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.
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 Jun 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=374
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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 Jun 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=365
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Miscellaneous Banking and Credit Union Bills: Hearing before the Subcommittee on Financial Institutions of the Committee on Banking and Currency, United States Senate, Ninetieth Congress, First Session, on S. 714, S. 965, and S. 966, Bills to Amend the Federal Reserve Act and Other Statutes. March 14, 1967.
Description:
This hearing before the Subcommittee on Financial Institutions of the Senate Committee on Banking and Currency discussed three bills: S. 714, loans to certain officers of member banks and Federal credit unions, S. 965, Federal Reserve bank investments in foreign government obligations, and S. 966, eligible paper. These bills nearly identical to S. 1558, S. 1557, and S. 1559 of the previous Congress.
SUDOC:
Y 4.B 22/3:B 22/14
OCLC:
1174248
Citation:
United States. Congress. Senate. Committee on Banking and Currency. Subcommittee on Financial Institutions, ([year]), Miscellaneous Banking and Credit Union Bills: Hearing before the Subcommittee on Financial Institutions of the Committee on Banking and Currency, United States Senate, Ninetieth Congress, First Session, on S. 714, S. 965, and S. 966, Bills to Amend the Federal Reserve Act and Other Statutes. March 14, 1967., [issue title/date], accessed Jun 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=344
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To Provide for Loans to Certain Officers of Federal Credit Unions and Federal Reserve Member Banks: Hearings before the Committee on Banking and Currency, House of Representatives, Ninetieth Congress, First Session, on H.R. 7347... May 2, 1967.
Description:
Hearing on H.R. 7347, a bill to amend section 22(g) of the Federal Reserve Act relating to loans to executive officers by member banks of the Federal Reserve System, and to amend the Federal Credit Union Act to modify the loan provisions relating to directors, members of the supervisory committee, and members of the credit committee of federal credit unions.
SUDOC:
Y 4.B 22/1:L 78/10
OCLC:
953806
Citation:
United States. Congress. House. Committee on Banking and Currency, ([year]), To Provide for Loans to Certain Officers of Federal Credit Unions and Federal Reserve Member Banks: Hearings before the Committee on Banking and Currency, House of Representatives, Ninetieth Congress, First Session, on H.R. 7347... May 2, 1967., [issue title/date], accessed Jun 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=340
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Purchase of Treasury Securities and Interest on Savings Deposits: Hearing, Ninetieth Congress, Second Session on S. 2923 and S. 3133 ... April 3, 1968
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Hearing before the Subcommittee on Financial Institutions of the Committee on Banking and Currency, United States Senate, 90th Congress, 2nd Session on S. 2923 and S. 3133. 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, and to extend for two years the authority for more flexible regulation of maximum rates of interest or dividends, higher reserve requirements, and open market operations in agency issues.
OCLC:
453116
Citation:
United States. Congress. Senate. Committee on Banking and Currency, ([year]), Purchase of Treasury Securities and Interest on Savings Deposits: Hearing, Ninetieth Congress, Second Session on S. 2923 and S. 3133 ... April 3, 1968, [issue title/date], accessed Jun 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=790
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Lending Functions of the Federal Reserve Banks: A History
Description:
This publication is a history of the lending activities of the Federal Reserve System. It covers all enactments of Congress between 1913 and 1973 and all regulations and public rulings issued by the Board of Governors for that period, including those that were later repealed, revoked or superseded.
OCLC:
867761
Citation:
Hackley, Howard H., ([year]), Lending Functions of the Federal Reserve Banks: A History, [issue title/date], accessed Jun 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=128
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To Amend the Federal Reserve Act. Hearing Before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Currency, and Housing, House of Representatives, Ninety-fourth Congress, Second Session, on. H.R. 14848, a Bill to Amend Section 14(b) of the Federal Reserve Act, as Amended, to Extend for Two Years the Authority of Federal Reserve Banks to Purchase United States Obligations Directly from the Treasury... September 22, 1976
Description:
H.R. 14848; includes testimony of David Mosso, Fiscal Assistant Secretary of the Treasury.
SUDOC:
Y 4.B 22/1:F 31/29/976
OCLC:
2819240
Citation:
United States. Congress. House. Committe on Banking, Currency, and Housing. Subcommittee on Domestic Monetary Policy, ([year]), To Amend the Federal Reserve Act. Hearing Before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Currency, and Housing, House of Representatives, Ninety-fourth Congress, Second Session, on. H.R. 14848, a Bill to Amend Section 14(b) of the Federal Reserve Act, as Amended, to Extend for Two Years the Authority of Federal Reserve Banks to Purchase United States Obligations Directly from the Treasury... September 22, 1976, [issue title/date], accessed Jun 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=375
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Federal Reserve Act Amendments of 1977. Hearing Before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-fifth Congress, First Session, on H.R. 6273, a Bill to Amend the Federal Reserve Act to Provide for Senate Confirmation of Certain Appointments, and for Other Purposes. June 23, 1977
Description:
H.R. 6273; includes testimony of Arthur F. Burns, Chairman of the Board of Governors; also includes appendix that contains an analysis of the bill compiled by the Library of Congress with the input of several economists.
SUDOC:
Y 4.B 22/1:F 31/29/977
OCLC:
3321121
Citation:
United States. Congress. House. Committe on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy, ([year]), Federal Reserve Act Amendments of 1977. Hearing Before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-fifth Congress, First Session, on H.R. 6273, a Bill to Amend the Federal Reserve Act to Provide for Senate Confirmation of Certain Appointments, and for Other Purposes. June 23, 1977, [issue title/date], accessed Jun 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=376
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Federal Reserve Reform Act of 1977. Hearings Before the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-fifth Congress, First Session, on H.R. 8094, a Bill to Promote the Accountability of the Federal Reserve System. July 18 and 26, 1977
Description:
H.R. 8094; includes testimony of Rep. Jim Wright of Texas, AFL-CIO Director Andrew J. Biemiller, Jon Brown of the Public Interest Research Group, Board of Governors Chairman Arthur F. Burns, and David Cohen of Common Cause.
SUDOC:
Y 4.B 22/1:F 31/53
OCLC:
3304739
Citation:
United States. Congress. House. Committee on Banking, Finance, and Urban Affairs, ([year]), Federal Reserve Reform Act of 1977. Hearings Before the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-fifth Congress, First Session, on H.R. 8094, a Bill to Promote the Accountability of the Federal Reserve System. July 18 and 26, 1977, [issue title/date], accessed Jun 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=377
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Federal Reserve Reform Act: Report Together with Supplemental and Additional Views to Accompany H.R. 8094
Description:
H.R. 8094; recommendation by the House Committee on Banking and Currency supporting the passage of H.R. 8094 a bill designed to reform practices within Federal Reserve System; includes cost estimate prepared by Congressional Budget Office.
SUDOC:
95-1:H.rp.559
OCLC:
3298472
Citation:
United States. Congress. House. Committee on Banking, Finance, and Urban Affairs, ([year]), Federal Reserve Reform Act: Report Together with Supplemental and Additional Views to Accompany H.R. 8094, [issue title/date], accessed Jun 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=380
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Term of the Federal Reserve Chairman: Report Together with Dissenting Views to Accompany H.R. 5037
Description:
House Report No. 96-572, 96th Congress, 1st session. This report recommend the passage of the bill (H.R. 5037) to amend the Federal Reserve Act respecting the positions of Chairman and Vice Chairman of the Federal Reserve Board. The report includes a cost estimate report from the Congressional Budget Office.
SUDOC:
X 96-1:H.rp.572
OCLC:
5864222
Citation:
United States. Congress. House. Committee on Banking, Finance, and Urban Affairs, ([year]), Term of the Federal Reserve Chairman: Report Together with Dissenting Views to Accompany H.R. 5037, [issue title/date], accessed Jun 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=409
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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 Jun 19, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=410
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