Sec. 14. Any Fed. Res. bank may, under rules and regulations prescribed by the Fed. Res. Board, purchase and sell in the open market, at home or abroad, either from or to domestic or foreign banks, firms, Corps., or individuals, cable transfers and bankers' acceptances and bills of exchange of the kinds and maturities by this Act made eligible for rediscount, with or without the indorsement of a member bank.

Every Federal reserve bank shall have power:

(a) To deal in gold coin and bullion at home or abroad, to make loans thereon, exchange Fed. Res. notes for gold, gold coin, or gold C't'fs., and to contract for loans of gold coin or bullion, giving therefor, when necessary, acceptable security, including the hypothecation of U. S. bonds or other securities which Fed. Res. banks are authorized to hold;

(b) To buy and sell, at home or abroad, bonds and notes of the U. S., and bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding 6 months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county, Dist., political Subdiv., or municipality in the continental U. S., including irrigation, drainage and reclamation Dists., such purchases to be made in accordance with rules and regulations prescribed by the Fed. Res. Board;

(c) To purchase from member banks and to sell, with or without its indorsement, bills of exchange arising out of commercial transactions, as hereinbefore defined;

(d) To establish from time to time, subject to review and determination of the Fed. Res. Board, rates of discount to be charged by the Fed. Res. bank for each class of paper, which shall be fixed with a view of accommodating commerce and business;

(e) To establish accounts with other Fed. Res. banks for exchange purposes and, with the consent or upon the order and direction of the Fed. Res. Board and under regulations to be prescribed by said board, to open and maintain accounts in foreign countries, appoint correspondents, and establish agencies in such countries wheresoever it may deem best for the purpose of purchasing, selling, and collecting bills of exchange, and to buy and sell, with or without its indorsement, through such correspondents or agencies, bills of exchange (or acceptances) arising out of actual commercial transactions which have not more than ninety days to run, exclusive of days of grace, and which bear the signature of two or more responsible parties, and, with the consent of the Fed. Res. Board, to open and maintain banking accounts for such foreign correspondents or agencies. Whenever any such account has been opened or agency or correspondent has been appointed by a Fed. Res. bank, with the consent of or under the order and direction of the Fed. Res. Board, any other Fed. Res. bank may, with the consent and approval of the Fed. Res. Board, be permitted to carry on or conduct, through the Fed. Res. bank opening such account or appointing such agency or correspondent, any transaction authorized by this Sec. under rules and regulations to be prescribed by the board.