
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC2285]

 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER 24--FEDERAL FINANCING BANK
 
Sec. 2285. Functions


(a) Purchase and sale of obligations issued, sold, or guaranteed by 
        Federal agencies

    The Bank is authorized to make commitments to purchase and sell, and 
to purchase and sell on terms and conditions determined by the Bank, any 
obligation which is issued, sold, or guaranteed by a Federal agency. Any 
Federal agency which is authorized to issue, sell, or guarantee any 
obligation is authorized to issue or sell such obligations directly to 
the Bank.

(b) Yield

    Any purchase by the Bank shall be upon such terms and conditions as 
to yield a return at a rate not less than a rate determined by the 
Secretary of the Treasury taking into consideration (1) the current 
average yield on outstanding marketable obligations of the United States 
of comparable maturity, or (2) whenever the Bank's own obligations 
outstanding are sufficient, the current average yield on outstanding 
obligations of the Bank of comparable maturity.

(c) Fees

    The Bank is authorized to charge fees for its commitments and other 
services adequate to cover all expenses and to provide for the 
accumulation of reasonable contingency reserves.

(Pub. L. 93-224, Sec. 6, Dec. 29, 1973, 87 Stat. 938.)

                  Section Referred to in Other Sections

    This section is referred to in sections 2290, 2294 of this title; 
title 2 section 661d; title 48 section 1423a.
