12 USC § 356 - Purchase of commercial paper from member banks and sale of same

---
identifier: "/us/usc/t12/s356"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 356 - Purchase of commercial paper from member banks and sale of same"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "356"
section_name: "Purchase of commercial paper from member banks and sale of same"
chapter_number: 3
chapter_name: "FEDERAL RESERVE SYSTEM"
subchapter_number: "IX"
subchapter_name: "POWERS AND DUTIES OF FEDERAL RESERVE BANKS"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Dec. 23, 1913, ch. 6, § 14(c), 38 Stat. 264.)"
---


# § 356. Purchase of commercial paper from member banks and sale of same

Every Federal reserve bank shall have power to purchase from member banks and to sell, with or without its indorsement, bills of exchange arising out of commercial transactions, as hereinbefore defined.

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**Source Credit**: (Dec. 23, 1913, ch. 6, § 14(c), 38 Stat. 264.)

## Editorial Notes

### Codification

Section is comprised of subsec. (c) of section 14 of act . For classification to this title of remainder of section 14, see Codification note under .