WHAT THE LAW DOINCongress, in plain words

The law › Title 12, Banks and Banking › Chapter 3

12 U.S.C. 343: Discount of obligations arising out of actual commercial transactions

Created in 1991 by Public Law 102-242. Changed by 1 later law. No bill we track in this Congress changes it.

10 other sections of the Code cite this one, including 11 U.S.C. 507, 12 U.S.C. 225b, 12 U.S.C. 248, 12 U.S.C. 371, 12 U.S.C. 5235.

2 parts of federal rules cite it as their authority, written by Federal Reserve System (2).

This Congress

No bill we track in the 119th Congress changes this section.

    How it got here

    2010

    • Pub. L. 111–203, §1101(a)(1)–(4), designated second par. as par. (3)(A), substituted "any participant in any program or facility with broad-based eligibility" for "any individual, partnership, or corporation", "bill of exchange," for "bill of exchange for an individual or a partnership or corporati… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text
    • Pub. L. 111–203, §1101(a)(5), which directed substitution of "for any participant in any program or facility with broad-based eligibility" for "for individuals, partnerships, corporations", was executed by making the substitution for "for individuals, partnerships, or corporations", to… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (3)
    • Pub. L. 111–203, §1101(a)(6), added subpars. (B) to (E). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (3)

    1991

    • Pub. L. 102–242 struck out "of the kinds and maturities made eligible for discount for member banks under other provisions of this chapter" after first reference to "bills of exchange" in second par.

    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.