Every Federal reserve bank shall have power to purchase from member banks and to sell, with or without its indorsement, bills of exchange arising out of commercial transactions, as hereinbefore defined.
Title 12
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12 U.S.C. § 356.Chapter 3
§ 356
Purchase of commercial paper from member banks and sale of same
Title 12
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Subchapter: POWERS AND DUTIES OF FEDERAL RESERVE BANKS
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