Chapter LII: Section 13: of the Federal Reserve Act as amended provides

that:

(a) Any federal reserve bank may discount acceptances:

(1) Which are based on the importation or exportation of
goods;

(2) Which have a maturity at time of discount of not more
than three months; and

(3) Which are indorsed by at least one member bank.

(b) The amount of acceptances so discounted shall at no time
exceed one-half the paid-up capital stock and surplus of the
bank for which the rediscounts are made, except by authority
of the Federal Reserve Board and of such general regulations
as said board may prescribe, but not to exceed the capital
stock and surplus of such bank.

(c) The aggregate of notes and bills bearing the signature
or indorsement of any one person, company, firm, or
corporation rediscounted for any one bank shall at no time
exceed 10 per centum of the unimpaired capital and surplus
of said bank; but this restriction shall not apply to the
discount of bills of exchange drawn in good faith against
actually existing values.