---
kind: "unit"
title: "12"
title_heading: "Banks and Banking"
key: "ch3/schIX"
level: "subchapter"
label: "Subchapter IX"
heading: "Powers and Duties of Federal Reserve Banks"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/ch3-schIX"
sections_count: 29
---

# Subchapter IX — Powers and Duties of Federal Reserve Banks

Title 12 — Banks and Banking › Chapter 3 — Federal Reserve System

## Sections

- [§341. General enumeration of powers](/usc/12/341.md)
- [§342. Deposits; exchange and collection; member and nonmember banks or other depository institutions; charges](/usc/12/342.md)
- [§343. Discount of obligations arising out of actual commercial transactions](/usc/12/343.md)
- [§344. Discount or purchase of bills to finance agricultural shipments](/usc/12/344.md)
- [§345. Rediscount of notes, drafts, and bills for member banks; limitation of amount](/usc/12/345.md)
- [§346. Discount of acceptances](/usc/12/346.md)
- [§347. Advances to member banks on their notes](/usc/12/347.md)
- [§347a. Advances to member bank groups; inadequate amounts of eligible and acceptable assets; liability of individual banks in group; distribution of loans among banks of group; rate of interest; notes accepted for advances as collateral security for Federal reserve notes; foreign obligations as security for advances](/usc/12/347a.md)
- [§347b. Advances to individual member banks on time or demand notes; maturities; time notes secured by mortgage loans covering one-to-four family residences](/usc/12/347b.md)
- [§347c. Advances to individuals, partnerships, and corporations; security; interest rate](/usc/12/347c.md)
- [§347d. Transactions between Federal Reserve banks and branch or agency of foreign bank; matters considered](/usc/12/347d.md)
- [§348. Discount of obligations given for agricultural purposes or based upon livestock; collateral security for Federal reserve notes](/usc/12/348.md)
- [§348a. Transactions with foreign banks; supervision of Board of Governors of the Federal Reserve System](/usc/12/348a.md)
- [§349. Rediscount for intermediate credit banks of obligations given for agricultural purposes; discount of notes made pursuant to section 1031](/usc/12/349.md)
- [§350. Purchase and sale of debentures and like obligations of intermediate credit banks and agricultural credit corporations](/usc/12/350.md)
- [§351. Obligations of cooperative marketing association as issued or drawn for agricultural purposes](/usc/12/351.md)
- [§352. Limitation on amount of obligations of certain maturities which may be discounted and rediscounted](/usc/12/352.md)
- [§352a. Repealed.](/usc/12/352a.md)
- [§353. Purchase and sale of cable transfers, acceptances and bills](/usc/12/353.md)
- [§354. Transactions involving gold coin, bullion, and certificates](/usc/12/354.md)
- [§355. Purchase and sale of obligations of National, State, and municipal governments; open market operations; purchases and sales from or to United States; maximum aggregate amount of obligations acquired directly from or loaned directly to United States](/usc/12/355.md)
- [§356. Purchase of commercial paper from member banks and sale of same](/usc/12/356.md)
- [§357. Establishment of rates of discount](/usc/12/357.md)
- [§358. Establishment of accounts for purposes of open-market operations; correspondents and agencies](/usc/12/358.md)
- [§359. Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations](/usc/12/359.md)
- [§359a. Omitted](/usc/12/359a.md)
- [§360. Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances](/usc/12/360.md)
- [§361. Bills receivable, bills of exchange, acceptances; regulations by Board of Governors](/usc/12/361.md)
- [§362...364. Omitted](/usc/12/362...364.md)