- A federal agency composed of one delegate from each federal reserve bank, authorized to confer with the Federal Reserve Board on general business conditions, to make oral or written representations concerning matters within the jurisdiction of the board, and to call for information and to make recommendations with regard to discount rates, rediscount business, note issues, reserve conditions in the various districts, the purchase and sale of gold and securities by reserve banks, open market operations by those banks, and the general affairs of the reserve banking system. 10 Am J2d Banks § 5.
Ballentine's law dictionary. Anderson, W.S.. 1998.
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