[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2285]
TITLE 12--BANKS AND BANKING
CHAPTER 24--FEDERAL FINANCING BANK
Sec. 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 S
