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tion or preservation of any property pledged or mortgaged as security for obligations owned or indorsed by the corporation. If by reason of such sale the face amount of such bonds or other obligations of the United States remaining on deposit with such Federal reserve bank shall be less than 74 per centum of such aggregate indebtedness of the corporation, no further advances shall be made, or notes, drafts, or bills of exchange discounted, rediscounted, accepted, or purchased, by such corporation until sufficient additional bonds or other obligations of the United States have been deposited to make good the deficiency.

BANKS MEMBERS OF THE FEDERAL RESERVE SYSTEM MAY

BECOME STOCKHOLDERS.

Sec. 210. That any member bank of the Federal reserve system may file application with the Comptroller of the Currency for permission to invest an amount not exceeding in the aggregate 10 per centum of its paid-in capital stock and surplus in the stock of one or more of the National Agricultural Credit Corporations, and upon approval of such application may purchase such stock. The Comptroller of the Currency shall have discretion to approve or reject such application in whole or in part.

DEPOSITS.

Sec. 212. That the moneys of National Agricultural Credit Corporations may be kept on deposit subject to check in any member bank of the Federal reserve system.

JOINT CONGRESSIONAL COMMITTEE.

Sec. 506. (a) That a joint committee be appointed, to consist of three Members of the Banking and Currency Committee of the Senate, to be appointed by the President thereof, and five Members of the Banking and Currency Committee of the House of Representatives, to be appointed by the Speaker thereof. Vacancies occurring in the membership of the committee shall be filled in the same manner as the original appointments.

(b) The joint committee is authorized to inquire into the effect of the present limited membership of State banks and trust companies in the Federal reserve system upon financial conditions in the agricultural sections of the United States; the reasons which actuate eligible State banks and trust companies in failing to become members of the Federal reserve system; that administrative measures have been taken and are being taken to increase such membership; and whether or not any change should be made in existing law, or in rules and regulations of the Federal Reserve Board, or in methods of administration, to bring about in the agricultural districts a larger membership of such banks or trust companies in the Federal reserve system.

(c) The committee is authorized to sit at any time during the sessions or recesses of the Congress, to conduct its hearings at Washington or at any other place in the United States, to send for persons, books and papers, to take testimony, to administer oaths, and to employ experts deemed necessary by such committee, a clerk, and a stenographer to report such hearings as may be had in connection with any subject which may be before said committee, such stenographer's services to be rendered at a cost not exceeding $1.25 per printed page. The expenses of such committee shall be paid out of the contingent funds of the Senate and House of Representatives in proportion to the membership of such committee from each House.

(d) The committee shall from time to time report to both the Senate and the House of Representatives the results of its inquiries, together with its recommendations, and may prepare and submit bills or resolutions embodying such recommendations, and the final report of said committee shall be submitted not later than January 31, 1924.

25004—24-18

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INDEX TO FEDERAL RESERVE ACT.

Acceptance of te rms of Federal Reserve Act by national and State
banks ....

pp. 166, 167, sec. 2
Acceptances, bankers':

Cooperative marketing associations, when deemed to be issued or
drawn by, for agricultural purpose.....

p. 195, sec. 13 (a)
Dollar exchange, for purpose of furnishing.

pp. 193, 194, sec. 13
Foreign banking corporations ..

p. 218, sec. 25 (a), (a)
Limitations on amount of, for any one person by member banks
in foreign and domestic transactions.....

pp. 191, 192, sec. 13
Limitations on transactions to furnish dollar exchange...

p. 194, sec. 13
Member banks in foreign and domestic transactions..

p. 191, sec. 13
Member banks to furnish dollar exchange.

pp. 193, 194, sec. 13
Purchase of, by Federal reserve banks..

p.'196, sec. 14
Rediscount of, by Federal reserve banks..

p. 191, sec. 13
Acts amended, repealed, or otherwise referred to by Federal Reserve
Act:
Act of June 20, 1874....

p. 204, sec. 17; p. 209, sec. 20
Act of July 12, 1882..

p. 205, sec. 17
Act of Jan. 16, 1883.

pp. 187, 188, sec. 11 (1)
Act of Mar. 14, 1900..

p. 204, sec. 16; p. 226. sec. 26
Act of Mar. 4, 1907.

p. 204, sec. 16
Act of May 30, 1908.

p. 202, sec. 16; p. 226, sec. 27
Act of Mar. 2, 1911.

p. 204, sec. 16
Act of Oct. 15, 1914....

p. 216, sec. 25
Act of June 12, 1916....

p. 204, sec. 16
United States Revised Statutes, sec. 324.

p. 183, sec. 10
United States Revised Statutes, sec. 5143.

p. 228, sec. 28
United States Revised Statutes, sec. 5153..

p. 226, sec. 27
United States Revised Statutes, sec. 5154.

p. 177, sec. 8
United States Revised Statutes, sec. 5159.

p. 204, sec. 17
United States Revised Statutes, sec. 5172.

p. 226, sec. 27; p. 243
United States Revised Statutes, sec. 5174.

p. 202, sec. 16
United States Revised Statutes, sec. 5191.

pp. 226, 227, sec. 27
United States Revised Statutes, sec. 5202.

p. 192, sec. 13; p. 245
United States Revised Statutes, sec. 5209.

p. 178, sec. 9; p. 247
United States Revised Statutes, sec. 5214.

p. 227, sec. 27
United States Revised Statutes, sec. 5240..

p. 180, sec. 9; p. 209, sec. 21
United States Statutes at Large, vol. 22, p. 403.

p. 188, sec. 11 (1)
Acts published in appendix:

Act of June 25, 1910..
Act of Oct. 15, 1914..
Act of May 15, 1916....
Act of May 18, 1916....
Act of July 17,

1916.
Act of Apr. 24, 1917.
Act of Sept. 24, 1917..

p. 231
p. 229
P. 229
p. 231
p. 231
p. 233
P. 234

Acts published in appendix-Continued.

Act of Oct. 6, 1917...
Act of Apr. 4, 1918.
Act of Apr. 5, 1918.
Act of Apr. 23, 1918..
Act of Sept. 24, 1918.
Act of Sept. 26, 1918.
Act of Mar. 3, 1919, amending sec. 5172, Revised Statutes ..
Act of Mar. 3, 1919, amending War Finance Corporation Act.....
Act of Oct. 22, 1919.
Act of Feb. 28, 1920..
Act of May 26, 1920.
Act of May 29, 1920.
Act of Nov. 23, 1921.
Act of July 1, 1922.
Act of Mar. 4, 1923.
Agricultural Credits Act of 1923.
Appropriation Act of 1920.
Clayton Antitrust Act.
Farm Loan Act......
First Liberty Bond Act....
Gold supply, act to conserve.
Kern amendment to Clayton Act.
Liberty Bond Acts.
Pittman Act....
Postal Savings Act, amendment to
Revenue Act of 1921..
Second Liberty Bond Act..
Third Liberty Bond Act..
Trading-with-the-enemy Act...
Transportation Act of 1920..
United States Revised Statutes, sec. 5136..
United States Revised Statutes, sec. 5137..
United States Revised Statutes, sec. 5172.
United States Revised Statutes, sec. 5190.
United States Revised Statutes, sec. 5200.
United States Revised Statutes, sec. 5202.
United States Revised Statutes, sec. 5207.
United States Revised Statutes, sec. 5208.
United States Revised Statutes, sec. 5209.
United States Revised Statutes, sec. 5220.
United States Revised Statutes, sec. 5221.
War Finance Corporation Act ...

pp. 235, 236, 245
Actually existing values, restrictions on amount of paper discounted
do not apply to bills drawn against ...

p. 191, sec. 13; p. 243
Advances to member banks on 15-day promissory notes

p. 192, sec. 13
Advisory Council, Federal..

p. 188, sec. 12
Agencies, establishment of, by-
Federal reserve banks..

p. 196, sec. 14 (e)
Foreign banking corporations..

p. 219, sec. 25 (a)
Agents, Federal reserve. (See Federal reserve agents.)
Agents, right of national banks to act as, for insurance companies, and
in procuring loans on real estate..

p. 193, sec. 13
Agricultural paper, rediscount of.

p. 190, sec. 13; pp. 194, 195, seç. 13(a)

p. 240
P. 234
P. 235

p. 237
pp. 240, 243

p. 246
p. 243

P. 236
pp. 243, 245

p. 251
p. 229
P. 250
p. 248

P. 241
pp. 253-259

p. 253
P. 250
p. 229
p, 231
p. 233
p. 237

p. 229
pp. 233, 234

p. 237
P. 231
p. 248
p. 234
p. 234
p. 240
P. 251
P. 241
p. 242
P. 243
p. 243
p. 243
p. 245
P. 245
p. 246
p. 247
P. 248
P. 248

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