(a) Authority. This part* is issued under
the authority of sections 10A, 10B, 11(i), 11(j), 13, 13A, 14(d),
and 19 of the Federal Reserve Act (12 U.S.C. 248(i)-(j), 343 et
seq., 347a, 347b, 347c, 348 et seq., 357, 374, 374a, and
461).
(b) Purpose and scope. This part establishes rules under which a
Federal Reserve Bank may extend credit to depository institutions
and others. Except as otherwise provided, this part applies to United
States branches and agencies of foreign banks that are subject to
reserve requirements under Regulation D (12 CFR 204) in the same manner
and to the same extent as this part applies to depository institutions.
The Federal Reserve System extends credit with due regard to the basic
objectives of monetary policy and the maintenance of a sound and orderly
financial system.
