The board is responsible for the success of the system and is clothed with great powers, the chief of which are as follows:
2. To permit or, on the affirmative vote of at least five members of the board, to require, federal reserve banks to rediscount the discounted paper of other federal reserve banks at rates fixed by the board.
3. To suspend reserve requirements for limited times under certain conditions.
5. To add to the number of cities classified as reserve and central reserve cities, or to reclassify them, or to terminate their designation as such.
6. To suspend or remove any officer or director of any federal reserve bank.
7. To require the writing off of doubtful or worthless assets upon the books and balance sheets of federal reserve banks.
8. To suspend, for violations of law, the operations of any federal reserve bank, to take possession of it, administer it during suspension, and, when deemed advisable, to liquidate or reorganize it.
9. To require bonds of federal reserve agents; to make regulations for the safeguarding of all collateral, bonds, federal reserve notes, money, etc.; to prepare rules and regulations for the conduct of all business required under the law; and to employ such attorneys, experts, etc., as may be deemed necessary to the conduct of the board.
10. To permit or compel federal reserve banks to establish branches within their districts, and to permit them to establish branches, agencies, or correspondents abroad or in our insular possessions, and to authorize member banks to establish branches abroad.
11. To require federal reserve banks to buy from member banks at par the 2 per cent bonds offered by them for sale.
12. To Readjust Federal Reserve Districts.
13. To Assess The Expenses Of The Board Upon The Federal Reserve Banks.
15. To review and determine the rates of discount fixed by the federal reserve banks.
16. To act as a clearing house for the federal reserve banks, and to require the reserve banks to act as clearing houses for member banks.