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U.S. Code as of:
01/19/04
Section 2285. Functions
(a) Purchase and sale of obligations issued, sold, or guaranteed by
Federal agencies
The Bank is authorized to make commitments to purchase and sell,
and to purchase and sell on terms and conditions determined by the
Bank, any obligation which is issued, sold, or guaranteed by a
Federal agency. Any Federal agency which is authorized to issue,
sell, or guarantee any obligation is authorized to issue or sell
such obligations directly to the Bank.
(b) Yield
Any purchase by the Bank shall be upon such terms and conditions
as to yield a return at a rate not less than a rate determined by
the Secretary of the Treasury taking into consideration (1) the
current average yield on outstanding marketable obligations of the
United States of comparable maturity, or (2) whenever the Bank's
own obligations outstanding are sufficient, the current average
yield on outstanding obligations of the Bank of comparable
maturity.
(c) Fees
The Bank is authorized to charge fees for its commitments and
other services adequate to cover all expenses and to provide for
the accumulation of reasonable contingency reserves.
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