2015 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 24 - Federal Financing Bank (Sections 2281 - 2296)
Sec. 2285 - Functions
| Publication Title | United States Code, 2012 Edition, Supplement 3, Title 12 - BANKS AND BANKING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 12 - BANKS AND BANKING CHAPTER 24 - FEDERAL FINANCING BANK Sec. 2285 - Functions |
| Contains | section 2285 |
| Date | 2015 |
| Laws In Effect As Of Date | January 3, 2016 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 93-224, §6, Dec. 29, 1973, 87 Stat. 938. |
| Statutes at Large Reference | 87 Stat. 938 |
| Public and Private Law | Public Law 93-224 |
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The Bank is authorized to make commitments to purchase and sell, and to purchase and sell on terms and conditions determined by the Bank, any obligation which is issued, sold, or guaranteed by a Federal agency. Any Federal agency which is authorized to issue, sell, or guarantee any obligation is authorized to issue or sell such obligations directly to the Bank.
(b) YieldAny purchase by the Bank shall be upon such terms and conditions as to yield a return at a rate not less than a rate determined by the Secretary of the Treasury taking into consideration (1) the current average yield on outstanding marketable obligations of the United States of comparable maturity, or (2) whenever the Bank's own obligations outstanding are sufficient, the current average yield on outstanding obligations of the Bank of comparable maturity.
(c) FeesThe Bank is authorized to charge fees for its commitments and other services adequate to cover all expenses and to provide for the accumulation of reasonable contingency reserves.
(Pub. L. 93–224, §6, Dec. 29, 1973, 87 Stat. 938.)
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