Powers of the Federal Reserve Board, Sec. 9
Title
Powers of the Federal Reserve Board, Sec. 9
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18872
Date
No date
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
Original during Revise.
POWERS OF THE FEDERAL RESERVE BOARD.
Sec. 9. That the Federal Reserve Board shall be authorized and empowered:(a) To govern and manage the operations of the Federal reserve bank;(b) To supervise and control the actions of the Executive Committees of the several branch banks;(c) To supervise and regulate the issue and retuirement of notes of the Federal reserve bank, and to prescribe the form, tenor and denomination of such notes;(d) To suspend in an emergency all reserve requirements of the Federal reserve bank for thirty days, and to continue such suspension for periods not to exceed by fifteen days;(e) To suspend in an emergency all reserve requirements relative to National banking associations for thirty days, and to continue such suspension for periods not to exceed fifteen days;(f) To examine, at its discretion, the accounts, books and affairs of National banks and depositing State banks and trust companies;(g) (Removal of members of Executive Committees)(h) To make regulations for the governing of the Federal reserve bank and its branches not inconsistent with the terms of this Act;(i) To employ, suspend and discharge any officer or employe of the Federal reserve bank and its branches;(j) To issue, transfer and cancel and transfer certificates of stock in the Federal reserve bank;(k) To call for statements of condition of all depositing banks, in such form as they may prescribe;(l) To require the revaluation or writing off, by the Executive Committees of the several branch banks, all of doubtful or worthless assets upon the books and balance sheets of such banks;(m) To determine the profits of the bank and declare dividends and fix the period of payment;(n) To open and maintain banking accounts in foreign countries, to establish agencies in foreign countries and to make regulations for the conduct of the foreign business of the Bank and its branches through such agencies.(The enumeration of the powers hereinabove set forth shall not be deemed to be a limitation upon the authority of the Federal Reserve Board to perform all the duties, functions or services specified or implied in this Act.
POWERS OF THE FEDERAL RESERVE BOARD.
Sec. 9. That the Federal Reserve Board shall be authorized and empowered:(a) To govern and manage the operations of the Federal reserve bank;(b) To supervise and control the actions of the Executive Committees of the several branch banks;(c) To supervise and regulate the issue and retuirement of notes of the Federal reserve bank, and to prescribe the form, tenor and denomination of such notes;(d) To suspend in an emergency all reserve requirements of the Federal reserve bank for thirty days, and to continue such suspension for periods not to exceed by fifteen days;(e) To suspend in an emergency all reserve requirements relative to National banking associations for thirty days, and to continue such suspension for periods not to exceed fifteen days;(f) To examine, at its discretion, the accounts, books and affairs of National banks and depositing State banks and trust companies;(g) (Removal of members of Executive Committees)(h) To make regulations for the governing of the Federal reserve bank and its branches not inconsistent with the terms of this Act;(i) To employ, suspend and discharge any officer or employe of the Federal reserve bank and its branches;(j) To issue, transfer and cancel and transfer certificates of stock in the Federal reserve bank;(k) To call for statements of condition of all depositing banks, in such form as they may prescribe;(l) To require the revaluation or writing off, by the Executive Committees of the several branch banks, all of doubtful or worthless assets upon the books and balance sheets of such banks;(m) To determine the profits of the bank and declare dividends and fix the period of payment;(n) To open and maintain banking accounts in foreign countries, to establish agencies in foreign countries and to make regulations for the conduct of the foreign business of the Bank and its branches through such agencies.(The enumeration of the powers hereinabove set forth shall not be deemed to be a limitation upon the authority of the Federal Reserve Board to perform all the duties, functions or services specified or implied in this Act.
Original Format
Miscellaneous
Files
Collection
Citation
Strong, Benjamin, 1872-1928 , “Powers of the Federal Reserve Board, Sec. 9,” No date, WWP18872, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.