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U.S. Code, Title 12, Banks and Banking
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General SummaryThe U.S. Code is a consolidation and codification by subject matter of the general and permanent laws of the United States. While every effort has been made to ensure that this reproduction of the Code is accurate, those using it for legal purposes should verify their results against the printed version of the Code available through the Government Printing Office.
§ 357. Establishment of Rates of Discount
Every Federal reserve bank shall have power to establish from time to time, subject to review and determination of the Board of Governors of the Federal Reserve System, rates of discount to be charged by the Federal reserve bank for each class of paper, which shall be fixed with a view of accommodating commerce and business, but each such bank shall establish such rates every fourteen days, or oftener if deemed necessary by the Board.
(Dec. 23, 1913, ch. 6, § 14(d), 38 Stat. 264; Apr. 13, 1920, ch. 128, 41 Stat. 550; Mar. 4, 1923, ch. 252, title IV, § 407, 42 Stat. 1480; Aug. 23, 1935, ch. 614, title II, §§ 203(a), 206(b), 49 Stat. 704, 706.)
Codification
Section is comprised of subsec. (d) of section 14 of act Dec. 23, 1913. For classification to this title of remainder of section 14, see Codification note under section 353 of this title.
1935—Act Aug. 23, 1935, § 206(b), inserted words at end of section beginning "but each such".
Change of Name
Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Section Referred to in Other Sections
This section is referred to in sections 263, 343, 412 of this title.
Contents:
Chicago: "U.S. Congress, Office of the Law Revision Counsel", "§ 357. Establishment of Rates of Discount," U.S. Code, Title 12, Banks and Banking in U.S. Code, Title 12, Banks and Banking (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed May 11, 2025, http://www.originalsources.com/Document.aspx?DocID=4ZXGMTSPUVCPZ8M.
MLA: "U.S. Congress, Office of the Law Revision Counsel". "§ 357. Establishment of Rates of Discount." U.S. Code, Title 12, Banks and Banking, in U.S. Code, Title 12, Banks and Banking, Washington, D.C., Government Printing Office, 2002, Original Sources. 11 May. 2025. http://www.originalsources.com/Document.aspx?DocID=4ZXGMTSPUVCPZ8M.
Harvard: "U.S. Congress, Office of the Law Revision Counsel", '§ 357. Establishment of Rates of Discount' in U.S. Code, Title 12, Banks and Banking. cited in 2002, U.S. Code, Title 12, Banks and Banking, Government Printing Office, Washington, D.C.. Original Sources, retrieved 11 May 2025, from http://www.originalsources.com/Document.aspx?DocID=4ZXGMTSPUVCPZ8M.
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