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
This is not an official government website.
© 2026 PLEJ LC. All rights reserved.
Title 12
Purchase of commercial paper from member banks and sale of same
Need the full chapter outline? Open Chapter 3 to browse every section without loading the entire chapter explorer on this page.
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.