(91) Section 404 of the Agricultural Credits Act of March 4, 1923, amended the Federal Reserve Act by adding Section 13a, which read: "That any Federal Reserve Bank may, subject to regulations and limitations to be prescribed by the Federal Reserve Board, rediscount such notes, drafts, and bills for any Federal Intermediate Credit Bank
, except that no Federal Reserve Bank shall rediscount for a Federal Intermediate Credit Bank
any such note or obligation which bears the indorsement of a nonmember State bank or trust company which is eligible for membership in the Federal Reserve System, in accordance with section 9 of this Act." The FICBs could not bring for discount at Federal Reserve Banks any bank loans secured by Treasury securities.
1362(d)(3)(F), as amended by AJCA Section 237(a), modifies the definition of passive income to exclude interest income earned by banks and bank holding companies, as well as dividend income earned from assets required, for regulatory purposes, to be held by banks or their holding companies (including stock in the Federal Home Loan Bank, Federal Reserve Bank and Federal Agricultural Mortgage Bank, or participation certificates issued by a Federal Intermediate Credit Bank