Federal Reserve Act Amendments (sections 14 and 16): Hearings Before ... , 83-2 on H.R. 8729 and H.R. 9143 ... , May 26 and 27, 1954

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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 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 53 - States and the balance shall be paid into a surplus fund until it shall amount to 100 per centum of the subscribed capital stock of such bank and that thereafter 10 per centum of such earnings shall be paid into the surplus.
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 1 - Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That the...
Page 58 - ... by any officer of the Government. (c) At such times as the President, or the Congress by concurrent resolution, may determine, the President shall cause an audit and report to be made to him of the operations of the Authority. Such audits shall be made available for inspection by representatives of the Banking and Currency Committees of the Senate and of the House. The President shall make public such audit and report if such action is consistent with the public interest. (d) The net profits...
Page 65 - 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.

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