Federal Reserve Act Amendments, Sections 14 and 16: Hearings Before the Committee on Banking and Currency, House of Representatives, Eighty-third Congress, Second Session, on H.R. 8729, a Bill to Amend Section 14 (b) of the Federal Reserve Act, as Amended, and H.R. 9143, a Bill to Repeal the Provisions of Section 16 of the Federal Reserve Act which Prohibits a Federal Reserve Bank from Paying Out Notes of Another Federal Reserve Bank. May 26 and 27, 1954

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Considers legislation to extend authority for Federal Reserve banks to purchase U.S. securities directly from Treasury Dept, and to allow a Federal Reserve bank to pay out notes of another Federal Reserve bank.
 

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Page 37 - Board to each Federal reserve bank. Whenever Federal reserve notes issued through one Federal reserve bank shall be received by another Federal reserve bank, they shall be promptly returned for credit or redemption to the Federal reserve bank through which they were originally issued...
Page 59 - ... for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying balance sheet and statement of income and expense present fairly the financial position of the Society at September 30, 1960 and the results of its operations for the year then ended, in conformity with generally...
Page 44 - Reserve agents as hereinafter set forth and for no other purpose, are hereby authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal Reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.
Page 53 - After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders shall be entitled to receive an annual dividend of six per centum on the paid-in capital stock, which dividend shall be cumulative. After the aforesaid dividend claims have been fully met, all the net earnings shall be paid to the United States as a franchise tax, except that one-half of such net earnings shall be paid into a surplus fund until it shall amount to forty per centum of the paid-in...
Page 65 - This bill would extend until June 30, 1958, the present authority of the Federal Reserve banks to purchase securities directly from the Treasury in amounts not to exceed five billion dollars outstanding at any one time.
Page 14 - Occasionally we have disagreements, but I am quite sure of one thing, and that is that...
Page 1 - Whenever Federal reserve notes issued through one Federal reserve bank shall be received by another Federal reserve bank they shall be promptly returned for credit or redemption to the Federal reserve bank through which they were originally issued. No Federal reserve bank shall pay out notes issued through another under penalty of a tax of ten per centum upon the face value of notes so paid out.
Page 1 - No Federal reserve bank shall pay out notes issued through another under penalty of a tax of ten per centum upon the face value of notes so paid out. Notes presented for redemption at the Treasury of the United States shall be paid out of the redemption fund and returned to the Federal reserve banks through which they were originally issued, and thereupon such Federal reserve bank shall, upon...
Page 64 - That is, they could be purchased but only in the open market. In 1942 the authority of the Federal Reserve banks to purchase securities directly from the Treasury was restored, but a limit of $5 billion was placed on the amount outstanding at any one time. The $5 billion authority was granted initially only through 1944, but the Congress has extended it from time to time.
Page 59 - The Academy does not provide for depreciation of the building and equipment. Funds for replacement of the building will be obtained, when required from contributions. A replacement reserve for equipment is provided; the addition to this reserve during the year was $15,000.

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