12-U.S.C.-263
§263 – Federal Open Market Committee; Creation; Membership; Regulations Governing Open-Market Transactions
Pathway
Title 12 > Chapter 3 > Subchapter IV > Section 263
Details
- Reference: Section 263
- Legend: §263 – Federal Open Market Committee; Creation; Membership; Regulations Governing Open-Market Transactions
- USCode Year: 2013
Provision Content
(a) There is hereby created a Federal Open Market Committee (hereinafter referred to as the Committee), which shall consist of the members of the Board of Governors of the Federal Reserve System and five representatives of the Federal Reserve banks to be selected as hereinafter provided. Such representatives shall be presidents or first vice presidents of Federal Reserve banks and, beginning with the election for the term commencing March 1, 1943, shall be elected annually as follows: One by the board of directors of the Federal Reserve Bank of New York, one by the boards of directors of the Federal Reserve Banks of Boston, Philadelphia, and Richmond, one by the boards of directors of the Federal Reserve Banks of Cleveland and Chicago, one by the boards of directors of the Federal Reserve Banks of Atlanta, Dallas, and St. Louis, and one by the boards of directors of the Federal Reserve Banks of Minneapolis, Kansas City, and San Francisco. In such elections each board of directors shall have one vote; and the details of such elections may be governed by regulations prescribed by the committee, which may be amended from time to time. An alternate to serve in the absence of each such representative shall likewise be a president or first vice president of a Federal Reserve bank and shall be elected annually in the same manner. The meetings of said Committee shall be held at Washington, District of Columbia, at least four times each year upon the call of the chairman of the Board of Governors of the Federal Reserve System or at the request of any three members of the Committee.
(b) No Federal Reserve bank shall engage or decline to engage in open-market operations under sections 348a and 353 to 359 of this title except in accordance with the direction of and regulations adopted by the Committee. The Committee shall consider, adopt, and transmit to the several Federal Reserve banks, regulations relating to the open-market transactions of such banks.
(c) The time, character, and volume of all purchases and sales of paper described in sections 348a and 353 to 359 of this title as eligible for open-market operations shall be governed with a view to accommodating commerce and business and with regard to their bearing upon the general credit situation of the country.
(Dec. 23, 1913, ch. 6, §12A, as added June 16, 1933, ch. 89, §8, 48 Stat. 168; amended Aug. 23, 1935, ch. 614, title II, §205, 49 Stat. 705; July 7, 1942, ch. 488, §1, 56 Stat. 647.)
Amendments
1942—Subsec. (a). Act July 7, 1942, substituted second, third, and fourth sentences for former second and third sentences.
1935—Act Aug. 23, 1935, amended provisions relating to membership in subsec. (a), substituted Committee for Federal Reserve Board and Board in subsec. (b), and omitted subsec. (d).
U.S. Encyclopedia of Law Coverage
12-U.S.C.-248 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-248, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-244 in the Legal Encyclopedia: Federal Reserve System
In this entry about 12-U.S.C.-244, find legal reference material, bibliographies and premiere content related to federal reserve system in the American Encyclopedia of Law, presenting a comprehensive view of the United States federal reserve system-specific issues, written by authorities in the field.
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