Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1913-12-30
RESERVE BOARD POWERS.
Has Controlling Hand on Banking Of
the Nation.

Has Controlling Hand on Banking Of
the Nation.
Sec. II. The federal reserve board
shall be authorized and empowered:
(al To examine at its discretion the
accounts. books and affairs of each
! federal reserve bank and of each men,
Der bank and to require such state
ments and reports as it may deem
necessary. The said board shall pub
fish once each week statement show
ipg the condition Of each federal re-
ouch statements shall show in detail
the assets and liabilities Of the federal
reserve banks, single and combined
ana snail furnish full information re-
garding the character of the money
neid as reserve and the amount. ma
lure and maturities Of the paper and
Other Investments owned or held nv
federal reserve banks.
(p) 10 permit or on the affirmative
vote of at least five members Of the
reserve board to require federal re-
serve banks to rediscount the discount
ed paper Of other federal reserve
banks at rates of interest to be fixed
W the Ieueral reserve board
tc) 10 suspend for a period not ex-
ceeding thirty days, and from time to
tiihe TO renew such suspension for ne.
rlods not exceeding fifteen days. any
reserve requirement specified in this
act: Provided. that it shall establish a
tax upon the amounts by
winch the reserve requirements OF this
act may be permitted to fall below
the level hereinafter specified: and |
further, that when the gold |
reserve held against federal reserve
liotes IallS below 10 per centum. the
FEDERAL reserve board shall establish
tax of not more thnn nor
,entum upon such deficiency until fro
reserves fall to 32la per cenfum. ana
"heh SAID reserve falls below 3ai.
per ceitnm. tax at the rate inrrrns
hsiv or not less than ~, per cpn.,,m /
l'oh each ~ Per cpn.llm or fraction /
hereof that such reserve fails below
wa per centum. The tax SHALL be rail
" the reserve bank. hut the reserve
'ahk shall add an amount eullnl tn
ald tax to the rates of interest and
discount fixed by the federal reserva
'oard.
(d) To supervise and regulate through
ne bureau under the charge of tbe
Dinptroler Of the currency the issue
10 retirement Of federal reserve
otes. and to prescribe rules and reru.
luons under which such notes may
delivered by the comptroller TO tbe
'derai reserve agents applying there.
II.
(e) 10 add to the number of cities
asslfed as reserve and central re
rive cities under existing law in
INCH national banking associations
e subject to the reserve require
ents set forth in section 20 of this
L. or to reclassify existing reserve
III central reserve cities or to termi-
re their designation as such.
lf' 10 suspend or remove any officer
director Of any federal reserve
nix. the cause Of such removal to be
rthwith communicated in writing by
FEDERAL reserve board to the re-
'ved officer or director and to said
nix.
g TO require the writing Off of
ubtful or worthless assets upon the
oks and balance sheets Of federal
serve banks.
n TO suspend. for the violation OF
OF the provisions of this act. the
Of any federal reserve
nix. to take possession thereof, nd.
mister the same during the period of
'pension and when deemed advisa.
to liquidate or reorganize such
nix.
D 10 require bonds Of federal re.
We agents. to make regulations for
safeguarding Of all collateral.
Ids. federal reserve notes. money or
perty OF any kind deposited in the
Ids OF such agents. and said board
II perform the duties. functions or
vices specified In this act and to
ke all rules and regulati1ns nsces-
/Na. -1f.f.st