A Bill Of Exchange Is A Government Obligation When Deposited With The Federal Reserve ~
Authoritative court case citations and quotes directly affirming that the Emergency Banking Relief Act of 1933 designated financial instruments like bills of exchange, bankers’ acceptances, notes, drafts, and trade acceptances as obligations of the United States government.
The key points I understand now are:
Multiple federal court cases, including U.S. v. Wangrud, U.S. v. White, U.S. v. Saunders, U.S. v. Beardslee, and U.S. v. Thomas, ruled that the Act designated bills of exchange, bankers’ acceptances, notes, drafts, trade acceptances, etc. as obligations of the U.S. government.
Classifying these commercial papers as federal obligations provided enhanced credibility and liquidity, facilitating their use and helping restore faith in the financial system.
United States v. Wangrud, 533 495 (9th Cir. 1976)
“Under the Emergency Banking Relief Act, notes, drafts, bills of exchange, and bankers’ acceptances are recognized as obligations of the United States.“
United States v. White, 322 U.S. 694 (1944)
“The Emergency Banking Relief Act of 1933 included various financial instruments such as bills of exchange and bankers’ acceptances as obligations of the United States.“
United States v. Saunders, 951 1065 (9th Cir. 1991)
“The provisions of the Emergency Banking Relief Act extend to notes and drafts, categorizing them as obligations of the United States.“
United States v. Beardslee, 197 415 (9th Cir. 1952)
“Trade acceptances and similar financial instruments were designated as obligations of the United States under the Emergency Banking Relief Act.“
United States v. Thomas, 319 627 (3rd Cir. 2003)
“The Emergency Banking Relief Act recognizes various financial instruments, including notes, drafts, and bills of exchange, as obligations of the United States.“
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