12 USC § 359 - Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations

---
identifier: "/us/usc/t12/s359"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 359 - Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "359"
section_name: "Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations"
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(f), as added Mar. 4, 1923, ch. 252, title IV, § 405, 42 Stat. 1480; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)"
---


# § 359. Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations

Every Federal reserve bank shall have power to purchase and sell in the open market, either from or to domestic banks, firms, corporations, or individuals, acceptances of Federal intermediate credit banks and of national agricultural credit corporations, whenever the Board of Governors of the Federal Reserve System shall declare that the public interest so requires.

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**Source Credit**: (Dec. 23, 1913, ch. 6, § 14(f), as added Mar. 4, 1923, ch. 252, title IV, § 405, 42 Stat. 1480; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)

## Editorial Notes

### Codification

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

## Statutory Notes and Related Subsidiaries

### Change of Name

Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.

### National Agricultural Credit Corporation

Title II of the Agricultural Credits Act, act , title II, §§ 201–217, , authorized creation of national agricultural credit corporations, prior to repeal by , , § 24, . Prior to such repeal, act , § 77, , had prohibited the creation, after , of national agricultural credit corporations authorized to be formed under the Agricultural Credits Act.