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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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 Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=348

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Date: 1932
Authors: United States. Congress

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 Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=992

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

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

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


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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 Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=359

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Date: 1933
Authors: United States. Congress. Senate

Banking Act of 1933: Report No. 150 (to Accompany H.R. 5661)

Banking Act of 1933: Report No. 150 (to Accompany H.R. 5661)


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OCLC:
26628717

Citation:
United States. Congress. House, ([year]), Banking Act of 1933: Report No. 150 (to Accompany H.R. 5661), [issue title/date], accessed Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=994

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Date: 1933
Authors: United States. Congress. House

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

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


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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 Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=360

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Date: 1933
Authors: United States. Congress. House

Banking Act of 1933: Conference Report No. 254 (to accompany H.R. 5661)

Banking Act of 1933: Conference Report No. 254 (to accompany H.R. 5661)


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Description:
Conference report regarding H.R. 5661, also known as the Banking Act of 1933.

OCLC:
26695468

Citation:
United States. Congress. House, ([year]), Banking Act of 1933: Conference Report No. 254 (to accompany H.R. 5661), [issue title/date], accessed Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=995

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Date: 1933
Authors: United States. Congress. House

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 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 Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=991

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

Section 16 of the Federal Farm Mortgage Corporation Act, Approved January 31, 1934, Amending Sections 13 and 14 of the Federal Reserve Act

Section 16 of the Federal Farm Mortgage Corporation Act, Approved January 31, 1934, Amending Sections 13 and 14 of the Federal Reserve Act


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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 Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=354

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Date: 1934
Authors: United States. Congress

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

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


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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 Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=355

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Date: 1934
Authors: United States. Congress

Bill Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes

Bill Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes


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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 Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=361

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Date: 1934
Authors: United States. Congress. Senate

Extension for 1 Year on the Temporary Plan for Deposit Insurance and Other Amendments to the Federal Reserve Act: Report (to Accompany S. 3025)

Extension for 1 Year on the Temporary Plan for Deposit Insurance and Other Amendments to the Federal Reserve Act: Report (to Accompany S. 3025)


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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 Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=379

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Date: 1934
Authors: United States. Congress. House. Committee on Banking and Currency

Act Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes

Act Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes


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Description:
Senate version of S. 3487 as passed by House and Senate in May 1934.

Citation:
United States. Congress. Senate, ([year]), Act Relating to Direct Loans for Industrial Purposes by Federal Reserve Banks, and for Other Purposes, [issue title/date], accessed Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=362

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Date: 1934
Authors: United States. Congress. Senate

To Amend the Federal Reserve Act: Conference Report (to Accompany S. 3025)

To Amend the Federal Reserve Act: Conference Report (to Accompany S. 3025)


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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 Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=378

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Date: 1934
Authors: United States. Congress

Direct Loans for Industrial Purposes by Federal Reserve Banks. Conference Report. To accompany S. 3487.

Direct Loans for Industrial Purposes by Federal Reserve Banks. Conference Report. To accompany S. 3487.


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Description:
This report from the committee of conference on bill S. 3487, resolved the language of amendments to the Federal Reserve Act which allowed individual Federal Reserve banks to lend to industrial or commercial businesses in their districts.

OCLC:
6416105

Citation:
United States. Congress. House, ([year]), Direct Loans for Industrial Purposes by Federal Reserve Banks. Conference Report. To accompany S. 3487., [issue title/date], accessed Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=722

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Date: 1934
Authors: United States. Congress. House

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 Apr 19, 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 Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=356

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Date: 1934
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 Apr 19, 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 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 Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=357

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Date: 1934
Authors: United States. Congress

Banking Act of 1935: Report No. 742 (to accompany H.R. 7617)

Banking Act of 1935: Report No. 742 (to accompany H.R. 7617)


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Description:
Discussion and report of the House of Representatives regarding H.R. 7617, also known as the Banking Act of 1935, which established the FDIC.

OCLC:
15597441

Citation:
United States. Congress. House, ([year]), Banking Act of 1935: Report No. 742 (to accompany H.R. 7617), [issue title/date], accessed Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=996

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Date: 1935
Authors: United States. Congress. House

Banking Act of 1935: Report No. 1007 (to accompany H.R. 7617).

Banking Act of 1935: Report No. 1007 (to accompany H.R. 7617).


View Issue

Description:
Report to the Senate regarding H.R. 7617, also known as the Banking Act of 1935.

OCLC:
26298468

Citation:
United States. Congress. Senate, ([year]), Banking Act of 1935: Report No. 1007 (to accompany H.R. 7617)., [issue title/date], accessed Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=998

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Date: 1935
Authors: United States. Congress. Senate

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 Apr 19, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=352

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Date: 1935
Authors: United States. Congress


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