12 USC 357 - Sec. 357. Establishment of rates of discount
12 USC - U.S. Code - Title 12: Banks and Banking (January 2004)
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Every Federal reserve bank shall have power to establish from time to time, subject to review and determination of the Board of Governors of the Federal Reserve System, rates of discount to be charged by the Federal reserve bank for each class of paper, which shall be fixed with a view of accommodating commerce and business, but each such bank shall establish such rates every fourteen days, or oftener if deemed necessary by the Board.
Codification
Section is comprised of subsec. (d) of section 14 of act Dec. 23, 1913. For classification to this title of remainder of section 14, see Codification note under section 353 of this title.
Amendments
1935 - Act Aug. 23, 1935, Sec. 206(b), inserted words at end of section beginning "but each such".
Change Of Name
Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Section Referred To In Other Sections
This section is referred to in sections 263, 343, 412 of this title.
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