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(a)
Authority. This part is issued under the authority of
sections 10A, 10B, 11(i), 11(j), 13, 13A, 14(d), and 19 of the Federal
Reserve Act (12 U.S.C. 248(i)–(j), 343 et seq., 347a, 347b, 347c, 348
et seq., 357, 374, 374a, and 461).
(b) Purpose and
scope. This part establishes rules under which a Federal
Reserve Bank may extend credit to depository institutions and others.
Except as otherwise provided, this part applies to United States
branches and agencies of foreign banks that are subject to reserve
requirements under Regulation D (12 CFR part 204) in the same manner
and to the same extent as this part applies to depository
institutions. The Federal Reserve System extends credit with due
regard to the basic objectives of monetary policy and the maintenance
of a sound and orderly financial system.
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