The Board of Governors of the Federal Reserve
System shall be authorized and empowered:
1-092
Examinations and Reports (a) (1) To examine at its discretion
the accounts, books, and affairs of each Federal reserve bank and
of each member bank and to require such statements and reports as
it may deem necessary. The said board shall publish once each week
a statement showing the condition of each Federal reserve bank and
a consolidated statement for all Federal reserve banks. Such statements
shall show in detail the assets and liabilities of the Federal reserve
banks, single and combined, and shall furnish full information regarding
the character of the money held as reserve and the amount, nature,
and maturities of the paper and other investments owned or held by
Federal reserve banks.
(2) To require
any depository institution specified in this paragraph to make, at
such intervals as the Board may prescribe, such reports of its liabilities
and assets as the Board may determine to be necessary or desirable
to enable the Board to discharge its responsibility to monitor and
control monetary and credit aggregates. Such reports shall be made
(A) directly to the Board in the case of member banks and in the case
of other depository institutions whose reserve requirements under
section 19 of this Act exceed zero, and (B) for all other reports
to the Board through the (i) Federal Deposit Insurance Corporation
in the case of insured State savings associations that are insured
depository institutions (as defined in section 3 of the Federal Deposit
Insurance Act), State nonmember banks, savings banks, and mutual savings
banks, (ii) National Credit Union Administration Board in the case
of insured credit unions, (iii) the Comptroller of the Currency in
the case of any Federal savings association which is an insured depository
institution (as defined in section 3 of the Federal Deposit Insurance
Act) or which is a member as defined in section 2 of the Federal Home
Loan Bank Act, and (iv) such State officer or agency as the Board
may designate in the case of any other type of bank, savings association,
or credit union. The Board shall endeavor to avoid the imposition
of unnecessary burdens on reporting institutions and the duplication
of other reporting requirements. Except as otherwise required by law,
any data provided to any department, agency, or instrumentality of
the United States pursuant to other reporting requirements shall be
made available to the Board. The Board may classify depository institutions
for the purposes of this paragraph and may impose different requirements
on each such class.
[12 USC 248(a). As amended
by acts of March 31, 1980 (94 Stat. 132); Aug. 9, 1989 (103 Stat.
439); and July 21, 2010 (124 Stat. 1556).]
1-093
Rediscounts by One Reserve Bank for Another (b) To permit, or, on the affirmative vote of at least five members
of the Board of Governors of the Federal Reserve System to require
Federal reserve banks to rediscount the discounted paper of other
Federal reserve banks at rates of interest to be fixed by the Board
of Governors of the Federal Reserve System.
[12 USC 248(b).
Part of original Federal Reserve Act; not amended.]
1-094
Suspension of Reserve Requirements (c) To suspend for a period not exceeding thirty days, and from
time to time to renew such suspension for periods not exceeding fifteen
days, any reserve requirements specified in this Act.
[12
USC 248(c). As amended by acts of June 12, 1945 (59 Stat. 237) and
March 18, 1968 (82 Stat. 50).]
1-095
Issue and Retirement of Federal Reserve Notes (d) To supervise and regulate through the Secretary of the Treasury
the issue and retirement of Federal reserve notes, except for the
cancellation and destruction, and accounting with respect to such
cancellation and destruction, of notes unfit for circulation, and
to prescribe rules and regulations under which such notes may
be delivered by the Secretary of the Treasury to the Federal reserve
agents applying therefor.
[12 USC 248(d). As amended by
acts of May 20, 1966 (80 Stat. 161) and Sept. 23, 1994 (108 Stat.
2293). For provisions governing the issue of Federal Reserve notes,
see section 16, this act.]
1-096
Reclassification of Reserve Cities (e) To add
to the number of cities classified as reserve cities under existing
law in which national banking associations are subject to the reserve
requirements set forth in section twenty of this Act; or to reclassifying
existing reserve cities or to terminate their designation as such.
[12 USC 248(e). As amended by act of July 28, 1959 (73 Stat.
264), effective July 28, 1962. The reference to “section twenty” is
an error in the law and should correctly refer to “section nineteen.”]
1-097
Suspension or Removal of Officers and Directors
of Reserve Banks (f) To suspend or remove any officer
or director of any Federal reserve bank, the cause of such removal
to be forthwith communicated in writing by the Board of Governors
of the Federal Reserve System to the removed officer or director and
to said bank.
[12 USC 248(f). Part of original Federal Reserve
Act; not amended.]
1-098
Charging Off Losses
of Reserve Banks (g) To require the writing off
of doubtful or worthless assets upon the books and balance sheets
of Federal reserve banks.
[12 USC 248(g). Part of original
Federal Reserve Act; not amended.]
1-099
Suspension, Liquidation, or Reorganization of Reserve Banks (h) To suspend, for the violation of any of the provisions
of this Act, the operations of any Federal reserve bank, to take possession
thereof, administer the same during the period of suspension, and,
when deemed advisable, to liquidate or reorganize such bank.
[12 USC 248(h). Part of original Federal Reserve Act; not amended.]
1-100
Rules and Regulations (i) To require bonds of Federal reserve agents, to make regulations
for the safeguarding of all collateral, bonds, Federal reserve notes,
money or property of any kind deposited in the hands of such agents,
and said board shall perform the duties, functions, or services specified
in this Act, and make all rules and regulations necessary to enable
said board effectively to perform the same.
[12 USC 248(i).
Part of original Federal Reserve Act; not amended.]
1-101
Supervision Over Reserve Banks (j) To exercise general supervision over said Federal reserve
banks.
[12 USC 248(j). Part of original Federal Reserve
Act; not amended.]
1-102
Delegation of
Functions (k) To delegate, by published order or
rule and subject to the Administrative Procedure Act, any of its functions,
other than those relating to rulemaking or pertaining principally
to monetary and credit policies, to one or more administrative law
judges, members or employees of the Board, or Federal Reserve banks.
The assignment of responsibility for the performance of any function
that the Board determines to delegate shall be a function of the Chairman.
The Board shall, upon the vote of one member, review action taken
at a delegated level within such time and in such manner as the Board
shall by rule prescribe. The Board of Governors may not delegate to
a Federal reserve bank its functions for the establishment of policies
for the supervision and regulation of depository institution holding
companies and other financial firms supervised by the Board of Governors.
[12 USC 248(k). As added by the acts of Nov. 5, 1966 (80 Stat. 1314);
March 27, 1978 (92 Stat. 183); and July 21, 2010 (124 Stat. 2126).]
1-103
Employees of Board of Governors of the Federal
Reserve System (l) To employ such attorneys,
experts, assistants, clerks, or other employees as may be deemed necessary
to conduct the business of the board. All salaries and fees shall
be fixed in advance by said board and shall be paid in the same manner
as the salaries of the members of said board. All such attorneys,
experts, assistants, clerks, and other employees shall be appointed
without regard to the provisions of the Act of January sixteenth,
eighteen hundred and eighty-three (volume twenty-two, United States
Statutes at large, page four hundred and three), and amendments thereto,
or any rule or regulation made in pursuance thereof: Provided, That nothing herein shall prevent the President from placing said
employees in the classified service.
[12 USC 248(l). Part of original Federal Reserve Act; not amended.]
1-104
Loans by Member Banks on Stock or Bond Collateral (m) [Repealed]
[Subsection (m) (12 USC 248(m))
was repealed by act of Nov. 12, 1999 (113 Stat. 1479).]
1-104.1
Examination of Depository Institutions and
Affiliates (n) To examine, at the Board’s discretion,
any depository institution, and any affiliate of such depository institution,
in connection with any advance to, any discount of any instrument
for, or any request for any such advance or discount by, such depository
institution under this Act.
[12 USC 248(n). As added by
act of Dec. 19, 1991. The original subsection (n), which authorized
the Secretary of the Treasury, as necessary, to require the payment
and delivery of all gold coin, gold bullion, and gold certificates
to the Treasurer of the United States in exchange for another form
of U.S. currency, was repealed by act of Sept. 13, 1982 (96 Stat.
1068).]
1-104.2
(o) Authority to appoint conservator
or receiver. The Board may appoint the Federal Deposit Insurance
Corporation as conservator or receiver for a State member bank under
section 11(c)(9) of the Federal Deposit Insurance Act.
[12
USC 248(o). As added by act of Dec. 19, 1991 (105 Stat. 2273) and
redesignated by act of Oct. 28, 1992 (106 Stat. 4080).]
1-104.3
(p) Authority. The Board may act in its own
name and through its own attorneys in enforcing any provision of this
title, regulations promulgated hereunder, or any other law or regulation,
or in any action, suit, or proceeding to which the Board is a party
and which involves the Board’s regulation or supervision of any bank,bank
holding company (as defined in section 2 of the Bank Holding Company
Act of 1956), or other entity, or the administration of its operations.
[12 USC 248(p). As added by act of Sept. 23, 1994 (108 Stat.
2232).]
1-104.4
(q) Uniform protection authority for
Federal Reserve facilities.
(1) Notwithstanding any other provision
of law, to authorize personnel to act as law enforcement officers
to protect and safeguard the premises, grounds, property, personnel,
including members of the Board, of the Board, or any Federal reserve
bank, and operations conducted by or on behalf of the Board or a reserve
bank.
(2) The Board may, subject
to the regulations prescribed under paragraph (5), delegate authority
to a Federal reserve bank to authorize personnel to act as law enforcement
officers to protect and safeguard the bank’s premises, grounds, property,
personnel, and operations conducted by or on behalf of the bank.
(3) Law enforcement officers designated
or authorized by the Board or a reserve bank under paragraph (1) or
(2) are authorized while on duty to carry firearms and make arrests without
warrants for any offense against the United States committed in their
presence, or for any felony cognizable under the laws of the United
States committed or being committed within the buildings and grounds
of the Board or a reserve bank if they have reasonable grounds to
believe that the person to be arrested has committed or is committing
such a felony. Such officers shall have access to law enforcement
information that may be necessary for the protection of the property
or personnel of the Board or a reserve bank.
(4) For purposes of this subsection, the
term “law enforcement officers” means personnel who have successfully
completed law enforcement training and are authorized to carry firearms
and make arrests pursuant to this subsection.
(5) The law enforcement authorities provided
for in this subsection may be exercised only pursuant to regulations
prescribed by the Board and approved by the Attorney General.
[12 USC 248(q). As added by act of Oct. 26, 2001 (115 Stat.
333).]
1-104.5
Authority of Board When Sufficient
Number of Members Are Not in Office or Available (r) (1) Any action that this Act
provides may be taken only upon the affirmative vote of 5 members
of the Board may be taken upon the unanimous vote of all members then
in office if there are fewer than 5 members in office at the time
of the action.
(2) (A) Any action that the Board is otherwise authorized to take
under section 13(3) may be taken upon the unanimous vote of all available
members then in office, if—
(i) at least 2 members are available and all available members participate
in the action;
(ii) the available members
unanimously determine that—
(I) unusual
and exigent circumstances exist and the borrower is unable to secure
adequate credit accommodations from other sources;
(II) action on the matter is necessary to
prevent, correct, or mitigate serious harm to the economy or the stability
of the financial system of the United States;
(III) despite the use of all means available
(including all available telephonic, telegraphic, and other electronic
means), the other members of the Board have not been able to be contacted
on the matter; and
(IV) action on
the matter is required before the number of Board members otherwise
required to vote on the matter can be contacted through any available
means (including all available telephonic, telegraphic, and other
electronic means); and
(iii) any credit extended by a Federal reserve bank pursuant to such
action is payable upon demand of the Board.
(B) The available members of the Board
shall document in writing the determinations required by subparagraph
(A)(ii), and such written findings shall be included in the record
of the action and in the official minutes of the Board, and copies
of such record shall be provided as soon as practicable to the members
of the Board who were not available to participate in the action and
to the Chairman of the Committee on Banking, Housing, and Urban Affairs
of the Senate and to the Chairman of the Committee on Financial Services
of the House of Representatives.
[12 USC 248(r). As added by act of November 26, 2002 (116 Stat. 2340).]
1-104.6
(s) Federal Reserve transparency and
release of information.
(1) In general. In order to ensure
the disclosure in a timely manner consistent with the purposes of
this Act of information concerning the borrowers and counterparties
participating in emergency credit facilities, discount window lending
programs, and open market operations authorized or conducted by the
Board or a Federal reserve bank, the Board of Governors shall disclose,
as provided in paragraph (2)—
(A) the names and identifying details
of each borrower, participant, or counterparty in any credit facility
or covered transaction;
(B) the
amount borrowed by or transferred by or to a specific borrower, participant,
or counterparty in any credit facility or covered transaction;
(C) the interest rate or discount
paid by each borrower, participant, or counterparty in any credit
facility or covered transaction; and
(D) information identifying the types
and amounts of collateral pledged or assets transferred in connection
with participation in any credit facility or covered transaction.
(2) Mandatory release date. In the case of—
(A) a credit facility,
the Board shall disclose the information described in paragraph (1)
on the date that is 1 year after the effective date of the termination
by the Board of the authorization of the credit facility; and
(B) a covered transaction, the Board
shall disclose the information described in paragraph (1) on the last
day of the eighth calendar quarter following the calendar quarter
in which the covered transaction was conducted.
(3) Earlier release
date authorized. The Chairman of the Board may publicly release
the information described in paragraph (1) before the relevant date
specified in paragraph (2), if the Chairman determines that such disclosure
would be in the public interest and would not harm the effectiveness
of the relevant credit facility or the purpose or conduct of covered
transactions.
(4) Definitions. For purposes of this subsection,
the following definitions shall apply:
(A) Credit
facility. The term “credit facility” has the same meaning as
in section 714(f)(1)(A) of title 31, United States Code.
(B) Covered
transaction. The term “covered transaction” means—
(i) any open market transaction with a
nongovernmental third party conducted under the first undesignated
paragraph of section 14 or subparagraph (a), (b), or (c) of the 2nd
undesignated paragraph of such section, after the date of enactment
of the Dodd-Frank Wall Street Reform and Consumer Protection Act;
and
(ii) any advance made under section
10B after the date of enactment of that Act.
(5) Termination
of credit facility by operation of law. A credit facility shall
be deemed to have terminated as of the end of the 24-month period
beginning on the date on which the credit facility ceases to make
extensions of credit and loans, unless the credit facility is otherwise
terminated by the Board before such date.
(6) Consistent
treatment of information. Except as provided in this subsection
or section 13(3)(D), or in section 714(f)(3)(C) of title 31, United
States Code, the information described in paragraph (1) and information
concerning the transactions described in section 714(f) of such title,
shall be confidential, including for purposes of section 552(b)(3)
of title 5 of such Code, until the relevant mandatory release date
described in paragraph (2), unless the Chairman of the Board determines
that earlier disclosure of such information would be in the public
interest and would not harm the effectiveness of the relevant credit
facility or the purpose of conduct of the relevant transactions.
(7) Protection
of personal privacy. This subsection and section 13(3)(C), section
714(f)(3)(C) of title 31, United States Code, and subsection (a) or
(c) of section 1109 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act shall not be construed as requiring any disclosure
of nonpublic personal information (as defined for purposes of section
502 of the Gramm-Leach-Bliley Act (12 U.S.C. 6802)) concerning any
individual who is referenced in collateral pledged or assets transferred
in connection with a credit facility or covered transaction, unless
the person is a borrower, participant, or counterparty under the credit
facility or covered transaction.
(8) Study of FOIA exemption impact.
(A) Study. The Inspector General of the Board
of Governors of the Federal Reserve System shall—
(i) conduct a study on the impact that
the exemption from section 552(b)(3) of title 5 (known as the Freedom
of Information Act) established under paragraph (6) has had on the
ability of the public to access information about the administration
by the Board of Governors of emergency credit facilities, discount
window lending programs, and open market operations; and
(ii) make any recommendations on whether the
exemption described in clause (i) should remain in effect.
(B) Report. Not later than 30 months after the date of enactment of this section,
the Inspector General of the Board of Governors of the Federal Reserve
System shall submit a report on the findings of the study required
under subparagraph (A) to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services of the
House of Representatives, and publish the report on the website of
the Board.
(9) Rule of construction. Nothing in this section
is meant to affect any pending litigation or lawsuit filed under section
552 of title 5, United States Code (popularly known as the Freedom
of Information Act), on or before the date of enactment of the Dodd-Frank
Wall Street Reform and Consumer Protection Act.
[12 USC 248(s). As added by act of July 21, 2010 (124 Stat. 2118).]
1-104.7
(s)
*Assessments, fees, and other charges for certain
companies. (1) In general. The Board shall collect a total amount of assessments, fees, or
other charges from the companies described in paragraph (2) that is
equal to the total expenses the Board estimates are necessary or appropriate
to carry out the supervisory and regulatory responsibilities of the
Board with respect to such companies.
(2) Companies. The companies described
in this paragraph are—
(A) all bank holding companies having total consolidated assets of
$100,000,000,000 or more;
(B)
all savings and loan holding companies having total consolidated assets
of $100,000,000,000 or more; and
(C) all nonbank financial companies supervised by the Board under
section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection
Act.
(3) Tailoring assessments. In collecting assessments,
fees, or other charges under paragraph (1) from each company described
in paragraph (2) with total consolidated assets of between $100,000,000,000
and $250,000,000,000, the Board shall adjust the amount charged to
reflect any changes in supervisory and regulatory responsibilities
resulting from the Economic Growth, Regulatory Relief, and Consumer
Protection Act with respect to each such company.
[12 USC 248(s). As added by act of July 21, 2010 (124 Stat. 1527);
and amended by act of May 24, 2018 (132 Stat. 1358).]
