Reading Room Document

Obligations of the Federal Financing Bank.

The document is a response to a request for an opinion on whether obligations issued by the Federal Financing Bank will be backed by the full faith and credit of the United States. The conclusion reached in the document is that the obligations of the Bank will be general obligations of the United States backed by its full faith and credit. The questions presented for review include the authorization for the Bank to issue obligations to the public, the discretion of the Secretary of the Treasury to purchase such obligations, and the pledge of the full faith and credit of the United States to the obligations issued by the Bank.

July 3, 1974