---
kind: "section"
citation: "31 C.F.R. § 357.14"
title: "31"
number: "357.14"
heading: "What authority does a Federal Reserve Bank have?"
url: "https://uscodex.org/cfr/31/357.14"
---

# §357.14. What authority does a Federal Reserve Bank have?

- (a) **Each Federal Reserve Bank has the authority as fiscal agent of the United States to—**
  - (1) Perform functions with respect to the issuance of Book-entry Securities offered and sold by the Department to which this subpart applies, in accordance with the terms of the applicable offering circular and with procedures established by the Department;
  - (2) Service and maintain Book-entry Securities in accounts established for such purposes;
  - (3) Make payments of principal and interest, as directed by the Department;
  - (4) Effect transfer of Book-entry Securities between Participants' Securities Accounts as directed by the Participants; and
  - (5) Perform such other duties as fiscal agent that the Department may request.
- (b) Each Federal Reserve Bank may issue Operating Circulars that are consistent with this part, governing the details of its handling of Book-entry Securities, Security Entitlements, and the operation of the book-entry system under this part.

## Notes

### Source

Source: 67 FR 7080, Feb. 15, 2002, unless otherwise noted.

### Authority

Authority: 31 U.S.C. chapter 31; 5 U.S.C. 301; 12 U.S.C. 391.

### Source

Source: 51 FR 18265, May 16, 1986, unless otherwise noted.