To extend the authority of the Federal Reserve banks to purchase U.S. obligations directly from the Treasury : hearing before the Committee on Banking and Currency, House of Representatives, Ninety-second Congress, first session on H.R. 7632, a bill to amend section 14(b) of the Federal Reserve Act, as amended, to extend for two years the authority of Federal Reserve banks to purchase U.S. obligations directly from the Treasury : S. 1700, an act to amend section 14(b) of the Federal Reserve Act, as amended, to extend for two years the authority of Federal Reserve banks to purchase U.S. obligations directly from the Treasury, June 15, 1971.