73d CONGRESS . SESS. I. CH.1. MA RCH 9, 1933 . emergency recognized by the President by proclamation of March 6, 1933, has terminated, unless such circulating notes are secured by deposits of bonds of the United States bearing the circulation priv- ilege . When required to do so by the Secretary of the Treasury, each Federal reserve agent shall act as agent of the Treasurer of the United States or of the Comptroller of the Currency, or both, for the performance of any of the functions which the Treasurer or the Comptroller may be called upon to perform in carrying out the provisions of this paragraph . Appropriations available for dis- tinctive paper and printing United States currency or national bank currency are hereby made available for the production of the circu- lating notes of Federal reserve banks herein provided ; but the United States shall be reimbursed by the Federal reserve bank to which such notes are issued for all expenses necessarily incurred in connection with the procuring of such notes and all other expenses incidental to thei r is sue, red empt ion repl acem ent, ret irem ent and dest ruct ion ." SEC. 402 . Section 10 ?b) of the Federal Reserve Act, as amended, is further amended to read as follows "SEC. 10(b) . In exceptional and exigent circumstances, and when any member bank has no further eligible and acceptable assets avail- able to enable it to obtain adequate credit accommodations through rediscounting at the Federal reserve bank or any other method pro- vided by this Act other than that provided by section 10 (a), any Federal reserve bank, under rules and regulations prescribed by the Federal Reserve Board, may make advances to such member bank on its time or demand notes secured to the satisfaction of such Fed- eral reserve bank . Each such note shall bear interest at a rate not less than 1 per centum per annum higher than the highest discount rate in effect at such Federal reserve bank on the date of such note . No advance shall be made under this section after March 3, 1934, or after the expiration of such additional period not exceeding one year as the President may prescribe ." SEC . 403 . Section 13 of the Federal Reserve Act, as amended, is amended by adding at the end thereof the following new paragraph "Subject to such limitations, restrictions and regulations as the Federal Reserve Board may prescribe, any Federal reserve bank may make advances to any individual, partnership or corporation on the promissory notes of such individual, partnership or corporation secured by direct obligations of the United States . Such advances shall be made for periods not exceeding 90 days and shall bear inter- est at rates fixed from time to time by the Federal reserve bank, subject to the review and determination of the Federal Reserve Board ." TITLE V SEC . 501 . There is hereby appropriated, out of any money in the Treasury not otherwise appropriated, the sum of $2,000,000, which shall be available for expenditure, under the direction of the Presi- dent and in his discretion, for any purpose in connection with the carrying out of this Act . SEC . 502 . The right to alter, amend, or repeal this Act is hereby expressly reserved . If any provision of this Act, or the application thereof to any person or circumstances, is held invalid, the remainder of the Act, and the application of such provision to other persons or circumstances, shall not be affected thereby . Approved, March 9, 1933, 8 .30 p . In . Ag ent of Treasurer or Comptroller of the Currency. S ums a vail able for expenses. Reimbursement. Vol . 47,
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56, amended . U.S.C., Supp. VI, p. 136. Advances to member banks when acceptable assets not available for rediscount . Post, p. 21 . Security. Interest. E xpira tion . 7 Ad vances to i ndi- viduals, etc. Security, interest, etc. Post, p . 20. Appropriation . Amendment, etc. Saving provision .
