Bills receivable, bills of exchange, acceptances; regulations by Board of Governors

12 U.S.C. § 361
in effect
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The discount and rediscount and the purchase and sale by any Federal reserve bank of any bills receivable and of domestic and foreign bills of exchange, and of acceptances authorized by this chapter, shall be subject to such restrictions, limitations, and regulations as may be imposed by the Board of Governors of the Federal Reserve System.

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