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.
Changes in the Banking and Currency System of the United States. Report, together with views of the minority and minority views [to accompany H.R. 7837]
Description:
Report No. 69 of the House of Representatives, Committee on Banking and Currency, 63d Congress, 1st Session. Submitted by Mr. Glass. Committed to the Committee of the whole House on the state of the Union and order printed September 9, 1913. "Views of the minority" signed by E.A. Hayes, Frank E. Guernsey, James F. Burke, Frank P. Woods, and Edmund Platt. "Minority views" submitted by Mr. Lindbergh.
The bill (H. R. 7837) was 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. This report recommended that the bill pass as amended.
OCLC:
7926422
Citation:
United States. Congress. House. Committee on Banking and Currency, ([year]), Changes in the Banking and Currency System of the United States. Report, together with views of the minority and minority views [to accompany H.R. 7837], [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=394
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House Banking and Currency Bill: Also Comparative Print Showing the Changes Suggested by the Amendment Submitted to the Senate by Mr. Owen, Also the Changes Suggested by the Amendments Intended to be Proposed by Mr. Hitchcock to 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
Description:
Comparative print of bill to provide for the establishment of Federal Reserve Banks.
SUDOC:
Y 1.1/3:63-242
OCLC:
22536574, 56572737
Citation:
United States. Congress. Senate, ([year]), House Banking and Currency Bill: Also Comparative Print Showing the Changes Suggested by the Amendment Submitted to the Senate by Mr. Owen, Also the Changes Suggested by the Amendments Intended to be Proposed by Mr. Hitchcock to 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, [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=779
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Banking and Currency: Hearings before the Committee on Banking and Currency, United States Senate, Sixty-third Congress, First Session, on H.R. 7837 (S. 2639), a Bill to Provide for the Establishment of Federal Reserve Banks, for Furnishing an Elastic Currency, Affording Means of Rediscounting Commercial Paper, and to Establish a More Effective Supervision of Banking in the United States, and for Other Purposes
Description:
These hearings, chaired by Robert Owen and held September 2 through October 27, 1913 were held to discuss passage of the Federal Reserve Act. They are published in three volumes, as Senate Document 232, 63rd Congress, 1st Session. An index is provided at the end of Volume III.
SUDOC:
63/1:S.Doc.232/
OCLC:
6246370
Citation:
United States. Congress. Senate. Committee on Banking and Currency, ([year]), Banking and Currency: Hearings before the Committee on Banking and Currency, United States Senate, Sixty-third Congress, First Session, on H.R. 7837 (S. 2639), a Bill to Provide for the Establishment of Federal Reserve Banks, for Furnishing an Elastic Currency, Affording Means of Rediscounting Commercial Paper, and to Establish a More Effective Supervision of Banking in the United States, and for Other Purposes, [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=429
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Currency Bill: Comparative Print, Showing the Changes Suggested by the Modified Amendment Submitted to the Senate by Mr. Owen, Also the Changes Suggested by the Amendments Intended to be Proposed by Mr. Hitchcock, to H.R. 7837, and 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
Description:
Senate document number 264, 63rd congress, 2nd session. A comparative print showing, in three columns, Federal Reserve Act as the House bill, the Owen Amendment, and the Hitchcock amendment.
OCLC:
39990757
Citation:
United States. Congress. Senate, ([year]), Currency Bill: Comparative Print, Showing the Changes Suggested by the Modified Amendment Submitted to the Senate by Mr. Owen, Also the Changes Suggested by the Amendments Intended to be Proposed by Mr. Hitchcock, to H.R. 7837, and 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, [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=826
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Banking and Currency Bill: Comparative Print Showing 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, as Passed by the House, as Passed by the Senate, and as Agreed to in Conference
Description:
Senate document number 335, 63rd congress, 2nd session. A comparative print showing, in three columns, Federal Reserve Act as passed by the House, as passed by the Senate, and as agreed to in conference.
OCLC:
34899778
Citation:
United States. Congress. Senate, ([year]), Banking and Currency Bill: Comparative Print Showing 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, as Passed by the House, as Passed by the Senate, and as Agreed to in Conference, [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=827
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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 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=427
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Federal Reserve Act: Public--No. 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
Description:
This act was approved by President Woodrow Wilson on December 23, 1913.
Public Law 63-43, Federal Reserve Act, December 23, 1913, digitized from the National Archives, Washington, DC, Record Group 11, General Records of the U.S. Government, A1 Entry 5B, Enrolled Acts & Resolutions of Congress, 1824-1956.
Citation:
United States, ([year]), Federal Reserve Act: Public--No. 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, [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=966
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Federal Reserve Act of 1913: History and Digest
OCLC:
5133073
Citation:
Iden, V. Gilmore (Virginius Gilmore), b. 1885, ([year]), Federal Reserve Act of 1913: History and Digest, [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=962
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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 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=173
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Federal Reserve Act, the National Banking Act and All Other Federal Laws Relating to Banking, with Complete Indexes and References: 1812-1914
Description:
This book was published by the National City Bank of New York (eventually renamed Citibank), in an attempt to provide "a complete and convenient exposition of the Federal Statutes on banking and currency." It contains subject and alphabetical indices to the Federal Reserve Act, the full text of the Federal Reserve Act, duties and powers of the Reserve Bank Organization Committee, and regulations of the Reserve Bank Organization Committee. The book also contains an index to the National Bank Act and other banking laws, along with text of the National Bank Act and other supplementary acts and amendments.
OCLC:
8699450
Citation:
National City Bank of New York, ([year]), Federal Reserve Act, the National Banking Act and All Other Federal Laws Relating to Banking, with Complete Indexes and References: 1812-1914, [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=262
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National-Bank Act as Amended, the Federal Reserve Act and Other Laws Relating to National Banks. August, 1917
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 May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=434
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Commercial Banking Practice Under the Federal Reserve Act
Description:
This work, published in 1918, contains the law and regulations, the informal rulings of the Federal Reserve Board, and the opinions of counsel governing bank acceptances, rediscounts, advances, and open market transactions of the early Federal Reserve Banks.
Digitization of the document was sponsored by Microsoft as part of the Microsoft Book Search Service, through Internet Archive.
OCLC:
4848821
Citation:
National Bank of Commerce in New York, ([year]), Commercial Banking Practice Under the Federal Reserve Act, [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=96
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Federal Reserve Act: Its Origin and Principles
Description:
The Federal Reserve Act: Its Origin and Principles was written as a reminiscence by Senator Robert L. Owen, Oklahoma, who drafted the Act with Representative Carter Glass, Virginia. Owen served in the US Senate from 1907 to 1925 and was Chairman of the Senate Committee on Banking and Currency from 1913-1919. This small volume provides a contemporaneous view of the early days of the Federal Reserve System.
His papers are housed at The Carl Albert Center, University of Oklahoma and Library of Congress.
OCLC:
9976844
Citation:
Owen, Robert L., ([year]), Federal Reserve Act: Its Origin and Principles, [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=212
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National-Bank Act as Amended, the Federal Reserve Act and Other Laws Relating to National Banks. February, 1920
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 May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=432
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National Banking under the Federal Reserve System
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 May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=261
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Bill to Provide for a More Equitable Distribution of the Earnings of Federal Reserve Banks
Description:
H.R. 4145; revisions to Section 7 of the Federal Reserve Act intended to modify the distribution of the Federal Reserve banks' earnings.
Citation:
United States. Congress. House, ([year]), Bill to Provide for a More Equitable Distribution of the Earnings of Federal Reserve Banks, [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=358
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Draft: Public Act No. [4], 73d Congress. (H.R. 3757): An Act to Provide for Direct Loans by Federal Reserve Banks to State Banks and Trust Companies in Certain Cases, and for Other Purposes
Description:
Draft of language for final act outlining amendments to emergency banking legislation passed March 9, 1933; related to Public Act No. 4, 73d Congress, H.R. 3757.
Citation:
United States. Congress, ([year]), Draft: Public Act No. [4], 73d Congress. (H.R. 3757): An Act to Provide for Direct Loans by Federal Reserve Banks to State Banks and Trust Companies in Certain Cases, and for Other Purposes, [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=351
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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
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.
OCLC:
255375931
Citation:
United States. Congress, ([year]), 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 May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=348
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Act to Provide for Direct Loans by Federal Reserve Banks to State Banks and Trust Companies in Certain Cases, and for Other Purposes
Description:
Public [act] No. 4, 73d Congress, H.R. 3757; amendments to emergency banking legislation passed March 9, 1933.
Citation:
United States. Congress, ([year]), Act to Provide for Direct Loans by Federal Reserve Banks to State Banks and Trust Companies in Certain Cases, and for Other Purposes, [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=349
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Bill to Provide for the Safer and More Effective Use of the Assets of Federal Reserve Banks and of National Banking Associations, to Regulate Interbank Control, to Prevent the Undue Diversion of Funds into Speculative Operations, and for Other Purposes
Description:
S. 1631; also known as the Banking Act of 1933; established Federal Deposit Insurance Corporation.
Citation:
United States. Congress. Senate, ([year]), Bill to Provide for the Safer and More Effective Use of the Assets of Federal Reserve Banks and of National Banking Associations, to Regulate Interbank Control, to Prevent the Undue Diversion of Funds into Speculative Operations, and for Other Purposes, [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=359
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Bill 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, and for Other Purposes
Description:
H.R. 5661; also known as the Banking Act of 1933; includes 76 pages with language that was stricken from the bill.
Citation:
United States. Congress. House, ([year]), Bill 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, and for Other Purposes, [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=360
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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 23, 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 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=355
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Bill Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes
Description:
S. 3487; amending Federal Reserve Act to add section 13b, language pertaining to industrial loans; other minor language changes to the Act.
Citation:
United States. Congress. Senate, ([year]), Bill Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes, [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=361
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Extension for 1 Year on the Temporary Plan for Deposit Insurance and Other Amendments to the Federal Reserve Act: Report (to Accompany S. 3025)
Description:
S. 3025; recommendation by the House Committee on Banking and Currency supporting the passage of S. 3025, a bill to extend by one year the temporary plan for deposit insurance and other measures outlined in the Banking Act of 1933.
OCLC:
28552894
Citation:
United States. Congress. House. Committee on Banking and Currency, ([year]), Extension for 1 Year on the Temporary Plan for Deposit Insurance and Other Amendments to the Federal Reserve Act: Report (to Accompany S. 3025), [issue title/date], accessed May 23, 2013 from FRASER, http:fraser.stlouisfed.org/publication/?pid=379
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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]
- To Amend the Federal Reserve Act: Conference Report (to Accompany S. 3025)