Federal · Title 31 — Money and Finance
31 U.S.C. § 5301: Buying obligations of the United States Government
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the value of coins and currency of a foreign country compared to the present standard value of gold is depreciating; action is necessary to regulate and maintain the parity of United States coins and currency; an economic emergency requires an expansion of credit; or an expansion of credit is necessary so that the United States Government and the governments of other countries can stabilize the value of coins and currencies of a country. conduct through each entire specified period open market operations in obligations of the United States Government or corporations in which the Government is the majority stockholder; and buy directly and hold an additional $3,000,000,000 of obligations of the Government for each agreed period, unless the Secretary consents to the sale of the obligations before the end of the period. With the approval of the Secretary, the Board may require Federal reserve banks to take action the Secretary and Board consider necessary to prevent unreasonable credit expansion.
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