The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1914-01-02
RESERVE BOARD POWERS.

Has Controlling Hand on Banking Of
the Nation.
Sec. II The federal reserve hoard
shall b. authorized and empowered
Ia, To examine at its discretion the
accounts. books and affairs Of each
federal reserve bunk and Of each mem
Der bank and t. require such stite.
ments and REPORTS H. il may deem
necessary The said hoard shall pub
fish once each week a statement show,
ing the condition Of each federal r.
serve bank aud a consolidated state
mpnt for all federal reserve banks
Such statements shall show In detail
the assets and liabilities ~ the federal
reserve banks. single and combined.
and shall furnish full information re-
garding the character Of the money
held IN reserve and the amount. na
turp and maturities. Of the paper and
other invest ments owned or held by
federal reserve banks
(M To permit or on the affirmative
vote of at least i've members of the
reserve board to require federal re,
serve banks tn redistUunt the discount.
ed piper Of other federal reserve
banks at rates Of interest tn b. fixed
by the federal reserve bnard
&c, TO suspend for a period not TX
ceeding thirty days. and from time to
time to renew such suspension for pe
RODS n exceeding fifteen days. any
reserve requirement specified in this
not. Drov,i<J,A thnt - .,h,il .,<lls.~
graduated tax upon the amounts by
which the reserve requirements Of this
act may be permitted tn fall below
the level hereinafter specified: and
provided. further. that when the gold
reserve held against federal respr'e
notes falls beiOw ~ per cpntum. the
federal reserve boz d shall establish IA
graduated tax of not more than l per
centum upon such deficiency until the
reserves fall to 32Ea per cpntum. and
when said reserve falls below 32k
per centum. q tax at the rate incrensr
ingly Of not less than ~ per centum
upon each w per celltum Or fraction
thereof that such reserve falls below
32le per centum The tax shall be paid
by the reserve bank. hut the reserve
bank shall add an amount equal to
said tax to the rates Of interest and
discount fixed by the federal reserve
board.
Id To supervise and regulate through
the bureau under the charge Of the
comptroller Of the currency the issue
and retirement Of federal reserve
notes. and to prescribe rules and regu
lations under which such notes may
be delivered by the comptroller to the
federal reserve agents applying there
for.
(eI To add to the number of cities
classified a. reserve and central re.
serve cities under existing law In
which national banking associations
are subject to the reserve require
ments set forth in section 20 Of this
act. or to ~reclassify existing reserve
and central reserve cities or to termi
nate their designation al such.
Il, To suspend or remove any officer
OF director Of any federal reserve
bank. the cause Of such removal to be
forthwith communicated In writing by
the federal reserve board to the re-
moved officer or director and to said
hank.
(RD To require the writing OF of
doubtful OF worthless assets upon the
books and balance sheets Of federal
reserve banks.
(hs To suspend. for the violation of
any Of the provisions Of this act. the
operations Of any federal reserve
bank. to take possession thereof. ad-
minister the same during thu period OF
suspension and when deemed advtsa
BILE to iiquidate or reorganize such
bank.
Il, To require bonds Of federal r.
serve agents. to make regulations for
the safeguarding Of all collateral.
bondA. 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 act and to
make all rules and regulations net.es.
sary to enable said bOard effectively
~ perform the same
III To exercise general supervision
over said federal reserve hanks
t., TO grant by special permit to ma
uonal banks applying therefor. when
not In contra ventiOn Of state or local
law. the right to act a. trustee. ex
ecutOr. administrator or registrar Of
stocks and bonds under. such rules and
regulations an the said board may pre-
scribe.
IL TO employ u attorneys. ex
perts. assistant { clerks or other EN-,
ployees IN may. be deemed necessary
to properly conduct the business OF
the board All salaries and feea shalt
be .axed in advance. BY xaid board and
shall be paid In the same manner al
the salaries Of the members Of aaid
board All sncb attorneys. experts.
assistants. clerks and other. employees
shall be appointed without regard to
the provisions OF the act Of Jan IL
1883 volume q. United States stat
utes at large. page 403,. and amend
ments thereto or any rule or regulation
made IN pursuance thereof.
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