12usc347a
http://uscode.house.gov/download/pls/12C3.txt
-HEAD-
Sec. 347a. Advances to member bank groups; inadequate amounts of
eligible and acceptable assets; liability of individual banks in
group; distribution of loans among banks of group; rate of
interest;
notes accepted for advances as collateral security for
Federal reserve notes; foreign obligations as security for
advances
No such note upon which
advances are made by a Federal reserve bank under this section
shall be eligible under section 412 of this title as collateral
security for Federal reserve notes.
No obligations of any
foreign government, individual,
partnership, association, or corporation organized under the laws
thereof shall be eligible as collateral security for advances under
this section.
Member banks are authorized to obligate themselves in accordance
with the provisions of this section.
12 USC Sec. 412 1/15/2013
http://uscode.house.gov/download/pls/12C3.txt
The
collateral security thus offered shall be notes, drafts, bills of
exchange........
In no event shall such collateral security be less than the amount of Federal Reserve
notes applied for.
1968 - Pub. L. 90-349 added Special Drawing Right certificates to
the types of allowable collateral security which may be tendered
for Federal Reserve notes.
UNITED STATES OBLIGATIONS AS COLLATERAL; EXTENSION OF PERIOD
The period within which direct obligations of the United States
could be accepted as collateral security under this section was
extended to Mar. 3, 1937, by Proclamation No. 2117, of Feb. 14,
1935, 49 Stat. 3437; extended to June 30, 1939, by act Mar. 1,
1937; extended to June 30, 1941, by act June 30, 1939; extended to
June 30, 1943, by act June 30, 1941; and extended to June 30, 1945,
by act May 25, 1943. Act June 12, 1945, amended section to remove
the time limitation.