Every Federal Reserve bank shall have power:
(1) To buy and sell, at home or abroad, bonds and notes of the
United States, bonds issued under the provisions of subsection (c)
of section 1463 (!1) of this title and having maturities from date
of purchase of not exceeding six months, and bills, notes, revenue
bonds, and warrants with a maturity from date of purchase of not
exceeding six months, issued in anticipation of the collection of
taxes or in anticipation of the receipt of assured revenues by any
State, county, district, political subdivision, or municipality in
the continental United States, including irrigation, drainage and
reclamation districts, and obligations of, or fully guaranteed as
to principal and interest by, a foreign government or agency
thereof, such purchases to be made in accordance with rules and
regulations prescribed by the Board of Governors of the Federal
Reserve System. Notwithstanding any other provision of this
chapter, any bonds, notes, or other obligations which are direct
obligations of the United States or which are fully guaranteed by
the United States as to principal and interest may be bought and
sold without regard to maturities but only in the open market.
(2) To buy and sell in the open market, under the direction and
regulations of the Federal Open Market Committee, any obligation
which is a direct obligation of, or fully guaranteed as to
principal and interest by, any agency of the United States.
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