---
kind: "section"
citation: "12 C.F.R. § 1270.16"
title: "12"
number: "1270.16"
heading: "Authority of Federal Reserve Banks."
url: "https://uscodex.org/cfr/12/1270.16"
---

# §1270.16. Authority of Federal Reserve Banks.

- (a) **Each Federal Reserve Bank is hereby authorized as fiscal agent of the Office of Finance—** To perform functions with respect to the issuance of Book-entry consolidated obligations, in accordance with the terms of the applicable offering notice and with procedures established by the Office of Finance; to service and maintain Book-entry consolidated obligations in accounts established for such purposes; to make payments of principal, interest and redemption premium (if any), as directed by the Office of Finance; to effect transfer of Book-entry consolidated obligations between Participants' Securities Accounts as directed by the Participants; and to perform such other duties as fiscal agent as may be requested by the Office of Finance.
- (b) Each Federal Reserve Bank may issue Operating Circulars not inconsistent with this part 1270, governing the details of its handling of Book-entry consolidated obligations, Security Entitlements, and the operation of the Book-entry system under this part 1270.

## Notes

### Authority

Authority: 12 U.S.C. 1431, 1432, 1435, 4511, 4512, 4513, and 4526.

### Source

Source: 76 FR 18369, Apr. 4, 2011, unless otherwise noted.