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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Lending Functions of the Federal Reserve Banks: A History

Lending Functions of the Federal Reserve Banks: A History


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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all regulations and public rulings issued by the Board of Governors for that period, including those that were later repealed, revoked or superseded.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 Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=128

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Date: 1973
Authors: Hackley, Howard H.

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.

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.


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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 Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=344

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Date: 1967
Authors: United States. Congress. Senate. Committee on Banking and Currency. Subcommittee on Financial Institutions

National Bank Act: Report No. 473 (to Accompany H.R. 2), 69th Congress, 1st session, March 25, 1926.

National Bank Act: Report No. 473 (to Accompany H.R. 2), 69th Congress, 1st session, March 25, 1926.


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

OCLC:
22236023

Citation:
United States. Congress. Senate, ([year]), National Bank Act: Report No. 473 (to Accompany H.R. 2), 69th Congress, 1st session, March 25, 1926., [issue title/date], accessed Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=989

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Date: 1926
Authors: United States. Congress. Senate

National Bank Bill: Report No. 83 (to Accompany H.R. 2), 69th Congress, 1st session, January 12, 1926.

National Bank Bill: Report No. 83 (to Accompany H.R. 2), 69th Congress, 1st session, January 12, 1926.


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Description:
Report to the House of Representatives regarding H.R. 2, also known as the McFadden Act.

OCLC:
22235959

Citation:
United States. Congress. House, ([year]), National Bank Bill: Report No. 83 (to Accompany H.R. 2), 69th Congress, 1st session, January 12, 1926., [issue title/date], accessed Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=987

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Date: 1926
Authors: United States. Congress. House

National Banking under the Federal Reserve System

National Banking under the Federal Reserve System


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Description:
This book was published in 1921 by the National City Bank of New York, the largest national bank in the country at the time (eventually renamed Citibank), with the purpose of giving a picture and an interpretation of the national banking in the United States under the Federal Reserve System. The text begins with description of the National City Bank of New York, followed by a brief history of national banking since the passage of the National Bank Act in 1863. The technical details of organizing a national bank are set forth, along with an analysis of both the Federal Reserve Act and the National Bank Act as they affect the management, supervision and general business practices of national banks. The Reserve Act itself is reprinted and indexed, with amendments up to January 1, 1921.

OCLC:
6728976

Citation:
National City Bank of New York, ([year]), National Banking under the Federal Reserve System, [issue title/date], accessed Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=261

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Date: 1921
Authors: National City Bank of New York

National-Bank Act as Amended, the Federal Reserve Act and Other Laws Relating to National Banks. August, 1917

National-Bank Act as Amended, the Federal Reserve Act and Other Laws Relating to National Banks. August, 1917


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Description:
This document was compiled under the direction of the Comptroller of the Currency for the use of the Senate. It provides dates of acts relating to national banks, 1863-1915, text of the acts and amendments, and indexes.

SUDOC:
64/1:S.Doc.412/

OCLC:
5768138

Citation:
United States. Office of the Comptroller of the Currency, ([year]), National-Bank Act as Amended, the Federal Reserve Act and Other Laws Relating to National Banks. August, 1917, [issue title/date], accessed Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=434

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Date: 1916
Authors: United States. Office of the Comptroller of the Currency

National-Bank Act as Amended, the Federal Reserve Act and Other Laws Relating to National Banks. February, 1920

National-Bank Act as Amended, the Federal Reserve Act and Other Laws Relating to National Banks. February, 1920


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Description:
This document was compiled under the direction of the Comptroller of the Currency for the use of the Senate. It provides dates of acts relating to national banks, 1863-1920, text of the acts and amendments, and indexes.

SUDOC:
66/2:S.Doc.216/

OCLC:
8664015

Citation:
United States. Office of the Comptroller of the Currency, ([year]), National-Bank Act as Amended, the Federal Reserve Act and Other Laws Relating to National Banks. February, 1920, [issue title/date], accessed Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=432

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Date: 1920
Authors: United States. Office of the Comptroller of the Currency

Operation of the National and Federal Reserve Banking Systems: Report No. 584 [and Minority views] (to Accompany S. 4412)

Operation of the National and Federal Reserve Banking Systems: Report No. 584 [and Minority views] (to Accompany S. 4412)


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Description:
Report no. 584 presented to the United States Senate regarding S. 4412, also known as the Banking Act of 1933 or the Glass-Steagall Act.

OCLC:
15597658

Citation:
United States. Congress. Senate. Committee on Banking and Currency, ([year]), Operation of the National and Federal Reserve Banking Systems: Report No. 584 [and Minority views] (to Accompany S. 4412), [issue title/date], accessed Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=992

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Availability: 1932 to 1932
Authors: United States. Congress. Senate. Committee on Banking and Currency

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"

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"


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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 Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=381

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

Proceedings of the Academy of Political Science in the City of New York

Proceedings of the Academy of Political Science in the City of New York


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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 Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=173

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Date: 1914
Authors: Academy of Political Science in the City of New York

Public Law 63-43, 63d Congress, 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. [Federal Reserve Act]

Public Law 63-43, 63d Congress, 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. [Federal Reserve Act]


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Description:
38 Stat. 251

OCLC:
80488368

Citation:
United States. Congress, ([year]), Public Law 63-43, 63d Congress, 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. [Federal Reserve Act], [issue title/date], accessed Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=975

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Date: 1913
Authors: United States. Congress

Public Law 69-639, 69th Congress, H.R. 2: An Act to further amend the national banking laws and the Federal Reserve Act. [McFadden Act]

Public Law 69-639, 69th Congress, H.R. 2: An Act to further amend the national banking laws and the Federal Reserve Act. [McFadden Act]


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Description:
44 Stat. 1224

Citation:
United States. Congress, ([year]), Public Law 69-639, 69th Congress, H.R. 2: An Act to further amend the national banking laws and the Federal Reserve Act. [McFadden Act], [issue title/date], accessed Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=976

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Date: 1927
Authors: United States. Congress

Public Law 72-44, 72d Congress, H.R. 9203: An 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

Public Law 72-44, 72d Congress, H.R. 9203: An 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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Description:
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. 44 Stat. 1234

OCLC:
255375931

Citation:
United States. Congress, ([year]), Public Law 72-44, 72d Congress, H.R. 9203: An 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 Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=348

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Date: 1932
Authors: United States. Congress

Public Law 73-362, 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.

Public Law 73-362, 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.


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Date:
06/16/1934,

Collection:
William McChesney Martin Jr. Document Collection

Citation:
United States. Congress, 1934, Public Law 73-362, 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 Sep 20, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/martin/54_01_19340616.pdf

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Date: 1934
Authors: United States. Congress

Public Law 73-362, 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

Public Law 73-362, 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


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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]), Public Law 73-362, 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, [issue title/date], accessed Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=356

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Date: 1934
Authors: United States. Congress

Public Law 73-417, 73d Congress, S. 3487: An Act Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes [Industrial Advances Act]

Public Law 73-417, 73d Congress, S. 3487: An Act Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes [Industrial Advances Act]


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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. This act was repealed with the passage of the Small Business Investment Act in 1958.

Citation:
United States. Congress, ([year]), Public Law 73-417, 73d Congress, S. 3487: An Act Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes [Industrial Advances Act], [issue title/date], accessed Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=357

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Date: 1934
Authors: United States. Congress

Public Law 73-66, 73d Congress, H.R. 5661: An Act 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 [Banking Act of 1933]

Public Law 73-66, 73d Congress, H.R. 5661: An Act 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 [Banking Act of 1933]


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Description:
48 Stat. 162. The Banking Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) and is also known as the Glass-Steagall Act. The bill was sponsored by Sen. Carter Glass (D) of Virginia and Rep. Henry B. Steagall (D) of Alabama.

Citation:
Glass, Carter, Steagall, Henry B. and United States. Congress, ([year]), Public Law 73-66, 73d Congress, H.R. 5661: An Act 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 [Banking Act of 1933], [issue title/date], accessed Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=991

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Date: 1933
Authors: Glass, Carter, Steagall, Henry B., United States. Congress

Public Law 74-305, 74th Congress, H.R. 7617: An Act to provide for the sound, effective, and uninterrupted operation of the banking system [Banking Act of 1935]

Public Law 74-305, 74th Congress, H.R. 7617: An Act to provide for the sound, effective, and uninterrupted operation of the banking system [Banking Act of 1935]


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Description:
49 Stat. 684. Established the permanency of the Federal Deposit Insurance Corporation (FDIC)

Citation:
United States. Congress, ([year]), Public Law 74-305, 74th Congress, H.R. 7617: An Act to provide for the sound, effective, and uninterrupted operation of the banking system [Banking Act of 1935], [issue title/date], accessed Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=983

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Date: 1935
Authors: United States. Congress

Public Law 79-84, 79th Congress, S. 510: An Act to amend sections 11 (c) and 16 of the Federal Reserve Act, as amended, and for other purposes

Public Law 79-84, 79th Congress, S. 510: An Act to amend sections 11 (c) and 16 of the Federal Reserve Act, as amended, and for other purposes


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Description:
Public Law 84, 79th Congress, Chapter 186, First Session, S. 510; regarding reserve requirements.

Citation:
United States. Congress, ([year]), Public Law 79-84, 79th Congress, S. 510: An Act to amend sections 11 (c) and 16 of the Federal Reserve Act, as amended, and for other purposes, [issue title/date], accessed Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=353

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Date: 1945
Authors: United States. Congress

Public Law 85-511, 85th Congress, H.R. 6227: An Act to define bank holding companies, control their future expansion, and require divestment of their nonbanking interests [Bank Holding Company Act of 1956]

Public Law 85-511, 85th Congress, H.R. 6227: An Act to define bank holding companies, control their future expansion, and require divestment of their nonbanking interests [Bank Holding Company Act of 1956]


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Description:
2d Session, Chapter 240. 70 Stat. 133

Citation:
United States. Congress, ([year]), Public Law 85-511, 85th Congress, H.R. 6227: An Act to define bank holding companies, control their future expansion, and require divestment of their nonbanking interests [Bank Holding Company Act of 1956], [issue title/date], accessed Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=984

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Date: 1956
Authors: United States. Congress

Public No. 417, 73d Congress, S. 3487: An Act relating to direct loans for industrial purposes by Federal Reserve banks, and for other purposes

Public No. 417, 73d Congress, S. 3487: An Act relating to direct loans for industrial purposes by Federal Reserve banks, and for other purposes


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Description:
Act amending the Federal Reserve Act.

Date:
06/19/1934,

Collection:
William McChesney Martin Jr. Document Collection

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 Sep 20, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/martin/54_01_19340619.pdf

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Date: 1934
Authors: United States. Congress

Public Resolution 74-25, 74th Congress, H.J.Res. 320: 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

Public Resolution 74-25, 74th Congress, H.J.Res. 320: 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


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Description:
Public Resolution No. 25, 74th Congress; H.J. Res. 320

OCLC:
781205685

Citation:
United States. Congress, ([year]), Public Resolution 74-25, 74th Congress, H.J.Res. 320: 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 Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=352

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Date: 1935
Authors: United States. Congress

Purchase of Treasury Securities and Interest on Savings Deposits: Hearing, Ninetieth Congress, Second Session on S. 2923 and S. 3133 ... April 3, 1968

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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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 Sep 20, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=790

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Date: 1968
Authors: United States. Congress. Senate. Committee on Banking and Currency



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