The law › Title 12, Banks and Banking › Chapter 3
12 U.S.C. 248: Enumerated powers
Created in 1959 by Public Law 86-114. Changed by 18 later laws. No bill we track in this Congress changes it.
5 other sections of the Code cite this one, including 12 U.S.C. 501, 12 U.S.C. 3105, 12 U.S.C. 5465, 12 U.S.C. 5493, 12 U.S.C. 5614.
24 parts of federal rules cite it as their authority, written by Federal Reserve System (23), Board of Governors of the Federal Reserve System (1).
- past change
- enacted this Congress
- proposed
This Congress
No bill we track in the 119th Congress changes this section.
How it got here
2018
- Pub. L. 115–174, §401(c)(2)(A), substituted "$100,000,000,000" for "$50,000,000,000" in subpars. (A) and (B). (Economic Growth, Regulatory Relief, and Consumer Protection Act) Law text · (s)
- Pub. L. 115–174, §401(c)(2)(B), added par. (3). (Economic Growth, Regulatory Relief, and Consumer Protection Act) Law text · (s)
2010
- Pub. L. 111–203, §366(1)(A), which directed insertion of "State savings associations that are insured depository institutions (as defined in section 1813 of this title)," after "case of insured", was executed by making the insertion after "case of insured" in subpar. (B)(i), to refl… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (a)
- Pub. L. 111–203, §366(1)(B), (C), substituted "Comptroller of the Currency" for "Director of the Office of Thrift Supervision" and inserted "Federal" before "savings association which". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (a)
- Pub. L. 111–203, §366(1)(D), substituted "savings association" for "savings and loan association". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (a)
- Pub. L. 111–203, §1108(c), inserted at end "The Board of Governors may not delegate to a Federal reserve bank its functions for the establishment of policies for the supervision and regulation of depository institution holding companies and other financial firms supervised by the Board… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (k)
- Pub. L. 111–203, §1103(b), added subsec. (s) relating to Federal Reserve transparency and release of information. (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (s)
- Pub. L. 111–203, §318(c), added subsec. (s) relating to assessments, fees, and other charges for certain companies. (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (s)
2002
- Pub. L. 107–297 added subsec. (r). Law text · (r)
2001
- Pub. L. 107–56 added subsec. (q). (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001) Law text · (q)
1999
- Pub. L. 106–102 substituted "[Repealed]" for text of subsec. (m) which related to percentage of capital and surplus represented by loans to be determined by the Federal Reserve Board. (Gramm-Leach-Bliley Act) Law text · (m)
1994
- Pub. L. 103–325, §602(g)(2), substituted "Secretary of the Treasury" for "bureau under the charge of the Comptroller of the Currency" before "the issue and retirement" and for "Comptroller" before "to the Federal Reserve agents". · (d)
- Pub. L. 103–325, §322(d), which directed substitution of "15 percent" for "10 percentum" wherever appearing, was executed by substituting "15 percent" for "10 per centum" in two places to reflect the probable intent of Congress. · (m)
- Pub. L. 103–325, §331(d), added subsec. (p). · (p)
1992
- Pub. L. 102–550 redesignated subsec. (p) as (o). · (o), (p)
1991
- Pub. L. 102–242, §142(c), which directed addition of subsec. (n) at end of section, was executed by adding subsec. (n) after subsec. (m). See Construction of 1991 Amendment note below. · (n)
- Pub. L. 102–242, §133(f), added subsec. (p). · (p)
1989
- Pub. L. 101–73 substituted "the Director of the Office of Thrift Supervision in the case of any savings association which is an insured depository institution (as defined in section 1813 of this title)" for "Federal Home Loan Bank Board in the case of any institution insured by… · (a)
1983
- Pub. L. 97–457 substituted "under section 84(c)(4) of this title" for "under paragraph (8) of section 84 of this title" after "in the case of national banks". · (m)
1982
- Pub. L. 97–258 struck out subsec. (n) which provided that, whenever in the judgment of the Secretary of the Treasury such action was necessary to protect the currency system of the United States, the Secretary of the Treasury, in his discretion, could require any or all individuals, pa… · (n)
1980
- Pub. L. 96–221 designated existing provisions as par. (1) and added par. (2). · (a)
1978
- Pub. L. 95–251 substituted "administrative law judges" for "hearing examiners". · (k)
1968
- Pub. L. 90–269 struck out requirements for establishment by the Board of Governors of the Federal Reserve System of a graduated tax on the deficiency in the gold reserve whenever the reserve held against Federal Reserve notes fell below 25 percent and for an automatic increase in the r… · (c)
1966
- Pub. L. 89–427 excepted the cancellation and destruction, and the accounting with respect to the cancellation and destruction, of notes unfit for circulation from the area of responsibility exercised by the Board of Governors of the Federal Reserve System through the Bureau of the Comp… · (d)
- Pub. L. 89–765 added subsec. (k). A former subsec. (k) was repealed by Pub. L. 87–722, §3, Sept. 28, 1962, 76 Stat. 670. · (k)
1962
- Pub. L. 87–722 repealed subsec. (k) which related to the authority of the Board of Governors of the Federal Reserve System to permit national banks to act as trustees, etc., and is now covered by section 92a of this title. · (k)
1959
- Pub. L. 86–114 substituted "reserve cities" for "reserve and central reserve cities" in two places. · (e)
- Pub. L. 86–251 struck out "in the form of notes" after "represented by obligations" in proviso. · (m)
Text, outline and history from the official U.S. Code (2024 edition) on GovInfo, published by the Office of the Law Revision Counsel. Changes made after that edition appear under This Congress.