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12 U.S.C. § 355

Purchase and sale of obligations of National, State, and municipal governments; open market operations; purchases and sales from or to United States; maximum aggregate amount of obligations acquired directly from or loaned directly to United States

United States · Title 12 — BANKS AND BANKING · Status: effective

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12 U.S.C. § 355, Purchase and sale of obligations of National, State, and municipal governments; open market operations; purchases and sales from or to United States; maximum aggregate amount of obligations acquired directly from or loaned directly to United States, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/437332
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Full text

Every Federal Reserve bank shall have power:

Legislative history

The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone. The law that originally enacted this section predates the public laws loaded here, so only later amendments are listed.

  • Amended byPub. L. 93-93(S. 1410)1973-08-14
    An Act to amend section 14(b) of the Federal Reserve Act, as amended, to extend for three months the authority of Federal Reserve banks to purchase United States obligations directly from the Treasury.
    House: no recorded tallySenate: no recorded tally
  • Amended byPub. L. 93-495(H.R. 11221)1974-10-28
    An Act to increase deposit insurance from $20,000 to $40,000, to provide full insurance for public unit deposits of $100,000 per account, to establish a National Commission on Electronic Fund Transfers, and for other purposes.
    House: no recorded tallySenate: no recorded tally
  • Amended byPub. L. 94-125(S.J.Res. 134)1975-11-12
    An original resolution to extend the authority for the direct purchase of U.S. obligations by Federal Reserve banks.
    House: no recorded tallySenate: no recorded tally
  • Amended byPub. L. 95-22(H.R. 3365)1977-04-19
    An Act to extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions.
    House: no recorded tallySenate: no recorded tally
  • Amended byPub. L. 95-128(H.R. 6655)1977-10-12
    Housing and Community Development Act of 1977
    House: no recorded tallySenate: no recorded tally
  • Amended byPub. L. 95-154(H.J.Res. 611)1977-11-07
    Joint resolution to extend the authority of the Federal Reserve Banks to buy and sell certain obligations.
    House: no recorded tallySenate: no recorded tally
  • Amended byPub. L. 95-534(H.J.Res. 816)1978-10-27
    A resolution to extend the authority of the Federal Reserve banks to buy and sell certain obligations.
    House: no recorded tallySenate: no recorded tally
  • Amended byPub. L. 96-18(H.R. 3404)1979-06-08
    A bill to amend the Federal Reserve Act to authorize Federal reserve banks to lend certain obligations to the Secretary of the Treasury to meet the short-term cash requirements of the Treasury, and for other purposes.
    House: no recorded tallySenate: no recorded tally
  • Amended byPub. L. 96-221(H.R. 4986)1980-03-31
    Depository Institutions Deregulation and Monetary Control Act of 1980
    House: no recorded tallySenate: no recorded tally