Federal Reserve Act

The Federal Reserve Act was signed by President Woodrow Wilson on December 23, 1913. 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.

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Act Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes

Act Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes


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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 Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=362

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Date: 1934
Authors: United States. Congress. Senate

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

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


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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 Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=374

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Date: 1964
Authors: United States. Congress. House. Committee on Banking and Currency

Amending the Federal Reserve Act: Report to Accompany H.R. 4998

Amending the Federal Reserve Act: Report to Accompany H.R. 4998


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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 Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=410

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Date: 1979
Authors: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs

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

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


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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 Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=372

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Date: 1962
Authors: United States. Congress. House. Committee on Banking and Currency. Subcommittee No. 1

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

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


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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 Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=370

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Date: 1958
Authors: United States. Congress. House. Committee on Banking and Currency

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

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


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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 Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=367

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Date: 1953
Authors: United States. Congress. House. Committee on Banking and Currency

Amendments to Banking Laws: Report #1481, 69th Congress, 1st session, Conference Report (to accompany H.R. 2)

Amendments to Banking Laws: Report #1481, 69th Congress, 1st session, Conference Report (to accompany H.R. 2)


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Description:
Conference report to the Senate regarding H.R. 2, also known as the McFadden Act.

OCLC:
22235829

Citation:
United States. Congress. Senate, ([year]), Amendments to Banking Laws: Report #1481, 69th Congress, 1st session, Conference Report (to accompany H.R. 2), [issue title/date], accessed Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=988

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Date: 1926
Authors: United States. Congress. Senate

Amendments to Banking Laws: Report #1796, 69th Congress, 2d session, Conference Report (to accompany H.R. 2)

Amendments to Banking Laws: Report #1796, 69th Congress, 2d session, Conference Report (to accompany H.R. 2)


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Description:
Conference report presented to the United States Senate regarding H.R. 2, also known as the McFadden Act.

Citation:
United States. Congress. Senate, ([year]), Amendments to Banking Laws: Report #1796, 69th Congress, 2d session, Conference Report (to accompany H.R. 2), [issue title/date], accessed Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=990

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Date: 1927
Authors: United States. Congress. Senate

Bank Holding Company Act of 1955: Report No. 1095 (to Accompany S. 2577)

Bank Holding Company Act of 1955: Report No. 1095 (to Accompany S. 2577)


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Description:
Report presented to the Senate discussing S. 2577, which later merged with H.R. 6227 to become the Bank Holding Company Act of 1956.

OCLC:
24533026

Citation:
United States. Congress. Senate, ([year]), Bank Holding Company Act of 1955: Report No. 1095 (to Accompany S. 2577), [issue title/date], accessed Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=1001

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Availability: 1955 to 1956
Authors: United States. Congress. Senate

Bank Holding Company Act of 1955: Report No. 609 (to accompany H. R. 6227)

Bank Holding Company Act of 1955: Report No. 609 (to accompany H. R. 6227)


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Description:
The Bank Holding Company Act gives the Federal Reserve System regulatory authority over corporations that control any bank, or a bank holding company. This act also requires bank holding companies to register with the Board of Governors of the Federal Reserve.

OCLC:
6672855

Citation:
United States. Congress. House, ([year]), Bank Holding Company Act of 1955: Report No. 609 (to accompany H. R. 6227), [issue title/date], accessed Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=1000

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Date: 1955
Authors: United States. Congress. House

Banking Act of 1933: Conference Report No. 254 (to accompany H.R. 5661)

Banking Act of 1933: Conference Report No. 254 (to accompany H.R. 5661)


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Description:
Conference report regarding H.R. 5661, also known as the Banking Act of 1933.

OCLC:
26695468

Citation:
United States. Congress. House, ([year]), Banking Act of 1933: Conference Report No. 254 (to accompany H.R. 5661), [issue title/date], accessed Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=995

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Date: 1933
Authors: United States. Congress. House

Banking Act of 1933: Report No. 150 (to Accompany H.R. 5661)

Banking Act of 1933: Report No. 150 (to Accompany H.R. 5661)


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OCLC:
26628717

Citation:
United States. Congress. House, ([year]), Banking Act of 1933: Report No. 150 (to Accompany H.R. 5661), [issue title/date], accessed Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=994

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Date: 1933
Authors: United States. Congress. House

Banking Act of 1935: Report No. 1007 (to accompany H.R. 7617).

Banking Act of 1935: Report No. 1007 (to accompany H.R. 7617).


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Description:
Report to the Senate regarding H.R. 7617, also known as the Banking Act of 1935.

OCLC:
26298468

Citation:
United States. Congress. Senate, ([year]), Banking Act of 1935: Report No. 1007 (to accompany H.R. 7617)., [issue title/date], accessed Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=998

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Date: 1935
Authors: United States. Congress. Senate

Banking Act of 1935: Report No. 742 (to accompany H.R. 7617)

Banking Act of 1935: Report No. 742 (to accompany H.R. 7617)


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Description:
Discussion and report of the House of Representatives regarding H.R. 7617, also known as the Banking Act of 1935, which established the FDIC.

OCLC:
15597441

Citation:
United States. Congress. House, ([year]), Banking Act of 1935: Report No. 742 (to accompany H.R. 7617), [issue title/date], accessed Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=996

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Date: 1935
Authors: United States. Congress. House

Banking Legislation

Banking Legislation


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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,

Collection:
The Marriner S. Eccles Document Collection

Citation:
Rackstraw, Elsie and Ransom, Ronald, 1938, Banking Legislation, from The Marriner S. Eccles Document Collection, accessed Apr 25, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/eccles/008_02_0010.pdf

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Date: 1938
Authors: Rackstraw, Elsie, Ransom, Ronald

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

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


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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 Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=827

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Date: 1913
Authors: United States. Congress. Senate

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

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


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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 Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=429

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Date: 1913
Authors: United States. Congress. Senate. Committee on Banking and Currency

Banking and Currency: Report No. 133 (to Accompany H.R. 7837)

Date: 1913
Authors: Owen, Robert Latham, 1856-1947 ; Hitchcock, Gilbert M.(Gilbert Monell),1859-1934., United States. Congress. Senate

Bill Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes

Bill Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes


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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 Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=361

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Date: 1934
Authors: United States. Congress. Senate

Bill to Amend the Federal Reserve Act, and for Other Purposes

Bill to Amend the Federal Reserve Act, and for Other Purposes


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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 Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=364

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Date: 1947
Authors: United States. Congress. Senate

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

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


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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 Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=363

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Date: 1947
Authors: United States. Congress. House

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

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


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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 Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=365

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Date: 1965
Authors: United States. Congress. House

Bill to Provide for a More Equitable Distribution of the Earnings of Federal Reserve Banks

Bill to Provide for a More Equitable Distribution of the Earnings of Federal Reserve Banks


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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 Apr 25, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=358

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Date: 1923
Authors: United States. Congress. House



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