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80TH C O N G R E S S

1ST SESSION

IN

TOBEY

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T H E S E N A T E OF T H E U N I T E D S T A T E S
MARCH

Mr.

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10 (legislative day, F E B R U A R Y 1 9 ) , 1947

introduced the following b i l l ; which was read twice and referred
to the Committee on Banking and Currency

A BILL
To amend the Federal Reserve Act, and for other purposes.
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Be it enacted by the Senate and, House of Representa-

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tives of the United States of America in Congress assembled,

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That, notwithstanding the provisions of section 1501 of the

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Second War Powers Act, 1942, as amended, section 14 (b)

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of the Federal Reserve Act, as amended (U. S. C., 1940

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edition, Supp. V , title 12, sec. 355), is hereby amended

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by striking out the proviso in such section 14

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inserting in lieu thereof the following:

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notwithstanding any other provision of this Act, (1) until

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July 1, 1950, any bonds, notes, or other obligations which

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are direct obligations of the United States or which are




(b)

and

"Provided, That

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1

fully guaranteed by the United States as to principal and

2

interest may be bought and sold without regard to maturities

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either in the open market or directly from or to the United

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States; but all such purchases and sales shall be made in

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accordance with the provisions of section 12A of this Act

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and the aggregate amount of such obligations

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directly from the United States which is held at any one

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time by the twelve Federal Eeserve banks shall not exceed

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$'5,000,000,000; and (2) after June 30, 1950, any bonds,

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notes, or other obligations which are direct obligations of

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the United States or which are fully guaranteed by the

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United States as to principal and interest may be bought

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and sold without regard to maturities but only in the open

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market.

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System shall include in their annual report to Congress

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detailed information with respect to direct purchases and

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sales from or to the United States under the provisions of

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the preceding proviso."




acquired

The Board of Governors of the Federal Reserve




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