§ 348a. Transactions with foreign banks; supervision of Board of Governors of the Federal Reserve System

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. 1913

   Gold Reserve Act of 1934

   Pub. L. 73–6 § 14(g) · 48 Stat. 337

   Enacted · 12 U.S.C. § 348a

   Dec. 23, 1913, ch. 6, § 14(g), as added June 16, 1933, ch. 89, § 10, 48 Stat. 181

   Source evidence

   Code source credit
   Dec. 23, 1913, ch. 6, § 14(g), as added June 16, 1933, ch. 89, § 10, 48 Stat. 181

   Enacted provision · exact public law section
   Sec. 14. (a) The Second Liberty Bond Act, as amended, is further Second Liberty Bond Act amendments. Vol. 40, pp. 288, 502, 844; Vol. 46, p. 1506. U.S.C., p. 1026; Supp. VII, p. 770. amended as follows: (1) By adding at the end of section 1 (U.S.C., title 31, sec. 752; Supp. VII, title 31, sec. 752), a new paragraph as follows: “Notwithstanding the provisions of the foregoing paragraph, the Bonds, other than public issue, permitted. Secretary of the Treasury may from time to time, when he deems it to be in the public interest, offer such bonds otherwise than as a popular loan and he may make allotments in full, or reject or reduce Applications and allotments. allotments upon any applications whether or not the offering was made as a popular loan.” (2) By inserting in section 8 (U.S.C., title 31, sec. 771), after the Deposit of proceeds. Vol. 40, p. 291; U.S.C., p. 1029, amended. Treasury bills added. words “certificates of indebtedness”, a comma and the words “Treasury bills”. (3) By striking out the figures “$7,500,000,000” where they United States notes, issue. Vol. 40, p. 1310; U.S.C., p. 1026. appear in section 18 (U.S.C., title 31, sec. 753) and inserting in lieu thereof the figures “$10,000,000,000.” (4) By adding thereto two new sections, as follows: “Sec. 19. Notwithstanding any other provisions of law, any obligations Obligations herein authorized may be used to pay outstanding indebtedness, etc. authorized by this Act may be issued for the purchase, redemption, or refunding, at or before maturity, of any outstanding bonds, notes, certificates of indebtedness, or Treasury bills, of the United States, or to obtain funds for such purchase, redemption, or refunding, under such rules, regulations, terms, and conditions as the Secretary of the Treasury may prescribe. “Sec. 20. The Secretary of the Treasury may issue any obligations Short-term non-interest-bearing obligations, on discount basis. authorized by this Act and maturing not more than one year from the date of their issue on a discount basis and payable at maturity without interest. Any such obligations may also be offered Sale, on competitive basis. for sale on a competitive basis under such regulations and upon such terms and conditions as the Secretary of the Treasury may prescribe, and the decisions of the Secretary in respect of any issue shall be final.” (b) Section 6 of the Victory Liberty Loan Act (U.S.C., title 31, sec. 767; Supp. VII, title 31, secs. 767–767a) is amended by striking out the words “for refunding purposes”, together with the preceding comma, at the end of the first sentence of subsection (a). (c) The Secretary of the Treasury is authorized to issue gold certificates in such form and in such denominations as he may determine, against any gold held by the Treasurer of the United States, except the gold fund held as a reserve for any United States notes Limitation. and Treasury notes of 1890. The amount of gold certificates issued and outstanding shall at no time exceed the value, at the legal standard, of the gold so held against gold certificates.

1 of 1 references resolved to an enrolled provision