First Revision of "Limitation of Discounts," Sec. 17
Title
First Revision of "Limitation of Discounts," Sec. 17
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18865
Date
No date
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
First Revise.
LIMITATION OF DISCOUNTS.
Sec. 17. That no depositing bank, banking association or trust company shall be entitled to discount notes, drafts, bills of exchange or acceptances, with the Federal Reserve Bank, in excess of the amount of the unimpaired capital and surplus of such depositing bank, banking association or trust company, nor shall the aggregate of such notes, drafts, bills of exchange, and acceptances, bearing the signature or endorsement of any one person, company, firm or corporation, rediscounted for any one depositing bank or trust company, at any time exceed ten per centum of the unimpaired capital and surplus of such depositing bank or trust company; but this restriction shall not apply to the discount of bills of exchange payable outside of the continental United States, drawn in good faith against existing values.
LIMITATION OF DISCOUNTS.
Sec. 17. That no depositing bank, banking association or trust company shall be entitled to discount notes, drafts, bills of exchange or acceptances, with the Federal Reserve Bank, in excess of the amount of the unimpaired capital and surplus of such depositing bank, banking association or trust company, nor shall the aggregate of such notes, drafts, bills of exchange, and acceptances, bearing the signature or endorsement of any one person, company, firm or corporation, rediscounted for any one depositing bank or trust company, at any time exceed ten per centum of the unimpaired capital and surplus of such depositing bank or trust company; but this restriction shall not apply to the discount of bills of exchange payable outside of the continental United States, drawn in good faith against existing values.
Original Format
Miscellaneous
To
Strong, Benjamin, 1872-1928
Files
Collection
Citation
Strong, Benjamin, 1872-1928, “First Revision of "Limitation of Discounts," Sec. 17,” No date, WWP18865, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.