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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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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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 Jul 30, 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

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 Jul 30, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=128

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Date: 1973
Authors: Hackley, Howard H.

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

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


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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. Committee 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 Jul 30, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=375

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Date: 1976
Authors: United States. Congress. House. Committee on Banking, Currency, and Housing. Subcommittee on Domestic Monetary Policy

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

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


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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. Committee 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 Jul 30, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=376

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Date: 1977
Authors: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy

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

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


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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 Jul 30, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=377

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Date: 1977
Authors: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs

Federal Reserve Reform Act: Report Together with Supplemental and Additional Views to Accompany H.R. 8094

Federal Reserve Reform Act: Report Together with Supplemental and Additional Views to Accompany H.R. 8094


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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 Jul 30, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=380

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Date: 1977
Authors: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs

Federal Reserve Act Amendments: Hearing before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-fifth Congress, Second Session, on H.R. 12621, a Bill to Expand the Class of Collateral Eligible for Use as Security for Federal Reserve Notes, H.R. 13148, a Bill to Increase the Number of Class C Directors of Federal Reserve Banks, July 14, 1978

Federal Reserve Act Amendments: Hearing before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-fifth Congress, Second Session, on H.R. 12621, a Bill to Expand the Class of Collateral Eligible for Use as Security for Federal Reserve Notes, H.R. 13148, a Bill to Increase the Number of Class C Directors of Federal Reserve Banks, July 14, 1978


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SUDOC:
Y 4.B 22/1:F 31/29/978

OCLC:
4387046

Citation:
United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy, ([year]), Federal Reserve Act Amendments: Hearing before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-fifth Congress, Second Session, on H.R. 12621, a Bill to Expand the Class of Collateral Eligible for Use as Security for Federal Reserve Notes, H.R. 13148, a Bill to Increase the Number of Class C Directors of Federal Reserve Banks, July 14, 1978, [issue title/date], accessed Jul 30, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=1017

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Date: 1978
Authors: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy

Term of the Federal Reserve Chairman: Report Together with Dissenting Views to Accompany H.R. 5037

Term of the Federal Reserve Chairman: Report Together with Dissenting Views to Accompany H.R. 5037


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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 Jul 30, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=409

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Date: 1979
Authors: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs

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 Jul 30, 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

To Modernize the Federal Reserve System: hearing before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-sixth Congress, Second Session, on H.R. 7001, a Bill to Modernize the Federal Reserve System, May 15, 1980

To Modernize the Federal Reserve System: hearing before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-sixth Congress, Second Session, on H.R. 7001, a Bill to Modernize the Federal Reserve System, May 15, 1980


View Issue

SUDOC:
Y 4.B 22/1:96-62

OCLC:
6827404

Citation:
United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy, ([year]), To Modernize the Federal Reserve System: hearing before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-sixth Congress, Second Session, on H.R. 7001, a Bill to Modernize the Federal Reserve System, May 15, 1980, [issue title/date], accessed Jul 30, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=1018

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Date: 1980
Authors: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy


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