Source: https://www.law.cornell.edu/uscode/text/12/263?quicktabs_8=2
Timestamp: 2015-08-02 09:31:25
Document Index: 429130276

Matched Legal Cases: ['§ 263', '§ 263', '§ 263', '§ 12', '§ 8', '§ 205', '§ 1', 'art 270', 'art 271', 'art 281']

12 U.S. Code § 263 - Federal Open Market Committee; creation; membership; regulations governing open-market transactions | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 3 › Subchapter IV › § 263 12 U.S. Code § 263 - Federal Open Market Committee; creation; membership; regulations governing open-market transactions
There is hereby created a Federal Open Market Committee (hereinafter referred to as the “Committee”), which shall consist of the members of the Board of Governors of the Federal Reserve System and five representatives of the Federal Reserve banks to be selected as hereinafter provided. Such representatives shall be presidents or first vice presidents of Federal Reserve banks and, beginning with the election for the term commencing March 1, 1943, shall be elected annually as follows: One by the board of directors of the Federal Reserve Bank of New York, one by the boards of directors of the Federal Reserve Banks of Boston, Philadelphia, and Richmond, one by the boards of directors of the Federal Reserve Banks of Cleveland and Chicago, one by the boards of directors of the Federal Reserve Banks of Atlanta, Dallas, and St. Louis, and one by the boards of directors of the Federal Reserve Banks of Minneapolis, Kansas City, and San Francisco. In such elections each board of directors shall have one vote; and the details of such elections may be governed by regulations prescribed by the committee, which may be amended from time to time. An alternate to serve in the absence of each such representative shall likewise be a president or first vice president of a Federal Reserve bank and shall be elected annually in the same manner. The meetings of said Committee shall be held at Washington, District of Columbia, at least four times each year upon the call of the chairman of the Board of Governors of the Federal Reserve System or at the request of any three members of the Committee.
No Federal Reserve bank shall engage or decline to engage in open-market operations under sections 348a and 353 to 359 of this title except in accordance with the direction of and regulations adopted by the Committee. The Committee shall consider, adopt, and transmit to the several Federal Reserve banks, regulations relating to the open-market transactions of such banks.
The time, character, and volume of all purchases and sales of paper described in sections 348a and 353 to 359 of this title as eligible for open-market operations shall be governed with a view to accommodating commerce and business and with regard to their bearing upon the general credit situation of the country.
(Dec. 23, 1913, ch. 6, § 12A, as added June 16, 1933, ch. 89, § 8,48 Stat. 168; amended Aug. 23, 1935, ch. 614, title II, § 205,49 Stat. 705; July 7, 1942, ch. 488, § 1,56 Stat. 647.)
1942—Subsec. (a). Act July 7, 1942, substituted second, third, and fourth sentences for former second and third sentences.
1935—Act Aug. 23, 1935, amended provisions relating to membership in subsec. (a), substituted “Committee” for “Federal Reserve Board” and “Board” in subsec. (b), and omitted subsec. (d).
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.12 CFR - Banks and Banking12 CFR Part 270 - OPEN MARKET OPERATIONS OF FEDERAL RESERVE BANKS12 CFR Part 271 - RULES REGARDING AVAILABILITY OF INFORMATION12 CFR Part 281 - STATEMENTS OF POLICY