[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2006]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR357.14]

[Page 406-407]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 357_REGULATIONS GOVERNING BOOK-ENTRY TREASURY BONDS, NOTES AND BILLS 
HELD IN LEGACY TREASURY DIRECT--Table of Contents
 
     Subpart B_Treasury/Reserve Automated Debt Entry System (TRADES)
 
Sec.  357.14  What authority does a Federal Reserve Bank have?

    (a) Each Federal Reserve Bank has the authority as fiscal agent of 
the United States to:
    (1) Perform functions with respect to the issuance of Book-entry 
Securities offered and sold by the Department to

[[Page 407]]

which this subpart applies, in accordance with the terms of the 
applicable offering circular and with procedures established by the 
Department;
    (2) Service and maintain Book-entry Securities in accounts 
established for such purposes;
    (3) Make payments of principal and interest, as directed by the 
Department;
    (4) Effect transfer of Book-entry Securities between Participants' 
Securities Accounts as directed by the Participants; and
    (5) Perform such other duties as fiscal agent that the Department 
may request.
    (b) Each Federal Reserve Bank may issue Operating Circulars that are 
consistent with this part, governing the details of its handling of 
Book-entry Securities, Security Entitlements, and the operation of the 
book-entry system under this part.