
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: 12USC348a]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 3--FEDERAL RESERVE SYSTEM
 
        SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
 
Sec. 348a. Transactions with foreign banks; supervision of Board 
        of Governors of the Federal Reserve System
        
    The Board of Governors of the Federal Reserve System shall exercise 
special supervision over all relationships and transactions of any kind 
entered into by any Federal reserve bank with any foreign bank or 
banker, or with any group of foreign banks or bankers, and all such 
relationships and transactions shall be subject to such regulations, 
conditions, and limitations as the Board may prescribe. No officer or 
other representative of any Federal reserve bank shall conduct 
negotiations of any kind with the officers or representatives of any 
foreign bank or banker without first obtaining the permission of the 
Board of Governors of the Federal Reserve System. The Board of Governors 
of the Federal Reserve System shall have the right, in its discretion, 
to be represented in any conference or negotiations by such 
representative or representatives as the Board may designate. A full 
report of all conferences or negotiations, and all understandings or 
agreements arrived at or transactions agreed upon, and all other 
material facts appertaining to such conferences or negotiations, shall 
be filed with the Board of Governors of the Federal Reserve System in 
writing by a duly authorized officer of each Federal reserve bank which 
shall have participated in such conferences or negotiations.

(Dec. 23, 1913, ch. 6, Sec. 14(g), as added June 16, 1933, ch. 89, 
Sec. 10, 48 Stat. 181; amended Aug. 23, 1935, ch. 614, title II, 
Sec. 203(a), 49 Stat. 704.)

                         Change of Name

    Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve 
Board to Board of Governors of the Federal Reserve System.

                  Section Referred to in Other Sections

    This section is referred to in sections 263, 412 of this title.
