Federal Reserve Act
The Federal Reserve Act was passed by President Woodrow Wilson on December 23, 1913, at 6:02PM. The Act created the Federal Reserve System in the United States.
The Act was presented by Rep. Carter Glass from Virginia on August 29, 1913 to the House of Representatives; it passed the House on September 18, 1913 by a vote of 287-85. After some discussions and amendments the Senate passed the Act on December 19, 1913 with a vote of 54-34. One day later the House voted to disagree and insert their own bill, submitting a conference report to the senate on December 22, 1913. The House agreed to the conference report with a vote of 298-60. On December 23, 1913, the Senate agrees to the report as well with a vote of 43-25.
Major Amendments to the Act have been made over the years regarding emergency advances to groups of member banks and individual member banks, the creation of the Federal Open Market Committee (FOMC), prohibition of participation by state member banks in lotteries, monetary policy objectives, pricing of services related to the Monetary Control Act, annual independent audits of the Federal Reserve Banks and Board, foreign banking business, and relations & restrictions with affiliates.
More information on the Federal Reserve Act can be found on the Board of Governors of the Federal Reserve System’s webpage.
Act Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes
Description:
Senate version of S. 3487 as passed by House and Senate in May 1934.
Citation:
United States. Congress. Senate, ([year]), Act Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=362
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Act Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes [Public Act]
Description:
Public [act] No. 417, 73d Congress, S. 3487; amending Federal Reserve Act to add language pertaining to industrial loans; other minor language changes to the Act.
Citation:
United States. Congress, ([year]), Act Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes [Public Act], [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=357
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Act to Amend Section 12B of the Federal Reserve Act so as to Extend for One Year the Temporary Plan for Deposit Insurance, and for Other Purposes
Description:
Senate version of S. 3025 as passed by House and Senate in 1934.
Citation:
United States. Congress. Senate, ([year]), Act to Amend Section 12B of the Federal Reserve Act so as to Extend for One Year the Temporary Plan for Deposit Insurance, and for Other Purposes, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=382
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- Act to Amend Section 12B of the Federal Reserve Act so as to Extend for One Year the Temporary Plan for Deposit Insurance, and for Other Purposes [Public Act]
- Extension for 1 Year on the Temporary Plan for Deposit Insurance and Other Amendments to the Federal Reserve Act: Report (to Accompany S. 3025)
- To Amend the Federal Reserve Act: Conference Report (to Accompany S. 3025)
Act to Amend Section 12B of the Federal Reserve Act so as to Extend for One Year the Temporary Plan for Deposit Insurance, and for Other Purposes [Public Act]
Description:
Public [act] No. 362, 73d Congress, S. 3025; extension of deposit insurance procedures and other minor changes to language of Federal Reserve Act.
Citation:
United States. Congress, ([year]), Act to Amend Section 12B of the Federal Reserve Act so as to Extend for One Year the Temporary Plan for Deposit Insurance, and for Other Purposes [Public Act], [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=356
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Related Publications:
- Act to Amend Section 12B of the Federal Reserve Act so as to Extend for One Year the Temporary Plan for Deposit Insurance, and for Other Purposes
- Extension for 1 Year on the Temporary Plan for Deposit Insurance and Other Amendments to the Federal Reserve Act: Report (to Accompany S. 3025)
- To Amend the Federal Reserve Act: Conference Report (to Accompany S. 3025)
Act to Amend Sections 11 (c) and 16 of the Federal Reserve Act, as Amended, and for Other Purposes
Description:
Public Law 84, 79th Congress, Chapter 186, First Session, S. 510; regarding reserve requirements.
Citation:
United States. Congress, ([year]), Act to Amend Sections 11 (c) and 16 of the Federal Reserve Act, as Amended, and for Other Purposes, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=353
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Act to Improve the Facilities of the Federal Reserve System for the Service of Commerce, Industry, and Agriculture, to Provide Means for Meeting the Needs of Member Banks in Exceptional Circumstances, and for Other Purposes
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Public [act] No. 44, 72d Congress, H.R. 9203; amendment to the Federal Reserve Act, adding language to Section 10 and modifying language in Section 16.
OCLC:
255375931
Citation:
United States. Congress, ([year]), Act to Improve the Facilities of the Federal Reserve System for the Service of Commerce, Industry, and Agriculture, to Provide Means for Meeting the Needs of Member Banks in Exceptional Circumstances, and for Other Purposes, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=348
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Act to Provide for Direct Loans by Federal Reserve Banks to State Banks and Trust Companies in Certain Cases, and for Other Purposes
Description:
Public [act] No. 4, 73d Congress, H.R. 3757; amendments to emergency banking legislation passed March 9, 1933.
Citation:
United States. Congress, ([year]), Act to Provide for Direct Loans by Federal Reserve Banks to State Banks and Trust Companies in Certain Cases, and for Other Purposes, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=349
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Amend Section 14 (b) of the Federal Reserve Act. Hearing Before the Committee on Banking and Currency, House of Representatives, Eighty-eighth Congress, Second Session, on H.R. 11499, a Bill to Amend Section 14 (b) of the Federal Reserve Act, as Amended, to Extend for 2 Years the Authority of Federal Reserve Banks to Purchase United States Obligations Directly from the Treasury. June 11, 1964
Description:
H.R. 11499; includes statements by Board of Governors Chairman William McChesney Martin and Treasury Secretary Douglas Dillon.
SUDOC:
Y 4.B 22/1:F 31/29/964
OCLC:
2954542
Citation:
United States. Congress. House. Committee on Banking and Currency, ([year]), Amend Section 14 (b) of the Federal Reserve Act. Hearing Before the Committee on Banking and Currency, House of Representatives, Eighty-eighth Congress, Second Session, on H.R. 11499, a Bill to Amend Section 14 (b) of the Federal Reserve Act, as Amended, to Extend for 2 Years the Authority of Federal Reserve Banks to Purchase United States Obligations Directly from the Treasury. June 11, 1964, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=374
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Amending the Federal Reserve Act: Report to Accompany H.R. 4998
Description:
Senate Report No. 96-426, 96th Congress, 1st Session. Recommendation passage of the bill (H.R. 4998) amending the Federal Reserve Act, requiring detailed minutes of all meetings of the Federal Open Market Committee to be maintained and published on a deferred basis.
SUDOC:
X 96-1:S.rp.423
OCLC:
6181488
Citation:
United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs, ([year]), Amending the Federal Reserve Act: Report to Accompany H.R. 4998, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=410
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Amendment of Section 14 (b) of the Federal Reserve Act. Hearing Before Subcommittee No. 1 of the Committee on Banking and Currency, House of Representatives, Eighty-seventh Congress, Second Session, on H. R. 11654, a Bill to Amend Section 14 (b) of the Federal Reserve Act, as Amended, to Extend for 2 Years the Authority of Federal Reserve Banks to Purchase U. S. Obligations Directly from the Treasury. June 19, 1962
Description:
H.R. 11654; includes testimony of Robert V. Roosa, Under Secretary of Treasury for Monetary Affairs.
SUDOC:
Y 4.B 22/1:F 31/29/962-2
OCLC:
12379092
Citation:
United States. Congress. House. Committee on Banking and Currency. Subcommittee No. 1, ([year]), Amendment of Section 14 (b) of the Federal Reserve Act. Hearing Before Subcommittee No. 1 of the Committee on Banking and Currency, House of Representatives, Eighty-seventh Congress, Second Session, on H. R. 11654, a Bill to Amend Section 14 (b) of the Federal Reserve Act, as Amended, to Extend for 2 Years the Authority of Federal Reserve Banks to Purchase U. S. Obligations Directly from the Treasury. June 19, 1962, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=372
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Amendment of Section 14 (b) of the Federal Reserve Act. Hearing Before the Committee on Banking and Currency, House of Representatives, Eighty-fifth Congress, Second Session, on H.R. 12586. June 12, 1958
Description:
H.R. 12586; includes testimony of Julian B. Baird, Under Secretary of Treasury for Monetary Affairs; includes an image of a bond certificate issued under Second Liberty Bond Act.
SUDOC:
Y 4.B 22/1:F 31/29/958
OCLC:
12307657
Citation:
United States. Congress. House. Committee on Banking and Currency, ([year]), Amendment of Section 14 (b) of the Federal Reserve Act. Hearing Before the Committee on Banking and Currency, House of Representatives, Eighty-fifth Congress, Second Session, on H.R. 12586. June 12, 1958, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=370
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Amendment to Section 10 of Federal Reserve Act. Hearing Before the Committee on Banking and Currency, House of Representatives, Eighty-third Congress, First Session, on H.R. 4605, a Bill to Amend Section 10 of the Federal Reserve Act, and for Other Purposes
Description:
H.R. 4605; includes testimony of Federal Reserve Chairman William McChesney Martin.
SUDOC:
Y 4.B 22/1:F 31/28
OCLC:
6838138
Citation:
United States. Congress. House. Committee on Banking and Currency, ([year]), Amendment to Section 10 of Federal Reserve Act. Hearing Before the Committee on Banking and Currency, House of Representatives, Eighty-third Congress, First Session, on H.R. 4605, a Bill to Amend Section 10 of the Federal Reserve Act, and for Other Purposes, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=367
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Banking Legislation
Description:
Note from Ronald Ransom to Marriner Eccles. Includes attached memorandum and bibliography from Miss Rackstraw regarding the Genesis of the Federal Reserve Act.
Date:
1938/09/15,
Citation:
Rackstraw, Elsie and Ransom, Ronald, 1938, Banking Legislation, from The Marriner S. Eccles Document Collection, accessed May 22, 2013 from FRASER, http://fraser.stlouisfed.org/docs/historical/eccles/008_02_0010.pdf
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Banking and Currency Bill: Comparative Print Showing H.R. 7837, an Act to Provide for the Establishment of Federal Reserve Banks, to Furnish an Elastic Currency, to Afford Means of Rediscounting Commercial Paper, to Establish a More Effective Supervision of Banking in the United States, and for Other Purposes, as Passed by the House, as Passed by the Senate, and as Agreed to in Conference
Description:
Senate document number 335, 63rd congress, 2nd session. A comparative print showing, in three columns, Federal Reserve Act as passed by the House, as passed by the Senate, and as agreed to in conference.
OCLC:
34899778
Citation:
United States. Congress. Senate, ([year]), Banking and Currency Bill: Comparative Print Showing H.R. 7837, an Act to Provide for the Establishment of Federal Reserve Banks, to Furnish an Elastic Currency, to Afford Means of Rediscounting Commercial Paper, to Establish a More Effective Supervision of Banking in the United States, and for Other Purposes, as Passed by the House, as Passed by the Senate, and as Agreed to in Conference, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=827
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Banking and Currency: Hearings before the Committee on Banking and Currency, United States Senate, Sixty-third Congress, First Session, on H.R. 7837 (S. 2639), a Bill to Provide for the Establishment of Federal Reserve Banks, for Furnishing an Elastic Currency, Affording Means of Rediscounting Commercial Paper, and to Establish a More Effective Supervision of Banking in the United States, and for Other Purposes
Description:
These hearings, chaired by Robert Owen and held September 2 through October 27, 1913 were held to discuss passage of the Federal Reserve Act. They are published in three volumes, as Senate Document 232, 63rd Congress, 1st Session. An index is provided at the end of Volume III.
SUDOC:
63/1:S.Doc.232/
OCLC:
6246370
Citation:
United States. Congress. Senate. Committee on Banking and Currency, ([year]), Banking and Currency: Hearings before the Committee on Banking and Currency, United States Senate, Sixty-third Congress, First Session, on H.R. 7837 (S. 2639), a Bill to Provide for the Establishment of Federal Reserve Banks, for Furnishing an Elastic Currency, Affording Means of Rediscounting Commercial Paper, and to Establish a More Effective Supervision of Banking in the United States, and for Other Purposes, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=429
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Bill Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes
Description:
S. 3487; amending Federal Reserve Act to add section 13b, language pertaining to industrial loans; other minor language changes to the Act.
Citation:
United States. Congress. Senate, ([year]), Bill Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=361
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Bill to Amend the Federal Reserve Act, and for Other Purposes
Description:
S. 828; changes to Section 14(b) of the Federal Reserve Act, pertaining to the sale and purchase of any bonds, notes, or other direct obligations of the United States.
Citation:
United States. Congress. Senate, ([year]), Bill to Amend the Federal Reserve Act, and for Other Purposes, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=364
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Bill to Amend the Federal Reserve Act, as Amended, to Provide That the Absorption of Exchange and Collection Charges Shall Not Be Deemed the Payment of Interest on Deposits
Description:
H.R. 2316; changes designed to prevent absorption of exchange and collection charges as payment of interest on deposits.
Citation:
United States. Congress. House, ([year]), Bill to Amend the Federal Reserve Act, as Amended, to Provide That the Absorption of Exchange and Collection Charges Shall Not Be Deemed the Payment of Interest on Deposits, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=363
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Bill to Make the Federal Reserve System Responsive to the Best Interests of the People of the United States and to Improve the Coordination of Monetary, Fiscal, and Economic Policy
Description:
H.R. 11; topics covered include: retirement of Federal Reserve bank stock, coordination of monetary policies with the President, changes to Board membership and length of terms, audit procedures, and the Employment Act of 1946.
Citation:
United States. Congress. House, ([year]), Bill to Make the Federal Reserve System Responsive to the Best Interests of the People of the United States and to Improve the Coordination of Monetary, Fiscal, and Economic Policy, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=365
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Bill to Provide for a More Equitable Distribution of the Earnings of Federal Reserve Banks
Description:
H.R. 4145; revisions to Section 7 of the Federal Reserve Act intended to modify the distribution of the Federal Reserve banks' earnings.
Citation:
United States. Congress. House, ([year]), Bill to Provide for a More Equitable Distribution of the Earnings of Federal Reserve Banks, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=358
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Bill to Provide for the Safer and More Effective Use of the Assets of Banks, to Regulate Interbank Control, to Prevent the Undue Diversion of Funds into Speculative Operations, and for Other Purposes
Description:
H.R. 5661; also known as the Banking Act of 1933; includes 76 pages with language that was stricken from the bill.
Citation:
United States. Congress. House, ([year]), Bill to Provide for the Safer and More Effective Use of the Assets of Banks, to Regulate Interbank Control, to Prevent the Undue Diversion of Funds into Speculative Operations, and for Other Purposes, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=360
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Bill to Provide for the Safer and More Effective Use of the Assets of Federal Reserve Banks and of National Banking Associations, to Regulate Interbank Control, to Prevent the Undue Diversion of Funds into Speculative Operations, and for Other Purposes
Description:
S. 1631; also known as the Banking Act of 1933; established Federal Deposit Insurance Corporation.
Citation:
United States. Congress. Senate, ([year]), Bill to Provide for the Safer and More Effective Use of the Assets of Federal Reserve Banks and of National Banking Associations, to Regulate Interbank Control, to Prevent the Undue Diversion of Funds into Speculative Operations, and for Other Purposes, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=359
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Changes in the Banking and Currency System of the United States. Report, together with views of the minority and minority views [to accompany H.R. 7837]
Description:
Report No. 69 of the House of Representatives, Committee on Banking and Currency, 63d Congress, 1st Session. Submitted by Mr. Glass. Committed to the Committee of the whole House on the state of the Union and order printed September 9, 1913. "Views of the minority" signed by E.A. Hayes, Frank E. Guernsey, James F. Burke, Frank P. Woods, and Edmund Platt. "Minority views" submitted by Mr. Lindbergh.
The bill (H. R. 7837) was to provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes. This report recommended that the bill pass as amended.
OCLC:
7926422
Citation:
United States. Congress. House. Committee on Banking and Currency, ([year]), Changes in the Banking and Currency System of the United States. Report, together with views of the minority and minority views [to accompany H.R. 7837], [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=394
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Commercial Banking Practice Under the Federal Reserve Act
Description:
This work, published in 1918, contains the law and regulations, the informal rulings of the Federal Reserve Board, and the opinions of counsel governing bank acceptances, rediscounts, advances, and open market transactions of the early Federal Reserve Banks.
Digitization of the document was sponsored by Microsoft as part of the Microsoft Book Search Service, through Internet Archive.
OCLC:
4848821
Citation:
National Bank of Commerce in New York, ([year]), Commercial Banking Practice Under the Federal Reserve Act, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=96
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Currency Bill: Comparative Print, Showing the Changes Suggested by the Modified Amendment Submitted to the Senate by Mr. Owen, Also the Changes Suggested by the Amendments Intended to be Proposed by Mr. Hitchcock, to H.R. 7837, and Act to Provide for the Establishment of Federal Reserve Banks to Furnish an Elastic Currency, to Afford Means of Rediscounting Commercial Paper, to Establish a More Effective Supervision of Banking in the United States, and for Other Purposes
Description:
Senate document number 264, 63rd congress, 2nd session. A comparative print showing, in three columns, Federal Reserve Act as the House bill, the Owen Amendment, and the Hitchcock amendment.
OCLC:
39990757
Citation:
United States. Congress. Senate, ([year]), Currency Bill: Comparative Print, Showing the Changes Suggested by the Modified Amendment Submitted to the Senate by Mr. Owen, Also the Changes Suggested by the Amendments Intended to be Proposed by Mr. Hitchcock, to H.R. 7837, and Act to Provide for the Establishment of Federal Reserve Banks to Furnish an Elastic Currency, to Afford Means of Rediscounting Commercial Paper, to Establish a More Effective Supervision of Banking in the United States, and for Other Purposes, [issue title/date], accessed May 22, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=826
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