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.
Proceedings of the Academy of Political Science in the City of New York
Description:
Volume IV, 1913-1914. Proceedings on banking and currency and banking reform in the United States. Originally digitized as part of the Google Books project.
Citation:
Academy of Political Science in the City of New York, ([year]), Proceedings of the Academy of Political Science in the City of New York, [issue title/date], accessed May 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=173
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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 20, 2013 from FRASER, http://fraser.stlouisfed.org/docs/historical/martin/54_01_19340616.pdf
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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 20, 2013 from FRASER, http://fraser.stlouisfed.org/docs/historical/martin/54_01_19340619.pdf
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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
Description:
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 May 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=790
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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 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=284
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Report of the Committee of Conference of the Two Houses of Congress on the Bill H.R. 7837, 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:
This report discusses the recommendations of the House and Senate on the passage of the Federal Reserve Act. A comparative print showing H.R. 7837 as passed by the House, as passed by the Senate, and as agreed to in Conference, is included.
OCLC:
6234559
Citation:
Glass, Carter and United States. Congress. Conference Committees, 1913, ([year]), Report of the Committee of Conference of the Two Houses of Congress on the Bill H.R. 7837, 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 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=427
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Related Publications:
Section 16 of the Federal Farm Mortgage Corporation Act, Approved January 31, 1934, Amending Sections 13 and 14 of the Federal Reserve Act
Description:
Modifications to sections 13 and 14 of the Federal Reserve Act regarding bonds issued under the Federal Farm Mortgage Corporation Act.
Citation:
United States. Congress, ([year]), Section 16 of the Federal Farm Mortgage Corporation Act, Approved January 31, 1934, Amending Sections 13 and 14 of the Federal Reserve Act, [issue title/date], accessed May 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=354
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Sections 7 and 8 of the Act Approved April 27, 1934 (Public No. 178, 73d Congress) Amending Sections 13 and 14 of the Federal Reserve Act and Authorizing the Federal Reserve Banks to Act as Depositaries, Custodians, and Fiscal Agents for the Home Owners' Loan Corporation
Description:
Public Law No. 178, 73d Congress; changes to sections 13 and 14 of the Federal Reserve Act pertaining to Home Owners' Loan Act of 1933 and Federal Farm Mortgage Corporation.
Citation:
United States. Congress, ([year]), Sections 7 and 8 of the Act Approved April 27, 1934 (Public No. 178, 73d Congress) Amending Sections 13 and 14 of the Federal Reserve Act and Authorizing the Federal Reserve Banks to Act as Depositaries, Custodians, and Fiscal Agents for the Home Owners' Loan Corporation, [issue title/date], accessed May 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=355
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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 May 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=409
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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 May 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=375
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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 20, 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)
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 May 20, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=340
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