12 CFR § 270.3 - Governing principles.

---
identifier: "/us/cfr/t12/s270.3"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 270.3 - Governing principles."
title_number: 12
title_name: "Banks and Banking"
section_number: "270.3"
section_name: "Governing principles."
chapter_name: "FEDERAL RESERVE SYSTEM"
subchapter_number: "B"
subchapter_name: "FEDERAL OPEN MARKET COMMITTEE"
part_number: "270"
part_name: "OPEN MARKET OPERATIONS OF FEDERAL RESERVE BANKS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "Sec. 8, 48 Stat. 168, as amended (12 U.S.C. 263)."
regulatory_source: "38 FR 2753, Jan. 30, 1973, unless otherwise noted."
cfr_part: "270"
---


# 270.3 Governing principles.

As required by section 12A of the Federal Reserve Act, the time, character, and volume of all purchases and sales of obligations in the open market by Federal Reserve banks are governed with a view to accommodating commerce and business and with regard to their bearing upon the general credit situation of the country.