[Code of Federal Regulations]
[Title 12, Volume 3]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR281.1]

[Page 860]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 281--STATEMENTS OF POLICY--Table of Contents
 
Sec. 281.1  Purchase of Treasury bills.

    The Federal Open Market Committee of the Federal Reserve System has 
directed the Federal Reserve Banks to terminate the policy of buying all 
Treasury bills offered to them at a fixed rate of \3/8\ per cent per 
annum and to terminate the repurchase option privilege on Treasury 
bills. The new policy will apply to bills issued on or after July 10, 
1947. Existing policy will continue to apply to bills issued prior to 
that date.

(Sec. 12A, 48 Stat. 168, as amended; 12 U.S.C. 263)

[12 FR 4543, July 10, 1947]