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 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=362
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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 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=382
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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 [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)
To Amend the Federal Reserve Act: Conference Report (to Accompany S. 3025)
Description:
S. 3025; conference report to finalize legislation to amend Section 12B of the Federal Reserve Act, after the passage of legislative proposals by the House and Senate.
OCLC:
28685496
Citation:
United States. Congress, ([year]), To Amend the Federal Reserve Act: Conference Report (to Accompany S. 3025), [issue title/date], accessed May 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=378
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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
- 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)
Direct Loans for Industrial Purposes by Federal Reserve Banks. Conference Report. To accompany S. 3487.
Description:
This report from the committee of conference on bill S. 3487, resolved the language of amendments to the Federal Reserve Act which allowed individual Federal Reserve banks to lend to industrial or commercial businesses in their districts.
OCLC:
6416105
Citation:
United States. Congress. House, ([year]), Direct Loans for Industrial Purposes by Federal Reserve Banks. Conference Report. To accompany S. 3487., [issue title/date], accessed May 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=722
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Public No. 362, 73d Congress, S. 3025: An 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.
Date:
06/16/1934,
Citation:
United States. Congress, 1934, Public No. 362, 73d Congress, S. 3025: An 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., from William McChesney Martin Jr. Document Collection, accessed May 19, 2013 from FRASER, http://fraser.stlouisfed.org/docs/historical/martin/54_01_19340616.pdf
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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]
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 19, 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 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 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=357
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Public No. 417, 73d Congress, S. 3487: An Act relating to direct loans for industrial purposes by Federal Reserve banks, and for other purposes
Description:
Act amending the Federal Reserve Act.
Date:
06/19/1934,
Citation:
United States. Congress, 1934, Public No. 417, 73d Congress, S. 3487: An Act relating to direct loans for industrial purposes by Federal Reserve banks, and for other purposes, from William McChesney Martin Jr. Document Collection, accessed May 19, 2013 from FRASER, http://fraser.stlouisfed.org/docs/historical/martin/54_01_19340619.pdf
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Joint Resolution to Extend from June 16, 1935, to June 16, 1938, the Period Within Which Loans Made Prior to June 16, 1933, to Executive Officers of Member Banks of the Federal Reserve System May Be Renewed or Extended
Description:
Public Resolution No. 25, 74th Congress; H.J. Res. 320; joint resolution to extend by 3 years the period within which loans made to executive offers of member banks prior to June 16, 1933, may be renewed or extended.
OCLC:
781205685
Citation:
United States. Congress, ([year]), Joint Resolution to Extend from June 16, 1935, to June 16, 1938, the Period Within Which Loans Made Prior to June 16, 1933, to Executive Officers of Member Banks of the Federal Reserve System May Be Renewed or Extended, [issue title/date], accessed May 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=352
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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 19, 2013 from FRASER, http://fraser.stlouisfed.org/docs/historical/eccles/008_02_0010.pdf
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Federal Reserve Act Amendment. Hearings Before the Committee on Banking and Currency, House of Representatives, Seventy-eighth Congress, First Session, on H.R. 1699, a Bill to Amend Section 12B and Section 19 of the Federal Reserve Act. Revised. March 25, April 1, 2, 5, 7, 1943
Description:
H.R. 1699; includes testimony of FDIC Chairman Leo T. Crowley and Federal Reserve Chairman Marriner S. Eccles; includes charts and tables.
SUDOC:
Y 4.B 22/1:F 31/21/rev.
OCLC:
7020068
Citation:
United States. Congress. House. Committee on Banking and Currency, ([year]), Federal Reserve Act Amendment. Hearings Before the Committee on Banking and Currency, House of Representatives, Seventy-eighth Congress, First Session, on H.R. 1699, a Bill to Amend Section 12B and Section 19 of the Federal Reserve Act. Revised. March 25, April 1, 2, 5, 7, 1943, [issue title/date], accessed May 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=366
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Reduction in Reserve Ratio for Federal Reserve Notes and Deposits: Hearings before the Committee on Banking and Currency, United States Senate, Seventy-Ninth Congress, First Session, on S. 510, a Bill to Amend Sections 11 (C) and 16 of the Federal Reserve Act, as Amended, and for Other Purposes
Description:
Hearings before the Committee on Banking and Currency, United States Senate, Seventy-ninth Congress, first session, on S. 510, a bill to amend sections 11 (c) and 16 of the Federal reserve act, as amended, and for other purposes. February 20, 28, and March 7, 1945. The bill had the following intentions:
(1) Extend indefinitely the authority of the Federal Reserve banks to pledge United States Government securities against Federal Reserve notes issued by the Federal Reserve agents. Existing authority was set to expire June 30, 1945.
(2) Reduce the requirements of reserves to be held by Federal Reserve banks in gold certificates against Federal Reserve notes in circulation and gold certificates or lawful money against deposits, to a uniform minimum in gold certificates against combined note and deposit liabilities.
SUDOC:
Y 4.B 22/3:F 31/26
OCLC:
10542202
Citation:
United States. Congress. Senate. Committee on Banking and Currency, ([year]), Reduction in Reserve Ratio for Federal Reserve Notes and Deposits: Hearings before the Committee on Banking and Currency, United States Senate, Seventy-Ninth Congress, First Session, on S. 510, a Bill to Amend Sections 11 (C) and 16 of the Federal Reserve Act, as Amended, and for Other Purposes, [issue title/date], accessed May 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=284
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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 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=353
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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 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=363
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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 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=364
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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 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=367
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Federal Reserve Act Amendments. Hearing Before a Subcommittee of the Committee on Banking and Currency, United States Senate, Eighty-third Congress, Second Session, on S. 3206, a Bill to Extend Authority of Federal Reserve to Purchase Obligations Direct from Treasury, and S. 3268, a Bill to Repeal Provisions Which Prohibit a Federal Reserve Bank from Paying Out Notes of Another Federal Reserve Bank. May 13, 1954
Description:
S. 3206; S. 3268; includes statements of Federal Reserve Chairman William McChesney Martin, Deputy Treasury Secretary W. Randolph Burgess, and economist Walter E. Spahr.
SUDOC:
Y 4.B 22/3:F 31/35
OCLC:
6405614
Citation:
United States. Congress. Senate. Committee on Banking and Currency. Subcommittee on Federal Reserve Matters, ([year]), Federal Reserve Act Amendments. Hearing Before a Subcommittee of the Committee on Banking and Currency, United States Senate, Eighty-third Congress, Second Session, on S. 3206, a Bill to Extend Authority of Federal Reserve to Purchase Obligations Direct from Treasury, and S. 3268, a Bill to Repeal Provisions Which Prohibit a Federal Reserve Bank from Paying Out Notes of Another Federal Reserve Bank. May 13, 1954, [issue title/date], accessed May 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=369
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Federal Reserve Act Amendments, Sections 14 and 16. Hearings Before the Committee on Banking and Currency, House of Representatives, Eighty-third Congress, Second Session, on H.R. 8729, a Bill to Amend Section 14 (b) of the Federal Reserve Act, as Amended, and H.R. 9143, a Bill to Repeal the Provisions of Section 16 of the Federal Reserve Act Which Prohibits a Federal Reserve Bank from Paying Out Notes of Another Federal Reserve Bank. May 26 and 27, 1954
Description:
H.R. 8729; H.R. 9143; includes testimony of Federal Reserve Chairman William McChesney Martin, Robert S. Leonard, Ralph A. Young, Alfred K. Cherry, and W. Randolph Burgess of the Treasury Department.
SUDOC:
Y 4.B 22/1: F 31/29
OCLC:
6405648
Citation:
United States. Congress. House. Committee on Banking and Currency, ([year]), Federal Reserve Act Amendments, Sections 14 and 16. Hearings Before the Committee on Banking and Currency, House of Representatives, Eighty-third Congress, Second Session, on H.R. 8729, a Bill to Amend Section 14 (b) of the Federal Reserve Act, as Amended, and H.R. 9143, a Bill to Repeal the Provisions of Section 16 of the Federal Reserve Act Which Prohibits a Federal Reserve Bank from Paying Out Notes of Another Federal Reserve Bank. May 26 and 27, 1954, [issue title/date], accessed May 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=368
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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 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=370
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Federal Reserve Act Amendment. Hearing Before Subcommittee No. 2 of the Committee on Banking and Currency, House of Representatives, Eighty-sixth Congress, Second Session, on H.R. 12346. May 31, 1960
Description:
H.R. 12346; includes testimony of Julian B. Baird, Under Secretary of Treasury for Monetary Affairs.
SUDOC:
Y 4.B 22/1:F 31/29/960
OCLC:
9096584
Citation:
United States. Congress. House. Committee on Banking and Currency. Subcommittee No. 2, ([year]), Federal Reserve Act Amendment. Hearing Before Subcommittee No. 2 of the Committee on Banking and Currency, House of Representatives, Eighty-sixth Congress, Second Session, on H.R. 12346. May 31, 1960, [issue title/date], accessed May 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=371
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Federal Reserve Direct Purchases -- Old Series Currency Adjustment Act: Hearing before the Committee on Banking and Currency, United States Senate, Eighty-sixth Congress, Second Session, on S. 3702 and S. 3714, Bills to Extend Authority of Federal Reserve Banks to Purchase Treasury Obligations and to Authorize Adjustments in Accounts of Outstanding Old Series Currency, June 24, 1960
Description:
Hearing before the Committee on Banking and Currency, United States Senate, 86th Congress, 2nd session, on S. 3702 and S.3714. Bills to extend authority of Federal Reserve Banks to purchase Treasury Obligations and to authorize adjustments in accounts of outstanding old series currency
OCLC:
183884008
Citation:
United States. Congress. Senate. Committee on Banking and Currency, ([year]), Federal Reserve Direct Purchases -- Old Series Currency Adjustment Act: Hearing before the Committee on Banking and Currency, United States Senate, Eighty-sixth Congress, Second Session, on S. 3702 and S. 3714, Bills to Extend Authority of Federal Reserve Banks to Purchase Treasury Obligations and to Authorize Adjustments in Accounts of Outstanding Old Series Currency, June 24, 1960, [issue title/date], accessed May 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=776
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Federal Reserve Act Amendments (Sections 10 and 3). Hearing Before Subcommittee No. 1 of the Committee on Banking and Currency, House of Representatives, Eighty-seventh Congress, Second Session, on S. 1005, an Act to Amend Section 10 and Section 3 of the Federal Reserve Act, and for Other Purposes. May 11, 1962
Description:
S. 1005; includes report on Federal Reserve branch bank buildings and testimony of C. Canby Balderston, Vice Chairman of the Board of Governors.
SUDOC:
Y 4.B 22/1:F 31/29/962
OCLC:
12384117
Citation:
United States. Congress. House. Committee on Banking and Currency. Subcommittee No. 1, ([year]), Federal Reserve Act Amendments (Sections 10 and 3). Hearing Before Subcommittee No. 1 of the Committee on Banking and Currency, House of Representatives, Eighty-seventh Congress, Second Session, on S. 1005, an Act to Amend Section 10 and Section 3 of the Federal Reserve Act, and for Other Purposes. May 11, 1962, [issue title/date], accessed May 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=373
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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 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=372
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Federal Reserve Direct Purchases: Hearing before the Committee on Banking and Currency, United States Senate, Eighty-seventh Congress, Second Session, on S. 3291, a Bill to Amend Section 14(b) of the Federal Reserve Act, to Extend for Two Years the Authority of Federal Reserve Banks to Purchase U.S. Obligations Directly from the Treasury, June 20, 1962
Description:
Hearing before the Committee on Banking and Currency, United States Senate, 87th Congress, 2nd session, on S. 3291. A bill to amend section 14(b) of the Federal Reserve Act, to extend for two years the authority of Federal Reserve Banks to purchase U.S. obligations directly from the Treasury.
SUDOC:
Y 4.B 22/3: F 31/45/96
OCLC:
79885155
Citation:
United States. Congress. Senate. Committee on Banking and Currency, ([year]), Federal Reserve Direct Purchases: Hearing before the Committee on Banking and Currency, United States Senate, Eighty-seventh Congress, Second Session, on S. 3291, a Bill to Amend Section 14(b) of the Federal Reserve Act, to Extend for Two Years the Authority of Federal Reserve Banks to Purchase U.S. Obligations Directly from the Treasury, June 20, 1962, [issue title/date], accessed May 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=775
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Press Release for Sunday A.M., June 28, 1964: The Subcommittee on Domestic Finance of the House Banking and Currency Committee Releases "Proposals for Improvement of the Federal Reserve"
Description:
List of proposals to improve operations of Federal Reserve System, based on testimony heard before the subcommittee; appears to be related to later legislation, H.R. 11.
Citation:
United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance, ([year]), Press Release for Sunday A.M., June 28, 1964: The Subcommittee on Domestic Finance of the House Banking and Currency Committee Releases "Proposals for Improvement of the Federal Reserve", [issue title/date], accessed May 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=381
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