Title 12 of the United States Code Overview

Title 12 is a significant part of the United States Code, outlining the framework for the national banking system. It is divided into nine subtitles, each addressing a specific aspect of banking and finance.

Subtitle A sets forth the general provisions for national banks, including their organization and operation. Subtitle B focuses on the powers and duties of national banks, outlining their authority to engage in banking activities.

National banks are required to maintain a minimum capital and surplus, as specified in Subtitle A. This ensures that banks have sufficient assets to meet their obligations and maintain stability in the financial system.

The Federal Reserve System is also established under Title 12, with the Federal Reserve Board overseeing the system. The Federal Reserve plays a crucial role in implementing monetary policy and maintaining the stability of the financial system.

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Title 12 of the U.S. Code is a comprehensive collection of laws related to banking and finance. The title is divided into 55 chapters, each addressing a specific aspect of the financial industry.

CHAPTER 1 focuses on the Comptroller of the Currency, who is responsible for overseeing national banks. The Comptroller has the authority to examine and regulate these banks to ensure their safety and soundness.

CHAPTER 2 deals with national banks, which are banks that are chartered by the federal government. These banks are subject to strict regulations and must meet certain requirements to operate.

CHAPTER 3 covers the Federal Reserve System, which is the central bank of the United States. The Federal Reserve plays a crucial role in the nation's monetary policy and is responsible for regulating banks and maintaining financial stability.

CHAPTER 4 addresses taxation, specifically the taxation of financial institutions. The laws in this chapter outline the tax obligations of banks and other financial institutions.

CHAPTER 5 deals with crimes and offenses related to banking and finance. This chapter outlines the penalties for committing crimes such as bank fraud and money laundering.

Here are the 55 chapters of Title 12, listed in order:

State banks are any bank, banking association, or trust company that receives deposits and is incorporated under state laws. This can include cooperative banks or other unincorporated banks that were insured by the Corporation on August 9, 1989.

A State depository institution is a broader term that includes State banks, State savings associations, and insured branches that are not Federal branches. This means that State depository institutions can be a type of State bank or a State savings association.

State savings associations, on the other hand, are specific types of institutions that are organized and operating according to state laws. This can include building and loan associations, savings and loan associations, or homestead associations.

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A State bank is any bank or banking institution that's incorporated under a state's laws or operating under the District of Columbia's Code of Law. This includes cooperative banks and other unincorporated banks with insured deposits.

State banks receive deposits, excluding trust funds, and operate in a manner similar to industrial banks. They must be chartered or organized according to state laws to be considered a State bank.

The term "State depository institution" encompasses State banks, State savings associations, and insured branches that aren't Federal branches. This broad definition highlights the variety of institutions that fall under this category.

State savings associations, such as building and loan associations, are organized and operating according to state laws. They're often chartered or organized in the state where they operate.

State nonmember banks are those State banks that aren't members of the Federal Reserve System. This designation emphasizes the distinction between State and Federal banking institutions.

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A State savings association is essentially any building and loan association, savings and loan association, or homestead association that's organized and operating according to the laws of the State in which it's chartered or organized.

These types of associations are often referred to as State savings associations, and they play a crucial role in providing financial services to their communities.

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A foreign bank is a specific type of bank that's defined in a particular way. The term "foreign bank" is given meaning by section 1(b)(7) of the International Banking Act of 1978, which can be found at 12 U.S.C. 3101(b)(7).

To determine if a bank is considered foreign, we can refer back to this definition. This definition will guide us in understanding the characteristics of a foreign bank.

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The status of cities is an important aspect of state and savings associations. Reserve cities are subject to certain rules and regulations, but their overall status remains unchanged except where this chapter modifies the amount of reserves that can be carried with approved agents located within them.

The organization of reserve districts and Federal reserve cities is separate from the status of reserve cities. This is stated in section 224, which clarifies that the present status of reserve cities is not altered, except where this chapter changes the amount of reserves that can be carried with approved agents.

Section 224 is comprised of part of the thirteenth paragraph of section 2 of the act of December 23, 1913.

Title 12 of the United States Code is divided into 5 subtitles, each with its own specific focus.

Subtitle A covers the Federal Reserve System, which is the central banking system of the United States.

Subtitle B deals with the Federal Reserve banks, which are responsible for managing the nation's monetary policy.

The Federal Reserve System has 12 regional banks, each serving a different part of the country.

Subtitle C addresses the national banks, which are banks that are chartered by the federal government.

National banks are subject to stricter regulations than state banks, which are banks chartered by the states.

Subtitle D focuses on the federal savings associations, which are a type of bank that offers savings accounts and loans.

Federal savings associations are subject to the same regulations as national banks.

Subtitle E covers the federal credit unions, which are not-for-profit cooperatives that provide financial services to their members.

Federal credit unions are exempt from many of the regulations that apply to national banks and federal savings associations.

Subtitle F addresses the federal financial institutions, which includes banks, thrifts, and credit unions.

This subtitle sets out the general framework for the regulation of these institutions.

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To become a member of the Federal Reserve System, a national bank must subscribe and pay for stock in the Federal Reserve bank of its district within 90 days of commencing business or after admission into the Union of the State in which it is located.

A national member bank is any national bank that is a member of the Federal Reserve System, while a state member bank is any state bank that is a member of the Federal Reserve System.

A domestic branch is any branch bank, branch office, branch agency, or additional office located in the United States or its territories where deposits are received or checks are paid or money is lent, but does not include an automated teller machine or a remote service unit.

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A national member bank is a specific type of bank that's part of the Federal Reserve System. It's any national bank that's a member of the system.

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To become a national member bank, a national bank must subscribe and pay for stock in the Federal Reserve bank of its district. This has to be done in accordance with the provisions of the chapter.

National banks in any state must become a member bank of the Federal Reserve System by subscribing and paying for stock within 90 days after admission into the Union of the State in which they are located.

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A domestic branch is any branch bank, branch office, branch agency, additional office, or any branch place of business located in any State of the United States or in any Territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, or the Virgin Islands at which deposits are received or checks paid or money lent.

Domestic branches do not include automated teller machines or remote service units. These are separate entities that allow for banking operations to be conducted without a traditional branch presence.

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A domestic branch is a physical location where banking operations take place, such as receiving deposits, paying checks, or lending money. This can be a full-service branch or a smaller office that offers limited services.

Domestic branches are an essential part of the banking system, providing customers with access to financial services and products. They are also a key component of a bank's operations, enabling it to conduct business and serve its customers effectively.

There are several types of savings associations, each with its own unique characteristics.

A Federal savings association is a type of savings association chartered under section 1464 of the title, which includes cooperative banks that are not State banks.

These associations are subject to federal regulations and oversight, ensuring that they operate in a safe and sound manner.

A State savings association, on the other hand, is a type of savings association that is organized and operating according to the laws of the state in which it is chartered or organized.

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National Nonmember banks are a type of bank that operates outside of the Federal Reserve System.

These banks are located in certain territories of the United States, including Puerto Rico, Guam, American Samoa, the Virgin Islands, and the Northern Mariana Islands.

To be specific, National Nonmember banks are national banks that are not members of the Federal Reserve System, meeting the criteria outlined in the definition.

They are also found in areas that are not part of any state, which is why they're referred to as nonmember banks.

National Nonmember banks are a distinct category of banks, separate from National Member banks and State Nonmember banks.

A mutual savings bank is a unique type of financial institution. It's a bank without capital stock, meaning its owners are its depositors.

In a mutual savings bank, the net earnings go directly to the benefit of its depositors after paying off any advances made by its founders. This setup is designed to prioritize the interests of the depositors.

Mutual savings banks are organized and operate according to specific laws, just like any other type of savings association.

Title 12 of the United States Code establishes the Office of the Comptroller of the Currency (OCC), which is responsible for chartering and supervising national banks.

The OCC is headed by the Comptroller of the Currency, who is appointed by the President and confirmed by the Senate. The Comptroller serves a five-year term and is responsible for overseeing the operations of national banks.

The OCC has the authority to issue regulations and guidelines for national banks, which are published in the Federal Register.

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The Board of Directors plays a crucial role in the governance and operations of an organization. They have the authority to meet and make decisions as they see fit.

The Board of Directors must meet at least once a year, as required by law. This meeting is an opportunity for the Board to review the organization's progress and make any necessary adjustments.

The Board of Directors also has the power to create regulations as necessary to carry out the purposes of the chapter or to facilitate its administration. This can include setting specific criteria for the Board's own operations.

The Board of Directors is responsible for ensuring that the organization is operating in accordance with the law and its own bylaws. This includes making decisions that are in the best interest of the organization and its stakeholders.

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The designated reserve ratio is a specific ratio designated by the Board of Directors in accordance with section 1817(b)(3) of this title.

This ratio is used to determine the reserve requirements for banks, ensuring they maintain a certain level of liquidity.

The reserve ratio, on the other hand, is the ratio of the net worth of the Deposit Insurance Fund to the value of the aggregate estimated insured deposits, or such comparable percentage of the assessment base set forth in section 1817(b)(2)(C) of this title.

This ratio is used to assess the health and stability of the Deposit Insurance Fund, which is crucial for maintaining public confidence in the banking system.

The designated reserve ratio is a critical component of the banking system's governance and operations, as it ensures that banks maintain sufficient reserves to meet their obligations.

By understanding these ratios, we can better comprehend the complexities of banking governance and operations.

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The applicability of certain amendments can be a bit tricky. Pub. L. 96–221, title III, §308(a)(2), Mar. 31, 1980, 94 Stat. 147, states that the amendments made by this subsection are not applicable to any claim arising out of the closing of a bank prior to the effective date of this section.

The effective date of this section is determined by section 308(e) of Pub. L. 96–221, which is set out as a note under section 1817 of this title.

A trust fund is essentially a pool of money held by a bank in a fiduciary capacity, meaning they have a responsibility to manage it for someone else's benefit. This can include funds held as trustee, executor, administrator, guardian, or agent.

Funds held in a trust capacity are separate from the bank's own assets and are typically managed according to the terms of the trust agreement.

An insured branch, on the other hand, refers specifically to a branch of a foreign bank that has deposits insured under this chapter.

A bridge depository institution is a new national bank or Federal savings association organized by the Corporation in accordance with section 1821(n) of this title.

This type of institution is established by the Federal Deposit Insurance Corporation, specifically.

Trust Funds are a type of account held by an insured depository institution in a fiduciary capacity.

These funds are managed by the bank, not the account holder, and are typically used for specific purposes such as estate planning or managing a minor's inheritance.

Trust Funds can include funds held as trustee, executor, administrator, guardian, or agent, and are designed to protect the interests of the beneficiaries.

The bank's role is to manage the funds according to the terms of the trust, which can include investing, distributing, and reporting on the funds as required.

Trust Funds are subject to specific regulations and requirements, which can vary depending on the type of trust and the jurisdiction in which it is established.

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The Comptroller of the Currency, the Board of Governors of the Federal Reserve System, or the Federal Deposit Insurance Corporation are considered Federal banking agencies.

The Comptroller of the Currency was tasked with promulgating final regulations to carry out amendments made to this section, which was done within a year of the date of enactment of Pub. L. 103-325.

These regulations were published in the Federal Register on December 2, 1996, and took effect on December 31, 1996.

An insured deposit is essentially the net amount due to a depositor for deposits in an insured depository institution. This amount is determined under sections 1817(i) and 1821(a) of this title.

In the case of a deposit in a branch of a foreign bank, an insured deposit is payable in the United States to certain individuals or entities, including U.S. citizens, partnerships, corporations, trusts, or other entities created under U.S. or state law and having their principal place of business within the United States.

An insured deposit can also be made available to a depositor by the Corporation as payment of the insured deposit of such depositor in a closed bank, and assumed by a new bank or other insured depository institution.

For a deposit to be considered an insured deposit, it must be within the limits set by the Deposit Insurance Fund, which is established under section 1821(a)(4) of this title.

The term "appropriate Federal banking agency" can be a bit confusing, but it's actually quite straightforward. The Office of the Comptroller of the Currency is considered the appropriate Federal banking agency for any national banking association.

In some cases, more than one agency may be responsible for overseeing a particular institution. For example, the State bank supervisors of more than one State may be the appropriate State bank supervisor for an insured depository institution.

The term "Federal banking agency" specifically refers to the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, or the Federal Deposit Insurance Corporation. These agencies are responsible for regulating and supervising banks and other financial institutions.

The definition of an "appropriate Federal banking agency" can be a bit complex, but it's ultimately determined by the specific circumstances of the institution being regulated.

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The Comptroller of the Currency was required to promulgate final regulations by September 23, 1995, to carry out amendments made by the Act.

These regulations were published in the Federal Register on December 2, 1996, and became effective on December 31, 1996.

The Comptroller had one year after the date of enactment of the Act to complete this task, which was September 23, 1995.

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The Deposit Insurance Fund is a crucial component of the banking system, established to protect depositors in the event of bank failures. It's a safety net that gives people confidence in their bank accounts.

The Deposit Insurance Fund is established under section 1821(a)(4) of the code, which means it's a specific fund created to manage the risks associated with bank deposits. This fund is a vital part of the banking system, providing financial stability for depositors.

The Deposit Insurance Fund is designed to ensure that depositors can access their money even if the bank fails. This fund is a key factor in maintaining public trust in the banking system, allowing people to feel secure about their deposits.

By providing a safety net for depositors, the Deposit Insurance Fund helps to prevent bank runs and maintain financial stability. This fund is a critical component of the banking system, and its purpose is to protect depositors in the event of a bank failure.

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In 2006, two significant amendments were made to this chapter of the United States Code, adding a crucial definition to the mix.

A State bank now includes any bank operating under the Code of Law for the District of Columbia, thanks to Pub. L. 109–351 and 109–356.

These amendments demonstrate how the law is regularly updated to reflect changing circumstances and definitions.

The continental United States was formally defined in 1959, courtesy of Pub. L. 86–70.

Prior to this definition, the term was likely understood in a general sense, but its inclusion in the code provides clarity for future reference.

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The Competitive Equality Banking Act of 1987 was enacted on August 10, 1987, and provided for significant changes to banking laws.

This Act added several new sections to the US Code, including 371c–1, 1439–1, 1441, 1442a, 1467, 1467a, 1730h, 1730i, 1772b, 1772c, 3806, and 4001 to 4010.

The Act also amended several existing sections, including 24, 248a, 481, 619, 1430, 1436, 1464, 1467, 1725 to 1727, 1729 to 1730a, 1730h, 1757, 1761a, 1761b, 1764, 1766, 1767, 1785 to 1788, 1813, 1817, 1821, 1823, 1828, 1831d, 1832, 1841 to 1843, 1846, 1849, and 3106.

The Competitive Equality Banking Act of 1987 was a major overhaul of banking laws, and its provisions had a significant impact on the industry.

The Act also provided for future repeal of certain sections, including 1442a, 1467a, and 1730i.

This Act was a key piece of legislation that helped to level the playing field for banks and thrifts, and it remains an important part of US banking law to this day.

In 1974, a significant amendment was made to the law, which had an effective date of 30 days after its enactment on October 28, 1974.

The amendment was made through Pub. L. 93–495, title I, §101(g), and it affected several sections of the law, including this one.

This amendment was a major update to the law, and it provided that it would take effect on the thirtieth day beginning after the date of enactment.

However, there was a provision that exempted claims arising out of the closing of a bank prior to the effective date of this section.

The amendments made by this section were not applicable to any claim arising out of the closing of a bank prior to October 28, 1974.

The 2010 amendment had a complex effective date. Amendment by section 312(c) of Pub. L. 111–203 was effective on the transfer date.

Section 334(b) of Pub. L. 111–203 was effective 1 day after July 21, 2010. This date is significant because it marks the beginning of the amendment's implementation.

Amendment by section 363(1) of Pub. L. 111–203 was also effective on the transfer date. This date is tied to the transfer date mentioned in section 351 of Pub. L. 111–203.

The transfer date is an important factor in determining the effective date of the amendment. It's a specific date that needs to be met in order for the amendment to take effect.

Section 4 of Pub. L. 111–203 provides additional information on the effective date of the amendment. It states that the amendment is effective 1 day after July 21, 2010, except as otherwise provided.

This means that the amendment had a specific effective date, which was 1 day after July 21, 2010.

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A new depository institution is a national bank or Federal savings association organized by the Corporation under section 1821(m) of this title.

It's a specific type of institution, not a bridge depository institution.

The Corporation plays a key role in organizing these institutions, following the guidelines set forth in section 1821(m).

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In 2006, two laws, Pub. L. 109–351 and 109–356, made identical amendments to this chapter, adding a crucial definition to the first paragraph.

These amendments specified that a State bank includes any bank operating under the Code of Law for the District of Columbia.

The laws also made significant changes in 1982, inserting provisions that defined key terms such as "bonds and notes of the United States" and "bonds or notes of the United States".

These definitions were based on earlier acts, including the September 24, 1917, and April 4, 1918, acts, which were restated in 1929.

In 1959, Pub. L. 86–70 inserted a definition of "the continental United States".

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The 1966 amendment to this chapter, made by Pub. L. 89–695, had a specific effective date, October 16, 1966.

However, the amendment did not apply to claims arising from bank closures that occurred before this date.

The same law, Pub. L. 89–695, also stated that nothing in this title should be construed to repeal, modify, or affect the provisions of section 19 of the Federal Deposit Insurance Act.

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The return on investment for changes and updates can be significant, but it's essential to understand the effective dates of these changes. Pub. L. 109–173, §4(b), made amendments that took effect on Jan. 1, 2007.

Some changes, like the 1996 Amendment, apply to liabilities that arise under annuity contracts issued on or after the date of enactment, which was Sept. 30, 1996. This means that if you issued an annuity contract on or after that date, you're subject to the new rules.

Others, like the 2006 Amendment, took effect on the day of the merger of the Bank Insurance Fund and the Savings Association Insurance Fund, which was Mar. 31, 2006. This change was made by Pub. L. 109–173, §8(b).

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The effective date of the 1999 Amendment was 120 days after the date of enactment, which was Nov. 12, 1999. This change was made by Pub. L. 106–102, title I, §161.

It's also worth noting that some changes have a delayed effective date, like the 2010 Amendment, which took effect 1 day after July 21, 2010. This change was made by Pub. L. 111–203, section 4.

In some cases, the effective date is tied to the promulgation of final regulations, like the 1994 Amendment, which became effective upon the date of promulgation of final regulations under subsection (c). This change was made by Pub. L. 103–325, title III, §347(d).

The effective date of the 1973 Amendments was Dec. 29, 1973, for some changes and Aug. 16, 1973, for others. This change was made by Pub. L. 93–224 and Pub. L. 93–100, respectively.

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In 1959, a significant amendment was made that would have a lasting impact on the future of the law.

The Effective Date of the 1959 Amendment was three years after July 28, 1959.

The Federal Reserve Bank Branch Modernization Act of 1992 made some significant changes to section 522 of the title. This Act was officially known as the Federal Reserve Bank Branch Modernization Act.

The Act was passed on October 24, 1992, and it was added to the public law as Pub. L. 102–491. This law was also recorded in the Statutes at Large as 106 Stat. 3144.

The Act made amendments to section 522 of the title, but the exact changes are not specified in the provided information.

The Federal Reserve Reform Act of 1977 was signed into law on November 16, 1977.

This act provided for the enacting of section 225a of this title, as well as the amending of sections 242 and 302 of this title and section 208 of Title 18, Crimes and Criminal Procedure.

The act also included provisions set out as a note under section 242 of this title.

This title may be cited as the 'Federal Reserve Reform Act of 1977'.

The United States Code is a comprehensive collection of federal laws, and Title 12 is dedicated to banks and banking. It was enacted in 1913 to establish a more stable and secure banking system.

The National Banking Act of 1863, which is referenced in Title 12, was a significant piece of legislation that allowed national banks to issue banknotes. This led to a more uniform and reliable currency.

Prior to the National Banking Act, banking was largely unregulated, and banknotes were often issued by state-chartered banks. This led to a proliferation of banknotes with varying values and redeemability.

The Banking Act of 1933, also referenced in Title 12, strengthened the regulation of banks and introduced the Federal Deposit Insurance Corporation (FDIC).

The Federal Reserve is required to submit reports to Congress on a regular basis.

These reports are crucial in keeping lawmakers informed about the state of the economy and the conduct of monetary policy.

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The Board submits a written report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking and Financial Services of the House of Representatives semi-annually.

The reports discuss the conduct of monetary policy and economic developments, taking into account various factors such as employment, production, and prices.

The reports also include information on past and prospective developments in the economy, providing valuable insights for policymakers.

The Federal Reserve is required to submit reports to the Committee on Banking, Housing, and Urban Affairs of the Senate, specifically on emergency lending authority.

The Comptroller of the Currency was required to promulgate final regulations within one year of the date of enactment of the relevant Act. These regulations were published in the Federal Register on December 2, 1996.

The Comptroller of the Currency was given a specific deadline to implement the amendments made by the Act, which was December 31, 1996. This deadline was established to ensure timely implementation of the new regulations.

The Board is required to submit written reports to Congress on a regular basis, including a discussion of monetary policy and economic developments. These reports are submitted concurrently with semi-annual hearings, and must take into account various economic factors such as employment, production, and prices.

The Federal Deposit Insurance Act is a key piece of legislation that has undergone several changes over the years.

It was enacted on September 21, 1950, as part of the act classified generally to chapter 16 of the title. This act is also known as the Federal Deposit Insurance Act of 1950.

The act was amended in 1958 with Pub. L. 85–508, which made changes to the law. One of the changes was the readjustment of districts when the State of Hawaii is admitted to the Union.

Pub. L. 86–3 made this change a requirement in 1959. This was a significant update to the law, reflecting the changing landscape of the United States.

The act has also been amended to include new sections, such as section 2B, which was added in 2000 with Pub. L. 106–569. This section was further amended in 2010 with Pub. L. 111–203.

The Federal Reserve System has a specific goal to maintain long run growth of monetary and credit aggregates commensurate with the economy's long run potential to increase production.

The Board of Governors of the Federal Reserve System and the Federal Open Market Committee work together to achieve this goal, which is to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.

To ensure accountability, the Board of Governors submits written reports to Congress, including a discussion of the conduct of monetary policy and economic developments and prospects for the future.

These reports take into account past and prospective developments in employment, unemployment, production, investment, real income, productivity, exchange rates, international trade and payments, and prices.

The reports are submitted to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking and Financial Services of the House of Representatives, concurrent with each semi-annual hearing required by this section.

The Board also submits reports to the Committee on Banking, Housing, and Urban Affairs of the Senate regarding emergency lending authority.

The Board of Governors provides an explanation of reasons for revisions or deviations in subsequent consultations and reports, as required by law.

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The Board shall place on its home Internet website a link entitled "Audit" that links to a webpage serving as a repository of information made available to the public for a reasonable period of time, not less than 6 months following the date of release of the relevant information.

This repository will include reports prepared by the Comptroller General under section 714 of title 31.

The Board will also provide information on the accounting, financial reporting, and internal controls of the Board and the Federal reserve banks.

This information is deemed necessary or helpful to the public in understanding these aspects of the Board and the Federal reserve banks.

Committee on Banking and Financial Services of the House of Representatives was abolished and replaced by Committee on Financial Services of the House of Representatives.

Jurisdiction over matters relating to securities and exchanges and insurance was transferred from Committee on Energy and Commerce of the House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, on January 3, 2001.

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The revised headings in Title 12 of the United States Code are quite interesting. The Effective Date of 2010 Amendment is July 21, 2010, plus one day, as stated in section 4 of Pub. L. 111–203.

This change was made to update the code and bring it in line with modern laws and regulations. The amendment was effective 1 day after July 21, 2010, except as otherwise provided.

The Federal Reserve Act, passed on December 23, 1913, is classified to this section and several others in Title 12 of the United States Code.

The Act of December 23, 1913, ch. 6, is classified to multiple sections in Title 12, including sections 221 to 225b, 241 to 246, and 248 to 248c.

The short title of the Act is the "Federal Reserve Act", as stated in section 226 of Title 12.

The Banking Act of 1933, also known as the Glass-Steagall Act, is classified to sections 24, 33, 34a, 36, and 51 of Title 12.

The Banking Act of 1933 was referred to in text as the Banking Act of 1933, and it's also known as the Glass-Steagall Act, 1933.

For complete classification of the Federal Reserve Act and the Banking Act of 1933 to the Code, see the Tables.

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The Federal Reserve Act, also known as the Act of December 23, 1913, was a significant piece of legislation that had a lasting impact on the US financial system.

This Act was classified to section 226 of the Code, and its short title was the "Federal Reserve Act." The Act itself was classified to various sections of the Code, including sections 1, 35, 59, 90, 92, and many others.

The Act was enacted on December 23, 1913, and its provisions were later renumbered and restated in various sections of the Code.

The Act of December 23, 1913, was also referred to in text, which is classified to this section and other sections of the Code.

Subsections (a) through (c) and (h) through (k) of section 22 of the Act were repealed and restated in sections 217 to 220 of Title 18, Crimes and Criminal Procedure, by an act of Congress in 1948.

The sections of Title 18 were later renumbered and some were repealed, but the original sections of the Act of December 23, 1913, remain an important part of the Code.

The Act of December 23, 1913, is comprised of the first paragraph of section 1, and the second to fourth paragraphs are classified to section 221 of the Code.

The Act also provided for the renumbering of sections 30 and 31, which were formerly sections 29 and 30, respectively.

Codification is the process of making laws official and permanent. This process is based on section 211(a) of title II of S. 2416, which was introduced in the Senate on March 13, 1984.

The National Bank Act, enacted on June 3, 1864, is the source of R.S. §5136, which was a key part of the banking laws. This law has been an important part of the country's financial system for over 150 years.

Functions related to the Comptroller of the Currency have been transferred to the Secretary of the Treasury, except for certain exceptions that are noted in the law.

A transferred deposit is a deposit in a new bank or other insured depository institution made available to a depositor by the Corporation as payment of the insured deposit of such depositor in a closed bank, and assumed by such new bank or other insured depository institution.

The term "transferred deposit" specifically refers to a type of deposit that is made available to a depositor by the Corporation as payment of their insured deposit in a closed bank. This means that the depositor's funds are transferred to a new bank or other insured depository institution.

The Corporation plays a crucial role in facilitating the transfer of deposits from a closed bank to a new one. This process ensures that depositors can access their funds even if the original bank closes.

Transferred deposits are assumed by the new bank or other insured depository institution, which means they take on the responsibility of providing access to the deposited funds.

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Codification is the process of codifying laws, and it's a crucial step in making them easier to understand and apply.

The National Bank Act of 1864 was the foundation for R.S. §5136, which was derived from it.

Amendments to laws are often made through Public Laws, such as Pub. L. 98–473, which is based on section 211(a) of title II of S. 2416.

This law was enacted into permanent law by section 101(1) of Pub. L. 98–473 on March 13, 1984.

The process of codifying laws can be complex, but it's essential for making them more accessible and understandable.