Title 12 — Banks and Banking
Chapter 3 — Federal Reserve System
§ 357. Establishment of rates of discount
Statutory text
Every Federal reserve bank shall have power to establish from time to time, subject to review and determination of the Board of Governors of the Federal Reserve System, rates of discount to be charged by the Federal reserve bank for each class of paper, which shall be fixed with a view of accommodating commerce and business, but each such bank shall establish such rates every fourteen days, or oftener if deemed necessary by the Board.
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.
Pub. L. 63–6 § 14(d) · 38 Stat. 103
Enacted · 12 U.S.C. § 357
Dec. 23, 1913, ch. 6, § 14(d), 38 Stat. 264
Source evidence
Code source credit
Dec. 23, 1913, ch. 6, § 14(d), 38 Stat. 264
0 of 1 references resolved to an enrolled provision · 1 partial
Editorial Notes
Codification
Section is comprised of subsec. (d) of section 14 of act . For classification to this title of remainder of section 14, see Codification note under section 353 of this title.
Amendments
1935—Act , § 206(b), inserted words at end of section beginning “but each such”.
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.
Credits
1913–1935 · 4 acts
- 1913Dec. 23, 1913, ch. 6, § 14(d), 38 Stat. 264
- 1920Apr. 13, 1920, ch. 128, 41 Stat. 550
- 1923Mar. 4, 1923, ch. 252, title IV, § 407, 42 Stat. 1480
- 1935Aug. 23, 1935, ch. 614, title II, §§ 203(a), 206(b), 49 Stat. 704, 706.
Show as published
(Dec. 23, 1913, ch. 6, § 14(d), 38 Stat. 264; Apr. 13, 1920, ch. 128, 41 Stat. 550; Mar. 4, 1923, ch. 252, title IV, § 407, 42 Stat. 1480; Aug. 23, 1935, ch. 614, title II, §§ 203(a), 206(b), 49 Stat. 704, 706.)