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Can you summarize 12 CFR Part 270?
FEDERAL OPEN MARKET COMMITTEE > OPEN MARKET OPERATIONS OF FEDERAL RESERVE BANKS
Short Summary
The provided legal document governs the open market operations of Federal Reserve banks. It specifically applies to Federal Reserve banks and outlines the rules and procedures they must follow when engaging in open market operations. The document states that each Federal Reserve bank must conduct open market operations in accordance with this document and the authorizations and directives issued by the Committee. The transactions for the System Open Market Account are to be executed by a Federal Reserve bank selected by the Committee. The document also authorizes and directs the selected Reserve bank to buy and sell Government securities, U.S. agency securities, banker’s acceptances, and foreign currencies in the open market for the System Open Market Account. Additionally, the Federal Reserve banks are authorized and directed to engage in other operations as determined by the Committee. No exemptions or penalties are mentioned in this document.
Whom does it apply to?
Federal Reserve banks
What does it govern?
Open market operations of Federal Reserve banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
U.S. Federal Government