991

    Pub. L. 102–242 § 142(c) · 105 Stat. 2236

    Added · 12 U.S.C. § 248(n)

    Pub. L. 102–242, § 142(c), 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

    Source evidence

    Code amendment note
    Subsec. (n). Pub. L. 102–242, § 142(c), 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.

    Enacted provision · exact public law section
    (c) Board’s Authority To Examine Depository Institutions and Affiliates.— Section 11 of the Federal Reserve Act is amended by 12 USC 248. adding at the end the following: “(n) 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 Act.”.

  20. Federal Deposit Insurance Corporation Improvement Act of 1991

    Pub. L. 102–242 § 133(f) · 105 Stat. 2236

    Added · 12 U.S.C. § 248(p)

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

    Source evidence

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

    Enacted provision · exact public law section
    (f) Conforming Amendment to the Federal Reserve Act.— Section 11 of the Federal Reserve Act (12 U.S.C. 248) is amended by adding at the end the following new subsection: “(p) Authority To Appoint Conservator or Receiver.— The Board may appoint the Federal Deposit Insurance Corporation as conservator or receiver for a State member bank under section U(c)(9) of the Federal Deposit Insurance Act.”.

  21. Housing and Community Development Act of 1992

    Pub. L. 102–550 title XVI § 1603(d)(9) · 106 Stat. 3672

    Redesignated · 12 U.S.C. § 248(o); 12 U.S.C. § 248(p)

    Pub. L. 102–550 redesignated subsec. (p) as (o)

    Source evidence

    Code amendment note
    Subsecs. (o), (p). Pub. L. 102–550 redesignated subsec. (p) as (o).

    Enacted provision · exact public law section
    (9) The paragraph designated as “(p)” of section 11 of the Federal Reserve Act (12 U.S.C. 248) (as added by section 133(0 of the Federal Deposit Insurance Corporation Improvement Act of 1992) is hereby redesignated as paragraph (o).

  22. Riegle Community Development and Regulatory Improvement Act of 1994

    Pub. L. 103–325 § 602(g)(2) · 108 Stat. 2160

    Substituted · 12 U.S.C. § 248(d)

    Pub. L. 103–325, § 602(g)(2), 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”

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 103–325, § 602(g)(2), 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”.

    Enacted provision · exact public law section
    (2) Section 11(d) of the Federal Reserve Act (12 U.S.C. 248(d)) is amended— (A) by striking “bureau under the charge of the Comptroller of the Currency” and inserting “Secretary of the Treasury”; and (B) by striking “Comptroller” and inserting “Secretary of the Treasury”

  23. Riegle Community Development and Regulatory Improvement Act of 1994

    Pub. L. 103–325 § 322(d) · 108 Stat. 2160

    1. Substituted · 12 U.S.C. § 248(m)

      Pub. L. 103–325, § 322(d), which directed substitution of “15 percent” for “10 percentum” in two places to reflect the probable intent of Congress

    2. Substituted · 12 U.S.C. § 248(m)

      Pub. L. 103–325, § 322(d), which directed substitution of “15 percent” for “10 per centum” in two places to reflect the probable intent of Congress

    Source evidence

    Code amendment note
    Subsec. (m). Pub. L. 103–325, § 322(d), 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.

    Enacted provision · exact public law section
    (d) Lending Limit for Loans Secured by Securities.— Section 11(m) of the Federal Reserve Act (12 U.S.C. 248(m)) is amended by striking “10 percentum” each place such term appears and inserting “15 percent”.

  24. Riegle Community Development and Regulatory Improvement Act of 1994

    Pub. L. 103–325 § 331(d) · 108 Stat. 2160

    Added · 12 U.S.C. § 248(p)

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

    Source evidence

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

    Enacted provision · exact public law section
    (d) Amendment to the Federal Reserve Act.— Section 11 of the Federal Reserve Act (12 U.S.C. 248) is amended by adding at the end the following new subsection: “(p) Authority.— The 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 section 2 of the Bank Holding Company Act of 1956), or other entity, or the administration of its operations.”.

  25. Pub. L. 106–102 title VII § 735 · 113 Stat. 1338

    Repealed · 12 U.S.C. § 248(m)

    Pub. L. 106–102 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

    Source evidence

    Code amendment note
    Subsec. (m). Pub. L. 106–102 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.

    Enacted provision · exact public law section
    SEC. 735. REPEAL OF STOCK LOAN LIMIT IN FEDERAL RESERVE ACT. Section 11 of the Federal Reserve Act (12 U.S.C. 248) is amended by striking the paragraph designated as “(m)” and inserting “(m) [Repealed]”.

  26. International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001

    Pub. L. 107–56 title III § 364 · 115 Stat. 272

    Added · 12 U.S.C. § 248(q)

    Pub. L. 107–56 added subsec. (q)

    Source evidence

    Code amendment note
    Subsec. (q). Pub. L. 107–56 added subsec. (q).

    Enacted provision · exact public law section
    SEC. 364. UNIFORM PROTECTION AUTHORITY FOR FEDERAL RESERVE FACILITIES. Section 11 of the Federal Reserve Act (12 U.S.C. 248) is amended by adding at the end the following: “(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.”.

  27. Terrorism Risk Insurance Act of 2002

    Pub. L. 107–297 title III § 301 · 116 Stat. 2322

    Added · 12 U.S.C. § 248(r)

    Pub. L. 107–297 added subsec. (r)

    Source evidence

    Code amendment note
    Subsec. (r). Pub. L. 107–297 added subsec. (r).

    Enacted provision · exact public law section
    SEC. 301. CERTAIN AUTHORITY OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Section 11 of the Federal Reserve Act (12 U.S.C. 248) is amended by adding at the end the following new subsection: “(r) (1) Any action that this Act 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) Any action that the Board is otherwise authorized to take under section 13(3) 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.”.

  28. Enhancing Financial Institution Safety and Soundness Act of 2010

    Pub. L. 111–203 § 366(1)(A) · 124 Stat. 1376

    Changed · 12 U.S.C. § 248(a)(2)

    Pub. L. 111–203, § 366(1)(A), which directed insertion of “State savings associations that are insured depository institutions (as defined in section 1813 of this title),” 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

    Source evidence

    Code amendment note
    Subsec. (a)(2). Pub. L. 111–203, § 366(1)(A), which directed insertion of “State savings associations that are insured depository institutions (as defined in section 1813 of this title),” 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.

    Enacted provision · exact public law section
    (A) by inserting “State savings associations that are insured depository institutions (as defined in section 3 of the Federal Deposit Insurance Act),” after “case of insured”;

  29. Enhancing Financial Institution Safety and Soundness Act of 2010

    Pub. L. 111–203 § 366(1)(B) · 124 Stat. 1376

    1. Substituted · 12 U.S.C. § 248(a)(2)(B)(iii)

      Pub. L. 111–203, § 366(1)(B), (C), substituted “Comptroller of the Currency” for “Director of the Office of Thrift Supervision”

    2. Inserted · 12 U.S.C. § 248(a)(2)(B)(iii)

      Pub. L. 111–203, § 366(1)(B), (C), inserted “Federal” before “savings association which”

    Source evidence

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

    Enacted provision · exact public law section
    (B) by striking “Director of the Office of Thrift Supervision” and inserting “Comptroller of the Currency”;

  30. Enhancing Financial Institution Safety and Soundness Act of 2010

    Pub. L. 111–203 § 366(1)(D) · 124 Stat. 1376

    Substituted · 12 U.S.C. § 248(a)(2)(B)(iv)

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

    Source evidence

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

    Enacted provision · exact public law section
    (D) by striking “savings and loan association” and inserting “savings association”; and

  31. Dodd-Frank Wall Street Reform and Consumer Protection Act

    Pub. L. 111–203 § 1108(c) · 124 Stat. 1376

    Inserted · 12 U.S.C. § 248(k)

    Pub. L. 111–203, § 1108(c), 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.”

    Source evidence

    Code amendment note
    Subsec. (k). Pub. L. 111–203, § 1108(c), 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.”

    Enacted provision · exact public law section
    (c) Board Responsibility To Set Supervision and Regulatory Policy.— Section 11 of the Federal Reserve Act (12 U.S.C. 248) (relating to enumerated powers of the Board) is amended by adding at the end of subsection (k) (relating to delegation) the following: “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.”.

  32. Dodd-Frank Wall Street Reform and Consumer Protection Act

    Pub. L. 111–203 § 1103(b) · 124 Stat. 1376

    Added · 12 U.S.C. § 248(s)

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

    Source evidence

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

    Enacted provision · exact public law section
    (b) Federal Reserve Transparency and Release of Information.— Section 11 of the Federal Reserve Act (12 U.S.C. 248) is amended by adding at the end the following new subsection: “(s) 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 Act 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.— The term ‘credit facility’ has the same meaning as in section 714(f)(1)(A) of title 31, United States Code. “(B) Covered transaction.— The term ‘covered transaction’ means— “(i) any open market transaction with a nongovernmental third party conducted under the first undesignated paragraph of section 14 or subparagraph (a), (b), or (c) of the 2nd undesignated paragraph of such section, after the date of enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act; and “(ii) any advance made under section 10B after the date of enactment of that Act. “(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.— Except as provided in this subsection or section 13(3)(D), or in section 714(f)(3)(C) of title 31, United States Code, 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 section 552(b)(3) of title 5 of such Code, 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.— This subsection and section 13(3)(C), section 714(f)(3)(C) of title 31, United States Code, 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 section 502 of the Gramm-Leach-Bliley Act (12 U.S.C. 6802)) 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) conduct a study on the impact that the exemption from section 552(b)(3) of title 5 (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 Publication. Web posting. later than 30 months after the date of enactment of this section, 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.— Nothing in this section is meant to affect any pending litigation or lawsuit filed under section 552 of title 5, United States Code (popularly known as the Freedom of Information Act), on or before the date of enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act.” .

  33. Enhancing Financial Institution Safety and Soundness Act of 2010

    Pub. L. 111–203 § 318(c) · 124 Stat. 1376

    Added · 12 U.S.C. § 248(s)

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

    Target inherited from the preceding amendment note.

    Source evidence

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

    Enacted provision · exact public law section
    (c) Funding of Board of Governors.— Section 11 of the Federal Reserve Act (12 U.S.C. 248) is amended by adding at the end the following: “(s) 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 $50,000,000,000 or more; “(B) all savings and loan holding companies having total consolidated assets of $50,000,000,000 or more; and “(C) all nonbank financial companies supervised by the Board under section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.” .

  34. Economic Growth, Regulatory Relief, and Consumer Protection Act

    Pub. L. 115–174 § 401(c)(2)(A) · 132 Stat. 1296

    Substituted · 12 U.S.C. § 248(s)(2)

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

    Source evidence

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

    Enacted provision · exact public law section
    (A) in paragraph (2)— (i) in subparagraph (A), by striking “$50,000,000,000” and inserting “$100,000,000,000”; and (ii) in subparagraph (B), by striking “$50,000,000,000” and inserting “$100,000,000,000”; and

    Effective date note
    Except as otherwise provided, amendment by Pub. L. 115–174 effective 18 months after May 24, 2018, see section 401(d) of Pub. L. 115–174, set out as a note under section 5365 of this title.

  35. Economic Growth, Regulatory Relief, and Consumer Protection Act

    Pub. L. 115–174 § 401(c)(2)(B) · 132 Stat. 1296

    Added · 12 U.S.C. § 248(s)(3)

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

    Source evidence

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

    Enacted provision · exact public law section
    (B) by adding at the end the following: “(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.” .

    Effective date note
    Except as otherwise provided, amendment by Pub. L. 115–174 effective 18 months after May 24, 2018, see section 401(d) of Pub. L. 115–174, set out as a note under section 5365 of this title.

30 of 39 references resolved to an enrolled provision · 2 partial · 7 unresolved

Editorial Notes

References in Text

Sections 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 section 461 of this title.

This 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 act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title 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.

The Act of January sixteenth, eighteen hundred and eighty-three, referred to in subsec. (l), is act Jan. 16, 1883, ch. 27, 22 Stat. 403, 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 section 8165 of Title 40, Public Buildings, Property, and Works, by Pub. L. 107–217, §§ 1, 6(b), , 116 Stat. 1062, 1304. The sections that were classified to former Title 5 were repealed by Pub. L. 89–554, § 8(a), , 80 Stat. 632, 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.

This title, referred to in subsec. (p), probably should read “this Act”, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, 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 section 226 of this title and Tables.

Subsection (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 section 1109 of Pub. L. 111–203, title XI, 124 Stat. 2127, 2128, which is not classified to the Code.

, 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 Pub. L. 111–203 which added such subsec. (s), to reflect the probable intent of Congress.

The 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 Pub. L. 115–174, , 132 Stat. 1296. For complete classification of this Act to the Code, see Short Title of 2018 Amendment note set out under section 1601 of Title 15, Commerce and Trade, and Tables.

Codification

In subsec. (k), “subchapter II of chapter 5, and chapter 7, of title 5” was substituted for “the Administrative Procedure Act” on authority of section 7(b) of Pub. L. 89–554, , 80 Stat. 631, the first section of which enacted Title 5, Government Organization and Employees.

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

Amendments1930–2018 · 21 rounds

2018

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

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

2010

Subsec. (a)(2). Pub. L. 111–203, § 366(1)(A), which directed insertion of “State savings associations that are insured depository institutions (as defined in section 1813 of this title),” 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.

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

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

Subsec. (k). Pub. L. 111–203, § 1108(c), 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.”

Subsec. (s). Pub. L. 111–203, § 1103(b), 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.

2002

Subsec. (r). Pub. L. 107–297 added subsec. (r).

2001

Subsec. (q). Pub. L. 107–56 added subsec. (q).

1999

Subsec. (m). Pub. L. 106–102 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.

1994

Subsec. (d). Pub. L. 103–325, § 602(g)(2), 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”.

Subsec. (m). Pub. L. 103–325, § 322(d), 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.

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

1992

Subsecs. (o), (p). Pub. L. 102–550 redesignated subsec. (p) as (o).

1991

Subsec. (n). Pub. L. 102–242, § 142(c), 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.

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

1989

Subsec. (a)(2)(iii). Pub. L. 101–73 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 section 1813 of this title)” for “Federal Home Loan Bank Board in the case of any institution insured by the Federal Savings and Loan Insurance Corporation”.

1983

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

1982

Subsec. (n). Pub. L. 97–258 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.

1980

Subsec. (a). Pub. L. 96–221 designated existing provisions as par. (1) and added par. (2).

1978

Subsec. (k). Pub. L. 95–251 substituted “administrative law judges” for “hearing examiners”.

1968

Subsec. (c). Pub. L. 90–269 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.

1966

Subsec. (d). Pub. L. 89–427 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.

Subsec. (k). Pub. L. 89–765 added subsec. (k). A former subsec. (k) was repealed by Pub. L. 87–722, § 3, , 76 Stat. 670.

1962

Subsec. (k). Pub. L. 87–722 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 section 92a of this title.

1959

Subsec. (e). Pub. L. 86–114 substituted “reserve cities” for “reserve and central reserve cities” in two places.

Subsec. (m). Pub. L. 86–251 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

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

Effective Date of 2010 Amendment

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

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

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

Effective Date of 1992 Amendment

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

Effective Date of 1991 Amendment

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

Effective Date of 1980 Amendment

Pub. L. 96–221, title I, § 108, , 94 Stat. 141, provided that: “This title [enacting section 248a of this title, 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.”

Effective Date of 1959 Amendment

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

Construction of 2018 Amendment

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

Construction of 1991 Amendment

Pub. L. 102–550, title XVI, § 1603(e)(2), , 106 Stat. 4081, provided that: “The amendment made by section 142(c) of the Federal Deposit Insurance Corporation Improvement Act of 1991 [Pub. L. 102–242] (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].”

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.

Credits

1913–2018 · 29 acts
  1. 1913Dec. 23, 1913, ch. 6, § 11, 38 Stat. 261
  2. 1916Sept. 7, 1916, ch. 461, 39 Stat. 752
  3. 1918Sept. 26, 1918, ch. 177, § 2, 40 Stat. 968
  4. 1919Mar. 3, 1919, ch. 101, § 3, 40 Stat. 1315
  5. 1921Feb. 27, 1921, ch. 75, 41 Stat. 1146
  6. 1930June 26, 1930, ch. 612, 46 Stat. 814
  7. 1933Mar. 9, 1933, ch. 1, title I, § 3, 48 Stat. 2
  8. 1933June 16, 1933, ch. 89, § 7, 48 Stat. 167
  9. 1935Aug. 23, 1935, ch. 614, title II, § 203(a), title III, §§ 321(a), 342, 49 Stat. 704, 713, 722
  10. 1945June 12, 1945, ch. 186, § 1(c), 59 Stat. 237
  11. 1959Pub. L. 86–114, § 3(b)(6), , 73 Stat. 264
  12. 1959Pub. L. 86–251, § 3(c), , 73 Stat. 488
  13. 1962Pub. L. 87–722, § 3, , 76 Stat. 670
  14. 1966Pub. L. 89–427, § 2, , 80 Stat. 161
  15. 1966Pub. L. 89–765, , 80 Stat. 1314
  16. 1968Pub. L. 90–269, § 1, , 82 Stat. 50
  17. 1978Pub. L. 95–251, § 2(a)(3), , 92 Stat. 183
  18. 1980Pub. L. 96–221, title I, § 102, , 94 Stat. 132
  19. 1982Pub. L. 97–258, § 5(b), , 96 Stat. 1068
  20. 1983Pub. L. 97–457, § 17(b), , 96 Stat. 2509
  21. 1989Pub. L. 101–73, title VII, § 744(i)(1), , 103 Stat. 439
  22. 1991Pub. L. 102–242, title I, §§ 133(f), 142(c), , 105 Stat. 2273, 2281
  23. 1992Pub. L. 102–550, title XVI, § 1603(d)(9), , 106 Stat. 4080
  24. 1994Pub. L. 103–325, title III, §§ 322(d), 331(d), title VI, § 602(g)(2), , 108 Stat. 2227, 2232, 2293
  25. 1999Pub. L. 106–102, title VII, § 735, , 113 Stat. 1479
  26. 2001Pub. L. 107–56, title III, § 364, , 115 Stat. 333
  27. 2002Pub. L. 107–297, title III, § 301, , 116 Stat. 2340
  28. 2010Pub. L. 111–203, title III, §§ 318(c), 366(1), title XI, §§ 1103(b), 1108(c), , 124 Stat. 1527, 1556, 2118, 2126
  29. 2018Pub. L. 115–174, title IV, § 401(c)(2), , 132 Stat. 1358.
Show as published

(Dec. 23, 1913, ch. 6, § 11, 38 Stat. 261; Sept. 7, 1916, ch. 461, 39 Stat. 752; Sept. 26, 1918, ch. 177, § 2, 40 Stat. 968; Mar. 3, 1919, ch. 101, § 3, 40 Stat. 1315; Feb. 27, 1921, ch. 75, 41 Stat. 1146; June 26, 1930, ch. 612, 46 Stat. 814; Mar. 9, 1933, ch. 1, title I, § 3, 48 Stat. 2; June 16, 1933, ch. 89, § 7, 48 Stat. 167; Aug. 23, 1935, ch. 614, title II, § 203(a), title III, §§ 321(a), 342, 49 Stat. 704, 713, 722; June 12, 1945, ch. 186, § 1(c), 59 Stat. 237; Pub. L. 86–114, § 3(b)(6), , 73 Stat. 264; Pub. L. 86–251, § 3(c), , 73 Stat. 488; Pub. L. 87–722, § 3, , 76 Stat. 670; Pub. L. 89–427, § 2, , 80 Stat. 161; Pub. L. 89–765, , 80 Stat. 1314; Pub. L. 90–269, § 1, , 82 Stat. 50; Pub. L. 95–251, § 2(a)(3), , 92 Stat. 183; Pub. L. 96–221, title I, § 102, , 94 Stat. 132; Pub. L. 97–258, § 5(b), , 96 Stat. 1068; Pub. L. 97–457, § 17(b), , 96 Stat. 2509; Pub. L. 101–73, title VII, § 744(i)(1), , 103 Stat. 439; Pub. L. 102–242, title I, §§ 133(f), 142(c), , 105 Stat. 2273, 2281; Pub. L. 102–550, title XVI, § 1603(d)(9), , 106 Stat. 4080; Pub. L. 103–325, title III, §§ 322(d), 331(d), title VI, § 602(g)(2), , 108 Stat. 2227, 2232, 2293; Pub. L. 106–102, title VII, § 735, , 113 Stat. 1479; Pub. L. 107–56, title III, § 364, , 115 Stat. 333; Pub. L. 107–297, title III, § 301, , 116 Stat. 2340; Pub. L. 111–203, title III, §§ 318(c), 366(1), title XI, §§ 1103(b), 1108(c), , 124 Stat. 1527, 1556, 2118, 2126; Pub. L. 115–174, title IV, § 401(c)(2), , 132 Stat. 1358.)

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USLM identifier /us/usc/t12/s248