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119th Congress

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119th Congress

Title 12 — Banks and Banking

Chapter 3 — Federal Reserve System

§ 355. Purchase 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 States

Statutory text

Every Federal Reserve bank shall have power:

(1)

To buy and sell, at home or abroad, bonds and notes of the United States, bonds issued under the provisions of subsection (c) of section 1463 1 of this title and having maturities from date of purchase of not exceeding six months, and bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county, district, political subdivision, or municipality in the continental United States, including irrigation, drainage and reclamation districts, and obligations of, or fully guaranteed as to principal and interest by, a foreign government or agency thereof, such purchases to be made in accordance with rules and regulations prescribed by the Board of Governors of the Federal Reserve System. Notwithstanding any other provision of this chapter, any bonds, notes, or other obligations which are direct obligations of the United States or which are fully guaranteed by the United States as to principal and interest may be bought and sold without regard to maturities but only in the open market.

(2)

To buy and sell in the open market, under the direction and regulations of the Federal Open Market Committee, any obligation which is a direct obligation of, or fully guaranteed as to principal and interest by, any agency of the United States.

Footnotes

  1. 1 See References in Text note below.

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 § 14(b) · 38 Stat. 103

    Enacted · 12 U.S.C. § 355

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

    Source evidence

    Code source credit
    Dec. 23, 1913, ch. 6, § 14(b), 38 Stat. 264

  2. Pub. L. 85–476 · 72 Stat. 261

    1. Substituted · 12 U.S.C. § 355

      Pub. L. 85–476 substituted “July 1, 1960” for “July 1, 1958”

    2. Substituted · 12 U.S.C. § 355

      Pub. L. 85–476 substituted “June 30, 1960” for “June 30, 1958”

    Source evidence

    Code amendment note
    Pub. L. 85–476 substituted “July 1, 1960” for “July 1, 1958” and “June 30, 1960” for “June 30, 1958”.

  3. Pub. L. 86–567 · 74 Stat. 295

    1. Substituted · 12 U.S.C. § 355

      Pub. L. 86–567 substituted “July 1, 1962” for “July 1, 1960”

    2. Substituted · 12 U.S.C. § 355

      Pub. L. 86–567 substituted “June 30, 1962” for “June 30, 1960”

    Source evidence

    Code amendment note
    Pub. L. 86–567 substituted “July 1, 1962” for “July 1, 1960” and “June 30, 1962” for “June 30, 1960”.

  4. Pub. L. 87–353 § 3(d) · 75 Stat. 773

    Struck · 12 U.S.C. § 355

    Pub. L. 87–353 struck out provision authorizing every Federal reserve bank to buy and sell, at home or abroad, bonds of the Federal Farm Mortgage Corporation having maturities from date of purchase of not exceeding six months

    Source evidence

    Code amendment note
    Pub. L. 87–353 struck out provision authorizing every Federal reserve bank to buy and sell, at home or abroad, bonds of the Federal Farm Mortgage Corporation having maturities from date of purchase of not exceeding six months.

    Enacted provision · exact public law section
    (d) The first sentence of section 14(b) of the Federal Reserve Act, as amended (12 U.S.C. 355), is amended by striking out “bonds of 38 Stat. 264. the Federal Farm Mortgage Corporation having maturities from date of purchase of not exceeding six months,”.

  5. Pub. L. 87–506 · 76 Stat. 112

    1. Substituted · 12 U.S.C. § 355

      Pub. L. 87–506 substituted “July 1, 1964” for “July 1, 1962”

    2. Substituted · 12 U.S.C. § 355

      Pub. L. 87–506 substituted “June 30, 1964” for “June 30, 1962.”

    Source evidence

    Code amendment note
    Pub. L. 87–506 substituted “July 1, 1964” for “July 1, 1962” and “June 30, 1964” for “June 30, 1962.”

  6. Pub. L. 88–344 · 78 Stat. 235

    1. Substituted · 12 U.S.C. § 355

      Pub. L. 88–344 substituted “July 1, 1966” for “July 1, 1964”

    2. Substituted · 12 U.S.C. § 355

      Pub. L. 88–344 substituted “June 30, 1966” for “June 30, 1964”

    Source evidence

    Code amendment note
    Pub. L. 88–344 substituted “July 1, 1966” for “July 1, 1964”, and “June 30, 1966” for “June 30, 1964”.

  7. Pub. L. 89–484 · 80 Stat. 235

    1. Substituted · 12 U.S.C. § 355

      Pub. L. 89–484 substituted “July 1, 1968” for “July 1, 1966”

    2. Substituted · 12 U.S.C. § 355

      Pub. L. 89–484 substituted “June 30, 1968” for “June 30, 1966”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 89–484 substituted “July 1, 1968” for “July 1, 1966” and “June 30, 1968” for “June 30, 1966”.

  8. Pub. L. 89–597 § 6 · 80 Stat. 823

    1. Amended · 12 U.S.C. § 355

      Pub. L. 89–597 designated existing provisions as par. (1)

    2. Added · 12 U.S.C. § 355

      Pub. L. 89–597 added par. (2)

    Source evidence

    Code amendment note
    Pub. L. 89–597 designated existing provisions as par. (1) and added par. (2).

    Enacted provision · exact public law section
    Sec. 6. open market operations Section 14(b) of the Federal Reserve Act (12 U.S.C. 355) 38 Stat. 265. is amended by inserting “(1)” immediately after “(b)” and by adding the following new paragraph at the end: “(2) To buy and sell in the open market, under the direction and regulations of the Federal Open Market Committee, any obligation which is a direct obligation of, or fully guaranteed as to principal and interest by, any agency of the United States.”

  9. Pub. L. 90–300 · 82 Stat. 113

    1. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 90–300 substituted “July 1, 1970” for “July 1, 1968”

    2. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 90–300 substituted “June 30, 1970” for “June 30, 1968”

    Source evidence

    Code amendment note
    Par. (1). Pub. L. 90–300 substituted “July 1, 1970” for “July 1, 1968” and “June 30, 1970” for “June 30, 1968”.

  10. Pub. L. 91–360 · 84 Stat. 668

    1. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 91–360 substituted “July 1, 1971” for “July 1, 1970”

    2. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 91–360 substituted “June 30, 1971” for “June 30, 1970”

    Source evidence

    Code amendment note
    Par. (1). Pub. L. 91–360 substituted “July 1, 1971” for “July 1, 1970” and “June 30, 1971” for “June 30, 1970”.

  11. Pub. L. 92–45 · 85 Stat. 100

    1. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 92–45 substituted “July 1, 1973” for “July 1, 1971”

    2. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 92–45 substituted “June 30, 1973” for “June 30, 1971”

    Source evidence

    Code amendment note
    Par. (1). Pub. L. 92–45 substituted “July 1, 1973” for “July 1, 1971” and “June 30, 1973” for “June 30, 1971”.

  12. Pub. L. 93–93 · 87 Stat. 314

    1. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 93–93 substituted “November 1, 1973” for “July 1, 1973”

    2. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 93–93 substituted “October 31, 1973” for “June 30, 1973”

    Source evidence

    Code amendment note
    Par. (1). Pub. L. 93–93 substituted “November 1, 1973” for “July 1, 1973” and “October 31, 1973” for “June 30, 1973”.

  13. Pub. L. 93–495 title I § 109 · 88 Stat. 1500

    Substituted · 12 U.S.C. § 355(1)

    Pub. L. 93–495 substituted “November 1, 1975 for “November 1, 1973” and “October 31, 1975” for “October 31, 1973”

    Source evidence

    Code amendment note
    Par. (1). Pub. L. 93–495 substituted “November 1, 1975 for “November 1, 1973” and “October 31, 1975” for “October 31, 1973”.

    Enacted provision · exact public law section
    Sec. 109. purchase of united states obligations by federal reserve banks (a) Section 14(b) of the Federal Reserve Act, as amended (12 U.S.C. 355), is amended by striking out “November 1, 1973” and inserting in lieu thereof “November 1, 1975” and by striking out “October 31, 1973” and inserting in lieu thereof “October 31, 1975”.

  14. Pub. L. 94–125 · 89 Stat. 678

    1. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 94–125 substituted “November 1, 1976” for “November 1, 1975”

    2. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 94–125 substituted “October 31, 1976” for “October 31, 1975”

    Source evidence

    Code amendment note
    Par. (1). Pub. L. 94–125 substituted “November 1, 1976” for “November 1, 1975” and “October 31, 1976” for “October 31, 1975”.

  15. Pub. L. 95–22 title II § 201 · 91 Stat. 49

    1. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 95–22 substituted “November 1, 1978” for “November 1, 1976”

    2. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 95–22 substituted “October 31, 1978” for “October 31, 1976”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 95–22 substituted “November 1, 1978” for “November 1, 1976” and “October 31, 1978” for “October 31, 1976”.

    Enacted provision · exact public law section
    Sec. 201. Section 14(b) of the Federal Reserve Act (12 U.S.C. 355) is amended (1) by striking out “November 1, 1976” and inserting in lieu thereof “November 1, 1978”; and (2) by striking out “October 31, 1976” and inserting in lieu thereof “October 31, 1978”.

  16. Housing and Community Development Act of 1977

    Pub. L. 95–128 title II § 209 · 91 Stat. 1111

    1. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 95–128 substituted “October 1, 1977” for “November 1, 1978”

    2. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 95–128 substituted “September 30, 1977” for “October 31, 1978”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 95–128 substituted “October 1, 1977” for “November 1, 1978” and “September 30, 1977” for “October 31, 1978”.

    Enacted provision · exact public law section
    Sec. 209. treasury draw authority Section 14(b) of the Federal Reserve Act is amended by 12 USC 355. striking out “November 1, 1978” and inserting in lieu thereof “October 1, 1977”; and by striking out “October 31, 1978” and inserting in lieu thereof “September 30, 1977”.

  17. Pub. L. 95–154 · 91 Stat. 1256

    1. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 95–154 substituted “May 1, 1978” for “October 1, 1977”

    2. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 95–154 substituted “April 30, 1978” for “September 30, 1977”

    Source evidence

    Code amendment note
    Par. (1). Pub. L. 95–154 substituted “May 1, 1978” for “October 1, 1977” and “April 30, 1978” for “September 30, 1977”.

  18. Pub. L. 95–534 · 92 Stat. 2032

    1. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 95–534 substituted “May 1, 1979” for “May 1, 1978”

    2. Substituted · 12 U.S.C. § 355(1)

      Pub. L. 95–534 substituted “April 30, 1979” for “April 30, 1978”

    Source evidence

    Code amendment note
    Par. (1). Pub. L. 95–534 substituted “May 1, 1979” for “May 1, 1978” and “April 30, 1979” for “April 30, 1978”.

  19. Pub. L. 96–18 § 1(a) · 93 Stat. 35

    Struck · 12 U.S.C. § 355(1)

    Pub. L. 96–18, § 1(a), struck out proviso under which Federal Reserve banks had been allowed, until May 1, 1979, to buy and sell either in the open market or directly from or to the United States bonds, notes, or other obligations which were direct obligations of the United States or which were fully guaranteed by the United States and, after Apr. 30, 1979, had allowed such obligations to be purchased but only in the open market

    Source evidence

    Code amendment note
    Par. (1). Pub. L. 96–18, § 1(a), struck out proviso under which Federal Reserve banks had been allowed, until May 1, 1979, to buy and sell either in the open market or directly from or to the United States bonds, notes, or other obligations which were direct obligations of the United States or which were fully guaranteed by the United States and, after Apr. 30, 1979, had allowed such obligations to be purchased but only in the open market.

    Effective date note
    Pub. L. 96–18, § 3(a), June 8, 1979, 93 Stat. 36, provided that: “Except for the amendments made by subsection (a) of the first section of this Act [amending par. (1) of this section], and except for the amendment made by subsection (b) of this section [amending par. (1) of this section effective upon the expiration of the two-year period beginning on June 8, 1979], the amendments made by this Act [enacting section 359a of this title and pars. (3) and (4) of this section and amending par. (2) of this section] shall be effective only during the two-year period which begins on the date of enactment of this Act [June 8, 1979]. Upon the expiration of such period, each provision of law amended by this Act [enacting section 359a of this title and amending this section], except section 14(b)(1) of the Federal Reserve Act [par. (1) of this section], is amended to read as it did immediately prior to the enactment of this Act.” Pub. L. 96–18, § 3(b), June 8, 1979, 93 Stat. 36, provided that the amendment made by that section is effective “Upon the expiration of the 2-year period which begins on the date of enactment of this Act [June 8, 1979]”.

  20. Pub. L. 96–18 § 3(b) · 93 Stat. 35

    Inserted · 12 U.S.C. § 355(1)

    Pub. L. 96–18, § 3(b), inserted provision that notwithstanding any other provision of this chapter, any bonds, notes, or other obligations which are direct obligations of the United States or which are fully guaranteed by the United States as to principal and interest may be bought and sold without regard to maturities but only in the open market

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 96–18, § 3(b), inserted provision that notwithstanding any other provision of this chapter, any bonds, notes, or other obligations which are direct obligations of the United States or which are fully guaranteed by the United States as to principal and interest may be bought and sold without regard to maturities but only in the open market.

    Enacted provision · exact public law section
    (b) Upon the expiration of the two-year period which begins on the date of enactment of this Act, section 14(b)(1) of the Federal Reserve Ante, p. 35. Act (12 U.S.C. 355(1)) is further amended by adding at the end thereof the following new sentence: “Notwithstanding any other provision of this Act, any bonds, notes, or other obligations which are direct obligations of the United States or which are fully guaranteed by the United States as to principal and interest may be bought and sold without regard to maturities but only in the open market.”

    Effective date note
    Pub. L. 96–18, § 3(a), June 8, 1979, 93 Stat. 36, provided that: “Except for the amendments made by subsection (a) of the first section of this Act [amending par. (1) of this section], and except for the amendment made by subsection (b) of this section [amending par. (1) of this section effective upon the expiration of the two-year period beginning on June 8, 1979], the amendments made by this Act [enacting section 359a of this title and pars. (3) and (4) of this section and amending par. (2) of this section] shall be effective only during the two-year period which begins on the date of enactment of this Act [June 8, 1979]. Upon the expiration of such period, each provision of law amended by this Act [enacting section 359a of this title and amending this section], except section 14(b)(1) of the Federal Reserve Act [par. (1) of this section], is amended to read as it did immediately prior to the enactment of this Act.” Pub. L. 96–18, § 3(b), June 8, 1979, 93 Stat. 36, provided that the amendment made by that section is effective “Upon the expiration of the 2-year period which begins on the date of enactment of this Act [June 8, 1979]”.

  21. Pub. L. 96–18 · 93 Stat. 35

    Substituted · 12 U.S.C. § 355(2)

    Pub. L. 96–18, §§ 1(b), 3(a), temporarily substituted “the United States or any agency of the United States, and to lend, under the direction and regulations of the Federal Open Market Committee, any such obligation to the Secretary of the Treasury” for “any agency of the United States”. See Effective and Termination Dates of 1979 Amendment note set out below

    Source evidence

    Code amendment note
    Par. (2). Pub. L. 96–18, §§ 1(b), 3(a), temporarily substituted “the United States or any agency of the United States, and to lend, under the direction and regulations of the Federal Open Market Committee, any such obligation to the Secretary of the Treasury” for “any agency of the United States”. See Effective and Termination Dates of 1979 Amendment note set out below.

    Effective date note
    Pub. L. 96–18, § 3(a), June 8, 1979, 93 Stat. 36, provided that: “Except for the amendments made by subsection (a) of the first section of this Act [amending par. (1) of this section], and except for the amendment made by subsection (b) of this section [amending par. (1) of this section effective upon the expiration of the two-year period beginning on June 8, 1979], the amendments made by this Act [enacting section 359a of this title and pars. (3) and (4) of this section and amending par. (2) of this section] shall be effective only during the two-year period which begins on the date of enactment of this Act [June 8, 1979]. Upon the expiration of such period, each provision of law amended by this Act [enacting section 359a of this title and amending this section], except section 14(b)(1) of the Federal Reserve Act [par. (1) of this section], is amended to read as it did immediately prior to the enactment of this Act.” Pub. L. 96–18, § 3(b), June 8, 1979, 93 Stat. 36, provided that the amendment made by that section is effective “Upon the expiration of the 2-year period which begins on the date of enactment of this Act [June 8, 1979]”.

  22. Pub. L. 96–18 · 93 Stat. 35

    Added · 12 U.S.C. § 355(3); 12 U.S.C. § 355(4)

    Pub. L. 96–18, §§ 1(c), 3(a), temporarily added pars. (3) and (4). See Effective and Termination Dates of 1979 Amendment note set out below

    Source evidence

    Code amendment note
    Pars. (3), (4). Pub. L. 96–18, §§ 1(c), 3(a), temporarily added pars. (3) and (4). See Effective and Termination Dates of 1979 Amendment note set out below.

    Effective date note
    Pub. L. 96–18, § 3(a), June 8, 1979, 93 Stat. 36, provided that: “Except for the amendments made by subsection (a) of the first section of this Act [amending par. (1) of this section], and except for the amendment made by subsection (b) of this section [amending par. (1) of this section effective upon the expiration of the two-year period beginning on June 8, 1979], the amendments made by this Act [enacting section 359a of this title and pars. (3) and (4) of this section and amending par. (2) of this section] shall be effective only during the two-year period which begins on the date of enactment of this Act [June 8, 1979]. Upon the expiration of such period, each provision of law amended by this Act [enacting section 359a of this title and amending this section], except section 14(b)(1) of the Federal Reserve Act [par. (1) of this section], is amended to read as it did immediately prior to the enactment of this Act.” Pub. L. 96–18, § 3(b), June 8, 1979, 93 Stat. 36, provided that the amendment made by that section is effective “Upon the expiration of the 2-year period which begins on the date of enactment of this Act [June 8, 1979]”.

  23. Monetary Control Act of 1980

    Pub. L. 96–221 title I § 105(b)(2) · 94 Stat. 131

    Inserted · 12 U.S.C. § 355(1)

    Pub. L. 96–221 inserted provisions relating to obligations of a foreign government or agency thereof

    Source evidence

    Code amendment note
    Par. (1). Pub. L. 96–221 inserted provisions relating to obligations of a foreign government or agency thereof.

    Enacted provision · exact public law section
    (2) Section 14(b)(1) of the Federal Reserve Act (12 U.S.C. 355), as such section is in effect on the effective date of this title and as it will be in effect on June 1, 1981, is amended by inserting after “reclamation districts,” the following: “and obligations of, or fully guaranteed as to principal and interest by, a foreign government or agency thereof,”.

10 of 38 references resolved to an enrolled provision · 28 partial

Editorial Notes

References in Text

Section 1463 of this title, referred to in par. (1), was repealed by Pub. L. 89–554, § 8(a), , 80 Stat. 648.

This chapter, referred to in par. (1), 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.

Codification

Section is comprised of subsec. (b) of section 14 of act . For classification to this title of remainder of section 14, see Codification note set out under section 353 of this title.

Amendments1934–1980 · 24 rounds

1980

Par. (1). Pub. L. 96–221 inserted provisions relating to obligations of a foreign government or agency thereof.

1979

Par. (1). Pub. L. 96–18, § 1(a), struck out proviso under which Federal Reserve banks had been allowed, until , to buy and sell either in the open market or directly from or to the United States bonds, notes, or other obligations which were direct obligations of the United States or which were fully guaranteed by the United States and, after , had allowed such obligations to be purchased but only in the open market.

Pub. L. 96–18, § 3(b), inserted provision that notwithstanding any other provision of this chapter, any bonds, notes, or other obligations which are direct obligations of the United States or which are fully guaranteed by the United States as to principal and interest may be bought and sold without regard to maturities but only in the open market.

Par. (2). Pub. L. 96–18, §§ 1(b), 3(a), temporarily substituted “the United States or any agency of the United States, and to lend, under the direction and regulations of the Federal Open Market Committee, any such obligation to the Secretary of the Treasury” for “any agency of the United States”. See Effective and Termination Dates of 1979 Amendment note set out below.

Pars. (3), (4). Pub. L. 96–18, §§ 1(c), 3(a), temporarily added pars. (3) and (4). See Effective and Termination Dates of 1979 Amendment note set out below.

1978

Par. (1). Pub. L. 95–534 substituted “” for “” and “” for “”.

1977

Par. (1). Pub. L. 95–154 substituted “” for “” and “” for “”.

Pub. L. 95–128 substituted “” for “” and “” for “”.

Pub. L. 95–22 substituted “” for “” and “” for “”.

1975

Par. (1). Pub. L. 94–125 substituted “” for “” and “” for “”.

1974

Par. (1). Pub. L. 93–495 substituted “ for “” and “” for “”.

1973

Par. (1). Pub. L. 93–93 substituted “” for “” and “” for “”.

1971

Par. (1). Pub. L. 92–45 substituted “” for “” and “” for “”.

1970

Par. (1). Pub. L. 91–360 substituted “” for “” and “” for “”.

1968

Par. (1). Pub. L. 90–300 substituted “” for “” and “” for “”.

1966

Pub. L. 89–597 designated existing provisions as par. (1) and added par. (2).

Pub. L. 89–484 substituted “” for “” and “” for “”.

1964

Pub. L. 88–344 substituted “” for “”, and “” for “”.

1962

Pub. L. 87–506 substituted “” for “” and “” for “.”

1961

Pub. L. 87–353 struck out provision authorizing every Federal reserve bank to buy and sell, at home or abroad, bonds of the Federal Farm Mortgage Corporation having maturities from date of purchase of not exceeding six months.

1960

Pub. L. 86–567 substituted “” for “” and “” for “”.

1958

Pub. L. 85–476 substituted “” for “” and “” for “”.

1956

Act , substituted “” for “” and “” for “”.

1954

Act , substituted “” for “” and “” for “”.

1952

Act , substituted “” for “” and “” for “”.

1950

Act , substituted “” for “” and “” for “”.

1947

Act , substituted proviso which allows the Federal Reserve banks to buy and sell either in the open market or directly from or to the United States any bonds, notes, or other obligations which are direct obligations of the United States or are fully guaranteed by the United States but limits the aggregate amount to be held at any one time to $5,000,000,000, and after allows such obligation to be purchased, but only in the open market for former proviso.

1942

Act , amended proviso generally.

1935

Act , § 206(a), inserted proviso.

1934

Act , authorized purchase and sale of bonds issued under subsec. (c) of [former] section 1463 of this title.

Act , authorized purchase and sale of bonds of Federal Farm Mortgage Corporation.

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 and Applicability of 1980 Amendment

Amendment by Pub. L. 96–221 effective on first day of sixth month which begins after , see section 108 of Pub. L. 96–221, set out as an Effective Date of 1980 Amendment note under section 248 of this title.

Pub. L. 96–221, title I, § 105(b)(2), , 94 Stat. 140, provided that the amendment made by section 105(b)(2) of Pub. L. 96–221 is applicable to 12 U.S.C. 355(1) as such section is in effect on the first day of the sixth month which begins after , and as it will be in effect on .

Effective and Termination Dates of 1979 Amendment

Pub. L. 96–18, § 3(a), , 93 Stat. 36, provided that: “Except for the amendments made by subsection (a) of the first section of this Act [amending par. (1) of this section], and except for the amendment made by subsection (b) of this section [amending par. (1) of this section effective upon the expiration of the two-year period beginning on ], the amendments made by this Act [enacting section 359a of this title and pars. (3) and (4) of this section and amending par. (2) of this section] shall be effective only during the two-year period which begins on the date of enactment of this Act []. Upon the expiration of such period, each provision of law amended by this Act [enacting section 359a of this title and amending this section], except section 14(b)(1) of the Federal Reserve Act [par. (1) of this section], is amended to read as it did immediately prior to the enactment of this Act.”

Pub. L. 96–18, § 3(b), , 93 Stat. 36, provided that the amendment made by that section is effective “Upon the expiration of the 2-year period which begins on the date of enactment of this Act []”.

Expiration of 1942 Amendment

Amendment of the proviso of this section by act , remained in force only until the date fixed by section 645 of the former Appendix to Title 50, War and National Defense, after which provisions in force before the amendment again became effective. Before the 1942 amendment, the proviso of this section read: “Provided, That any bonds, notes, or other obligations which are direct obligations of the United States or which are fully guaranteed by the United States as to principal and interest may be bought and sold without regard to maturities but only in the open market.”

Credits

1913–1980 · 29 acts
  1. 1913Dec. 23, 1913, ch. 6, § 14(b), 38 Stat. 264
  2. 1934Jan. 31, 1934, ch. 7, § 16(b), 48 Stat. 348
  3. 1934Apr. 27, 1934, ch. 168, § 7(b), 48 Stat. 646
  4. 1935Aug. 23, 1935, ch. 614, title II, §§ 203(a), 206(a), 49 Stat. 704, 706
  5. 1942Mar. 27, 1942, ch. 199, title IV, § 401, 56 Stat. 180
  6. 1947Apr. 28, 1947, ch. 44, 61 Stat. 56
  7. 1950June 30, 1950, ch. 425, 64 Stat. 307
  8. 1952June 23, 1952, ch. 454, 66 Stat. 154
  9. 1954June 29, 1954, ch. 422, 68 Stat. 329
  10. 1956June 25, 1956, ch. 447, 70 Stat. 339
  11. 1958Pub. L. 85–476, , 72 Stat. 261
  12. 1960Pub. L. 86–567, , 74 Stat. 295
  13. 1961Pub. L. 87–353, § 3(d), , 75 Stat. 773
  14. 1962Pub. L. 87–506, , 76 Stat. 112
  15. 1964Pub. L. 88–344, , 78 Stat. 235
  16. 1966Pub. L. 89–484, , 80 Stat. 235
  17. 1966Pub. L. 89–597, § 6, , 80 Stat. 825
  18. 1968Pub. L. 90–300, , 82 Stat. 113
  19. 1970Pub. L. 91–360, , 84 Stat. 668
  20. 1971Pub. L. 92–45, , 85 Stat. 100
  21. 1973Pub. L. 93–93, , 87 Stat. 314
  22. 1974Pub. L. 93–495, title I, § 109, , 88 Stat. 1505
  23. 1975Pub. L. 94–125, , 89 Stat. 678
  24. 1977Pub. L. 95–22, title II, § 201, , 91 Stat. 49
  25. 1977Pub. L. 95–128, title II, § 209, , 91 Stat. 1131
  26. 1977Pub. L. 95–154, , 91 Stat. 1256
  27. 1978Pub. L. 95–534, , 92 Stat. 2032
  28. 1979Pub. L. 96–18, §§ 1, 3, , 93 Stat. 35, 36
  29. 1980Pub. L. 96–221, title I, § 105(b)(2), , 94 Stat. 140.
Show as published

(Dec. 23, 1913, ch. 6, § 14(b), 38 Stat. 264; Jan. 31, 1934, ch. 7, § 16(b), 48 Stat. 348; Apr. 27, 1934, ch. 168, § 7(b), 48 Stat. 646; Aug. 23, 1935, ch. 614, title II, §§ 203(a), 206(a), 49 Stat. 704, 706; Mar. 27, 1942, ch. 199, title IV, § 401, 56 Stat. 180; Apr. 28, 1947, ch. 44, 61 Stat. 56; June 30, 1950, ch. 425, 64 Stat. 307; June 23, 1952, ch. 454, 66 Stat. 154; June 29, 1954, ch. 422, 68 Stat. 329; June 25, 1956, ch. 447, 70 Stat. 339; Pub. L. 85–476, , 72 Stat. 261; Pub. L. 86–567, , 74 Stat. 295; Pub. L. 87–353, § 3(d), , 75 Stat. 773; Pub. L. 87–506, , 76 Stat. 112; Pub. L. 88–344, , 78 Stat. 235; Pub. L. 89–484, , 80 Stat. 235; Pub. L. 89–597, § 6, , 80 Stat. 825; Pub. L. 90–300, , 82 Stat. 113; Pub. L. 91–360, , 84 Stat. 668; Pub. L. 92–45, , 85 Stat. 100; Pub. L. 93–93, , 87 Stat. 314; Pub. L. 93–495, title I, § 109, , 88 Stat. 1505; Pub. L. 94–125, , 89 Stat. 678; Pub. L. 95–22, title II, § 201, , 91 Stat. 49; Pub. L. 95–128, title II, § 209, , 91 Stat. 1131; Pub. L. 95–154, , 91 Stat. 1256; Pub. L. 95–534, , 92 Stat. 2032; Pub. L. 96–18, §§ 1, 3, , 93 Stat. 35, 36; Pub. L. 96–221, title I, § 105(b)(2), , 94 Stat. 140.)

Parsed from the official OLRC USLM XML in data/usc_all/usc12.xml · release point 119-108 · OLRC build 2026-07-23

USLM identifier /us/usc/t12/s355