This chapter, referred to in par. (1), was in the original “this Act”, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251 , known as the Federal Reserve Act . For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.

Section is comprised of subsec. (b) of section 14 of act . For classification to this title of remainder of section 14, see Codification note set out under section 353 of this title .

Amendments

1980—Par. (1). Pub. L. 96–221 inserted provisions relating to obligations of a foreign government or agency thereof.

1979—Par. (1). Pub. L. 96–18, § 1(a), struck out proviso under which Federal Reserve banks had been allowed, until , to buy and sell either in the open market or directly from or to the United States bonds, notes, or other obligations which were direct obligations of the United States or which were fully guaranteed by the United States and, after , had allowed such obligations to be purchased but only in the open market.

Pub. L. 96–18, § 3(b), inserted provision that notwithstanding any other provision of this chapter, any bonds, notes, or other obligations which are direct obligations of the United States or which are fully guaranteed by the United States as to principal and interest may be bought and sold without regard to maturities but only in the open market.

Par. (2). Pub. L. 96–18, §§ 1(b), 3(a), temporarily substituted “the United States or any agency of the United States, and to lend, under the direction and regulations of the Federal Open Market Committee, any such obligation to the Secretary of the Treasury” for “any agency of the United States”. See Effective and Termination Dates of 1979 Amendment note set out below.

Pars. (3), (4). Pub. L. 96–18, §§ 1(c), 3(a), temporarily added pars. (3) and (4). See Effective and Termination Dates of 1979 Amendment note set out below.

1978—Par. (1). Pub. L. 95–534 substituted “ ” for “ ” and “ ” for “ ”.

1977—Par. (1). Pub. L. 95–154 substituted “ ” for “ ” and “ ” for “ ”.

Pub. L. 95–128 substituted “ ” for “ ” and “ ” for “ ”.

Pub. L. 95–22 substituted “ ” for “ ” and “ ” for “ ”.

1975—Par. (1). Pub. L. 94–125 substituted “ ” for “ ” and “ ” for “ ”.

1974—Par. (1). Pub. L. 93–495 substituted “ for “ ” and “ ” for “ ”.

1973—Par. (1). Pub. L. 93–93 substituted “ ” for “ ” and “ ” for “ ”.

1971—Par. (1). Pub. L. 92–45 substituted “ ” for “ ” and “ ” for “ ”.

1970—Par. (1). Pub. L. 91–360 substituted “ ” for “ ” and “ ” for “ ”.

1968—Par. (1). Pub. L. 90–300 substituted “ ” for “ ” and “ ” for “ ”.

1966—Pub. L. 89–597 designated existing provisions as par. (1) and added par. (2).

Pub. L. 89–484 substituted “ ” for “ ” and “ ” for “ ”.

1964—Pub. L. 88–344 substituted “ ” for “ ”, and “ ” for “ ”.

1962—Pub. L. 87–506 substituted “ ” for “ ” and “ ” for “ .”

1961—Pub. L. 87–353 struck out provision authorizing every Federal reserve bank to buy and sell, at home or abroad, bonds of the Federal Farm Mortgage Corporation having maturities from date of purchase of not exceeding six months.

1960—Pub. L. 86–567 substituted “ ” for “ ” and “ ” for “ ”.

1958—Pub. L. 85–476 substituted “ ” for “ ” and “ ” for “ ”.

1956—Act , substituted “ ” for “ ” and “ ” for “ ”.

1954—Act , substituted “ ” for “ ” and “ ” for “ ”.

1952—Act , substituted “ ” for “ ” and “ ” for “ ”.

1950—Act , substituted “ ” for “ ” and “ ” for “ ”.

1947—Act , substituted proviso which allows the Federal Reserve banks to buy and sell either in the open market or directly from or to the United States any bonds, notes, or other obligations which are direct obligations of the United States or are fully guaranteed by the United States but limits the aggregate amount to be held at any one time to $5,000,000,000, and after allows such obligation to be purchased, but only in the open market for former proviso.

1942—Act , amended proviso generally.

1935—Act , § 206(a), inserted proviso.

1934—Act , authorized purchase and sale of bonds issued under subsec. (c) of [former] section 1463 of this title.

Act , authorized purchase and sale of bonds of Federal Farm Mortgage Corporation.