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FederalReserveAct
FromWikipedia,thefreeencyclopedia

TheFederalReserveAct(ch.6,38Stat.251(http://legisl
ink.org/us/stat38251),enactedDecember23,1913,12
U.S.C.ch.3(https://www.law.cornell.edu/uscode/text/12/
chapter3))isanActofCongressthatcreatedand
establishedtheFederalReserveSystem,thecentral
bankingsystemoftheUnitedStates,andwhichcreated
theauthoritytoissueFederalReserveNotes(now
commonlyknownastheU.S.Dollar)andFederalReserve
BankNotesaslegaltender.TheActwassignedintolaw Longtitle
byPresidentWoodrowWilson.
Contents
1 TheAct
2 Background
2.1 TheFirstBankofUnitedStates
2.2 TheSecondBankoftheUnitedStates
3 LegislativehistoryoftheAct
4 Subsequentamendments
4.1 Charterextension
4.2 TheFederalOpenMarketCommittee
4.3 12USC225a
5 ImplicationsandimpactsoftheFederalReserve
Act
6 CriticismsoftheAct
https://en.wikipedia.org/wiki/Federal_Reserve_Act
FederalReserveAct
AnActtoprovidefortheestablishmentofFederal
reservebanks,tofurnishanelasticcurrency,to
affordmeansofrediscountingcommercialpaper,to
establishamoreeffectivesupervisionofbankingin
theUnitedStates,andforotherpurposes
Enactedby the63rdUnitedStatesCongress
Citations
Publiclaw [6343(https://fraser.stlouisfed.org/scribd/?title_id=9
75&filepath=/docs/historical/fr_act/1913_fedresact_
publiclaw43.pdf)Pub.L.6343(http://legislink.org/u
s/pl6343)]
Statutesat ch.6,38Stat.251(http://legislink.org/us/stat3825
Large 1)
Legislativehistory
IntroducedintheHouseasH.R.7837byCarterGlass(D
VA)onAugust29,1913
1/14
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7 References CommitteeconsiderationbyHouseBanking,Senate
8 Externallinks Banking
PassedtheHouseonSeptember18,1913(28785,5
Present)
PassedtheSenateonDecember18,1913(5434)
TheAct ReportedbythejointconferencecommitteeonDecember
22,1913agreedtobytheHouseonDecember22,
TheFederalReserveActcreatedasystemofprivateand 1913(29860)andbytheSenateonDecember23,
publicentities.Thereweretobeatleasteightandnomore 1913(4325)
thantwelveprivateregionalFederalReservebanks. SignedintolawbyPresidentWoodrowWilsonon
Twelvewereestablished,andeachhadvariousbranches, December23,1913
aboardofdirectors,anddistrictboundaries.TheFederal
Majoramendments
ReserveBoard,consistingofsevenmembers,wascreated
asthegoverningbodyoftheFed.Eachmemberis DoddFrankWallStreetReformandConsumerProtectionAct
appointedbythePresidentoftheU.Sandconfirmedby
theU.S.Senate.In1935,theBoardwasrenamedandrestructured.Alsocreatedaspartof
theFederalReserveSystemwasa12memberFederalAdvisoryCommitteeandasingle
newUnitedStatescurrency,theFederalReserveNote.TheFederalReserveActcreateda
nationalcurrencyandamonetarysystemthatcouldrespondeffectivelytothestressesin
thebankingsystemandcreateastablefinancialsystem.Withthegoalofcreatinga
nationalmonetarysystemandfinancialstability,theFederalReserveActalsoprovided
manyotherfunctionsandfinancialservicesfortheeconomy,suchascheckclearingand
collectionforallmembersoftheFederalReserve.

WiththepassingoftheFederalReserveAct,Congressrequiredthatallnationally
charteredbanksbecomemembersoftheFederalReserveSystem.Thesebankswere
requiredtopurchasespecifiednontransferablestockintheirregionalFederalReserve
banks,andtosetasideastipulatedamountofnoninterestbearingreserveswiththeir
respectivereservebanks.Since1980,alldepositoryinstitutionshavebeenrequiredtoset
asidereserveswiththeFederalReserve.SuchinstitutionsareentitledtocertainFederal FederalReserve
Reserveservices.Statecharteredbanksweregiventheoptionofbecomingmembersof
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theFederalReserveSystemandinthecaseoftheexerciseofsuchoptionweretobesubjecttosupervision,inpart,bythe
FederalReserveSystem.Memberbanksbecameentitledtohaveaccesstodiscountedloansatthediscountwindowin
theirrespectivereservebanks,toa6%annualdividendintheirFederalReservestock,andtootherservices.

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SectionNumber SectionTitle
OfficialTitle
1 ShortTitleandDefinitions
2 FederalReserveDistricts
2A MonetaryPolicyObjectives
2B AppearancesBeforeandreportstotheCongress
3 BranchOffices
4 FederalReserveBanks
5 StockIssuesIncreaseandDecreaseinCapital
6 InsolvencyofMemberBanks
7 DivisionofEarnings
8 ConversionofStateBanksintoNationalBanks
9 StateBanksasMembers
9A ParticipationinLotteriesProhibited
9B ResolutionofClearingBanks
10 BoardofGovernorsoftheFederalReserve
10A EmergencyAdvancestoGroupsofMemberBanks
10B AdvancestoIndividualMemberBanks
11 PowersofBoardofGovernorsoftheFederalReserveandBoard
11A PricingofServices
11B AnnualIndependentAuditsofFederalReserveBanksandBoard
12 FederalAdvisoryCouncil
12A FederalOpenMarketCommittee
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13 PowersoftheFederalReserveBanks
13A DiscountofAgriculturalPaper
14 OpenMarketOperations
15 GovernmentDeposits
16 NoteIssues
17 DepositofBondsbyNationalBanks
18 RefundingBonds
19 BankReserves
20 NationalBankNotesRedemptionFundasReserve
21 BankExaminations
22 OffensesofExaminers,MemberBanks,Officers,andDistributors
23 InterbankLiabilities
23A RelationswithAffiliates
23B RestrictionsonTransactionswithAffiliates
24 RealEstateLoans
24A InvestmentinBankPremisesorStockofCorporationHoldingPremises
25 ForeignBranches
25A BankingCorporationsAuthorizedtodoForeignBankingBusiness
25B JurisdictionofSuits
25C PotentialLiabilityonForeignAccounts
26 Repealed
27 TaxonNationalBankNotes
28 ReductionofCapitalofNationalBanks
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29 CivilMoneyPenalty
30 SavingClause
31 ReservationofRighttoAmend

[1]

Background
CentralbankinghasmadevariousinstitutionalappearancesthroughoutthehistoryoftheUnitedStates.Theseinstitutions
startedwiththeFirstandSecondbanksoftheUnitedStates,whichwerechampionedinlargepartbyAlexander
Hamilton.

TheFirstBankofUnitedStates

TheAmericanfinancialsystemwasdeeplyfragmentedaftertheAmericanRevolutionaryWar.Thegovernmentwas
burdenedwithlargewartimedebts,andthenewrepublicneededastrongfinancialinstitutiontogivethecountrya
resilientfinancialfooting.AlexanderHamiltonandThomasJeffersonhadopposingviewsregardingwhetherornotthe
UScouldbenefitfromaEuropeanstylenationalfinancialinstitution.Hamiltonwasinfavorofbuildingastrong
centralizedpoliticalandeconomicinstitutiontosolvethecountrysfinancialproblem.Hearguedthatacentralbankcould
bringordertotheUSmonetarysystem,managethegovernmentsrevenuesandpayments,andprovidecredittoboththe
publicandprivatesectors.Ontheotherhand,Jeffersonwasdeeplysuspiciousofacentralbankbecause,heargued,it
wouldunderminedemocracy.JeffersonandSouthernmembersofcongressalsobelievedthatastrongcentralfinancial
institutionwouldservecommercialinterestsofthenorthattheexpenseofSouthernbasedagricultureinterestswhose
creditwasprovidedbylocalbanksduringthepostrevolutionarywarera.TheFirstBankoftheUnitedStateswas
establishedin1791charteredforaperiodoftwentyyears.TheUSgovernmentwasthelargestshareholderofthebank.
Despiteitsshareholderstatus,thegovernmentwasnotpermittedtoparticipateinmanagementofthebank.Thebank
accepteddeposits,issuedbanknotes,andprovidedshorttermloanstothegovernment.Italsofunctionedasa
clearinghouseforgovernmentdebt.Thebankcouldalsoregulatestatechartedbankstopreventoverproductionof

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banknotes.Thebankwasverysuccessfulinfinancingthegovernmentandstimulatingtheeconomy.Inspiteofits
successes,hostilityagainstthebankdidnotfade.Jeffersoniansquestionedthebanksconstitutionality.In1811,thefirst
bankoftheUnitedStatesfailedtoberenewedbyonevoteinboththeHouseandtheSenate.[2][3]

TheSecondBankoftheUnitedStates

AftertheWarof1812,economicinstabilitynecessitatedthecreationofasecondnationalbank.Duetoexpandingmoney
supplyandlackofsupervision,individualbankactivitysparkedhighinflation.In1816,asecondnationalbankwas
createdwithacharteroftwentyyears.Threeyearslater,duringthepanicof1819thesecondbankoftheUnitedStates
wasblamedforoverextendingcreditinalandboom,andwouldtightenupcreditpoliciesfollowingthepanic(Wiletnz,
2008).

TheSecondbankwasunpopularamongthewesternandsouthernstatecharteredbanks,andconstitutionalityofanational
bankwasquestioned.PresidentJacksonwouldcomeintooffice,andwishedtoendthecurrentcentralbankduringhis
presidency.Underthepremisethatthebankfavoredasmalleconomicandpoliticaleliteattheexpenseofthepublic
majority,theSecondBankbecameprivateafteritscharterexpiredin1836,andwouldundergoliquidationin1841.

Fornearlyeightyyears,theU.S.waswithoutacentralbankafterthecharterfortheSecondBankoftheUnitedStates
wasallowedtoexpire.Aftervariousfinancialpanics,particularlyasevereonein1907,someAmericansbecame
persuadedthatthecountryneededsomesortofbankingandcurrencyreformthatwould,whenthreatenedbyfinancial
panics,provideareadyreserveofliquidassets,andfurthermoreallowforcurrencyandcredittoexpandandcontract
seasonallywithintheU.S.economy.

SomeofthiswaschronicledinthereportsoftheNationalMonetaryCommission(19091912),whichwascreatedbythe
AldrichVreelandActin1908.IncludedinareportoftheCommission,submittedtoCongressonJanuary9,1912,were
recommendationsanddraftlegislationwith59sections,forproposedchangesinU.S.bankingandcurrencylaws.[4]The
proposedlegislationwasknownastheAldrichPlan,namedafterthechairmanoftheCommission,RepublicanSenator
NelsonW.AldrichofRhodeIsland.

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ThePlancalledfortheestablishmentofaNationalReserveAssociationwith15regionaldistrictbranchesand46
geographicallydisperseddirectorsprimarilyfromthebankingprofession.TheReserveAssociationwouldmake
emergencyloanstomemberbanks,printmoney,andactasthefiscalagentfortheU.S.government.Stateandnationally
charteredbankswouldhavetheoptionofsubscribingtospecifiedstockintheirlocalassociationbranch.[4]Itisgenerally
believedthattheoutlineofthePlanhadbeenformulatedinasecretmeetingonJekyllIslandinNovember1910,which
Aldrichandotherwellconnectedfinanciersattended.[5]

SincetheAldrichPlangavetoolittlepowertothegovernment,therewasstrongoppositiontoitfromruralandwestern
statesbecauseoffearsthatitwouldbecomeatoolofbankers,specificallytheMoneyTrustofNYC.[6]Indeed,fromMay
1912throughJanuary1913thePujoCommittee,asubcommitteeoftheHouseCommitteeonBankingandCurrency,held
investigativehearingsontheallegedMoneyTrustanditsinterlockingdirectorates.ThesehearingswerechairedbyRep.
ArsenePujo,aDemocraticrepresentativefromLouisiana.[7]

Intheelectionof1912,theDemocraticPartywoncontroloftheWhiteHouseandbothchambersofCongress.Theparty's
platformstatedstrongoppositiontotheAldrichPlan.Theplatformalsocalledforasystematicrevisionofbankinglaws
inwaysthatwouldproviderelieffromfinancialpanics,unemploymentandbusinessdepression,andwouldprotectthe
publicfromthe"dominationbywhatisknownastheMoneyTrust."Thefinalplan,however,wasquitesimilartothe
AldrichPlan,withafewrevisions.Sen.CarterGlassmadetheserevisions,althoughthemainpremiseoftheAldrichPlan
wasinthere.[8]ChangesintheBankingandCurrencySystemoftheUnitedStates].HouseReportNo.69,63rdCongress
toaccompanyH.R.7837,submittedtothefullHousebyCarterGlass,fromtheHouseCommitteeonBankingand
Currency,September9,1913.Adiscussionofthedeficienciesofthethencurrentbankingsystemaswellasthoseinthe
AldrichPlanandquotationsfromthe1912Democraticplatformarelaidoutinthisreport,pages311.[9]

LegislativehistoryoftheAct
TheFederalReserveActwasapartofthebankingandcurrencyreformplanadvocatedbyPresidentWilsonin1912.The
chairmenoftheHouseandSenateBankingandCurrencycommitteessponsoredthislegislationRep.CarterGlass,a
DemocratofVirginia,andSenatorRobertLathamOwen,aDemocratofOklahoma.AccordingtotheHousecommittee
reportaccompanyingtheCurrencybill(H.R.7837)ortheGlassOwenbill,asitwasoftencalledduringthetime.
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AttemptstoreformcurrencyandbankinghadbeenmadeintheUnitedStatespriorH.R.7837.Themajorfirstformof
thistypeoflegislationcamethroughwiththeFirstBankoftheUnitedStatesin1791.ChampionedbyAlexander
Hamilton,thisestablishedacentralbankthatincludedinathreepartexpansionoffederalfiscalandmonetarypower
(includingfederalmintandexcisetaxes).Attemptsweremadetoextendthisbankscharter,buttheywouldfailbeforethe
chartersexpirationin1811,whichwouldleadtothecreationoftheSecondBankoftheUnitedStates.In1816theU.S.
CongresscharteredthisSecondbankforatwentyyearperiodtocreateirredeemablecurrencywithwhichtopayforthe
costsoftheWarof1812.ThecreationofcongressionallyauthorizedirredeemablecurrencybytheSecondBankofthe
UnitedStatesopenedthedoortothepossibilityoftaxationbyinflation.Congressdidnotwantstatecharteredbanksas
competitionintheinflationofcurrency.ThecharterfortheSecondBankwouldexpirein1836,leavingtheU.S.withouta
centralbankfornearlyeightyyears.ThelastmajorformoflegislationprecedingtheFederalReserveActcamein1908
withtheAldrichVreelandAct,whichwastheinitialresponsethePanicof1907,andestablishedtheNationalMonetary
Commission,whichrecommendedtheFederalReserveactof1913.

AccordingtotheHousecommitteereportaccompanyingtheCurrencybill(H.R.7837)ortheGlassOwenbill,the
legislationwasdraftedfromideastakenfromvariousproposals,includingtheAldrichbill.However,unliketheAldrich
plan,whichgavecontrollinginteresttoprivatebankerswithonlyasmallpublicpresence,thenewplangaveanimportant
roletoapublicentity,theFederalReserveBoard,whileestablishingasubstantialmeasureofautonomyforthe(regional)
ReserveBankswhich,atthattime,wereallowedtosettheirowndiscountrates.Also,insteadoftheproposedcurrency
beinganobligationoftheprivatebanks,thenewFederalReservenotewastobeanobligationoftheU.S.Treasury.In
addition,unliketheAldrichplan,membershipbynationallycharteredbankswasmandatory,notoptional.Thechanges
weresignificantenoughthattheearlieroppositiontotheproposedreservesystemfromProgressiveDemocratswas
largelyappeasedinstead,oppositiontothebillcamelargelyfromthemorebusinessfriendlyRepublicansinsteadoffrom
theDemocrats.

Aftermonthsofhearings,debates,votesandamendments,theproposedlegislation,with30sections,wasenactedasthe
FederalReserveAct.

Subsequentamendments

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TheFederalReserveActhasundergonemanyamendmentsafteritsimplementation.Early,bureaucraticamendments
weremadetoaccountforstateslikeHawaiiandAlaskasadmissiontotheunionsuchasdistrictrestructuringand
jurisdictionspecifications.[10]

Charterextension

TheFederalReserveActwasoriginallygrantedatwentyyearcharter,toberenewedin1933.Thisclausewasamended
onFebruary25,1927:"TohavesuccessionaftertheapprovalofthisActuntildissolvedbyActofCongressoruntil
forfeitureoffranchiseforviolationoflaw."12U.S.C.ch.3.AsamendedbyactofFeb.25,1927(44Stat.1234).The
successofthisamendmentisnotable,asin1933,theUSwasinthethroesoftheGreatDepressionandpublicsentiment
withregardstotheFederalReserveSystemandthebankingcommunityingeneralhadsignificantlydeteriorated.Given
thepoliticalclimate,includingofFranklinD.RooseveltsadministrationandNewDeallegislation,itwasuncertain
whethertheFederalReserveSystemwouldsurvive.

TheFederalOpenMarketCommittee

In1933,bywayoftheBankingActof1933,theFederalReserveActwasamendedtocreatetheFederalOpenMarket
Committee(FOMC),whichconsistsofthesevenmembersoftheBoardofGovernorsoftheFederalReserveSystemand
fiverepresentativesfromtheFederalReserveBanks.TheFOMCisrequiredtomeetatleastfourtimesayear(inpractice,
theFOMCusuallymeetseighttimes)andhasthepowertodirectallopenmarketoperationsoftheFederalReserve
banks.

12USC225a

OnNovember16,1977,theFederalReserveActwasamendedtorequiretheBoardandtheFOMC"topromote
effectivelythegoalsofmaximumemployment,stableprices,andmoderatelongterminterestrates."TheChairmanwas
alsorequiredtoappearbeforeCongressatsemiannualhearingstoreportontheconductofmonetarypolicy,oneconomic
development,andontheprospectsforthefuture.TheFederalReserveActhasbeenamendedbysome200subsequent
lawsofCongress.ItcontinuestobeoneoftheprincipalbankinglawsoftheUnitedStates.

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ImplicationsandimpactsoftheFederalReserveAct
ThepassingoftheFederalReserveactof1913carriedimplicationsbothdomesticallyandinternationallyfortheUnited
Stateseconomicsystem.[11]TheabsenceofacentralbankingstructureintheU.S.previoustothisactleftafinancial
essencethatwascharacterizedbyimmobilereservesandinelasticcurrency.[12]CreatingtheFederalReservegavethe
FederalReservecontroltoregulateinflation,eventhoughthegovernmentcontroloversuchpowerswouldeventually
leadtodecisionsthatwerecontroversial.Someofthemostprominentimplicationsincludetheinternationalizationofthe
U.S.Dollarasaglobalcurrency,theimpactfromtheperceptionoftheCentralBankstructureasapublicgoodby
creatingasystemoffinancialstability(Parthemos1928),andtheImpactoftheFederalReserveinresponsetoeconomic
panics.[13]TheFederalReserveActalsopermittednationalbankstomakemortgageloansforfarmland,whichhadnot
beenpermittedpreviously.[14]

CriticismsoftheAct
ThroughoutthehistoryoftheUnitedStates,therehasbeenanenduringeconomicandpoliticaldebateregardingthecosts
andbenefitsofcentralbanking.SincetheinceptionofacentralbankintheUnitedStates,thereweremultipleopposing
viewstothistypeofeconomicsystem.Oppositionwasbasedonprotectionistsentimentacentralbankwouldservea
handfuloffinanciersattheexpenseofsmallproducers,businesses,farmersandconsumers,andcoulddestabilizethe
economythroughspeculationandinflation.Thiscreatedevenfurthercontroversyoverwhowouldselectthedecision
makersinchargeoftheFederalReserve.Proponentsarguedthatastrongbankingsystemcouldprovideenoughcreditfor
agrowingeconomyandavoideconomicdepressions.Othercriticalviewsincludedthebeliefthatthebillgavetoomuch
powertothefederalgovernmentafterthesenaterevisedthebilltocreate12boardmemberswhowereeachappointedby
thepresident.

PrecedingthecreationoftheFederalReserve,noU.S.centralbankingsystemslastedformorethan25years.Someofthe
questionsraisedinclude:whetherCongresshastheConstitutionalpowertodelegateitspowertocoinmoneyorissue
papermoney(anobviousreferencetoArticle1,Sec.8,Clause5,whichstates:"TheCongressshallhavepowerTocoin
Money,regulatetheValuethereof,andofforeignCoin,andfixtheStandardofWeightsandMeasures"),whetherthe
structureofthefederalreserveistransparentenough,whethertheFederalReserveisapublicCartelofprivatebanks(also
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calledaprivatebankingcartel)establishedtoprotectpowerfulfinancialinterests,fearsofinflation,highgovernment
deficits,andwhethertheFederalReserve'sactionsincreasedtheseverityoftheGreatDepressioninthe1930s(and/orthe
severityorfrequencyofotherboombusteconomiccycles,suchasthelate2000srecession).[15][16]However,thedebate
overtherighttocoinmoneywasminimalduetothefacttheUSgovernmenthadalreadydonethisinthepast.[17]

References
1.FederalReserve."FederalReserveBankoftheUnitedStates"(http://www.federalreserve.gov/aboutthefed/fract.htm)
2."TheFirstBankoftheUnitedStates(17911811)"(http://www.let.rug.nl/usa/essays/general/abriefhistoryofcentralbanking/th
efirstbankoftheunitedstates(17911811).php)
3.[1](https://eh.net/encyclopedia/thefirstbankoftheunitedstates/)
4.ReportoftheNationalMonetaryCommission(http://llsdc.org/attachments/files/124/FRALH_SDoc62243.pdf).January9,
1912,letterfromtheSecretaryoftheCommissionandadraftbilltoincorporatetheNationalReserveAssociationoftheUnited
States,andforotherpurposes.Sen.Doc.No.243.62ndCongress.U.S.GovernmentPrintingOffice.1912.
5.PaulWarburg'sCrusadetoEstablishaCentralBankintheUnitedStates(https://www.minneapolisfed.org/publications_papers/pu
b_display.cfm?id=3815)MichaelA.Whitehouse,1989.InattendanceatthemeetingwereAldrichPaulWarburgFrank
Vanderlip,presidentofNationalCityBankHenryP.Davison,aJ.P.MorganpartnerBenjaminStrong,vicepresidentofBanker's
TrustCo.andA.PiattAndrew,formersecretaryoftheNationalMonetaryCommissionandthenassistantsecretaryofthe
Treasury.
6.Wicker,Elmus(2005)."TheGreatDebateonBankingReform:NelsonAldrichandtheOriginsoftheFed".OhioUniversity
Press.Seealsobookreview(http://eh.net/bookreviews/library/1104).
7.MoneyTrustInvestigation(https://fraser.stlouisfed.org/title/80)InvestigationsofFinancialandMonetaryConditionsinthe
UnitedStatesunderHouseResolutionsNos.429and504beforeasubcommitteeoftheHouseCommitteeonBankingand
Currency.27Parts.U.S.GovernmentPrintingOffice.1913.
8.[2](http://www.llsdc.org/attachments/files/109/FRALH_HRpt6369pp174.pdf)
9.Parthemos,James."TheFederalReserveActof1913intheStreamofU.S.EconomicHistory"(http://www.richmondfed.org/publ
ications/research/economic_review/1988/pdf/er740403.pdf),FederalReserveofRichmondEconomicReview,Richmond,July
1987.Retrievedon11November2013.
10.FederalReserve."FederalReserveAct,Section2"(http://www.federalreserve.gov/aboutthefed/section2.htm)
11.Broz,J.Lawrence(1999)."OriginsoftheFederalReserveSystem:InternationalIncentivesandtheDomesticFreeRider
Problem".InternationalOrganization.53(1):3970.doi:10.1162/002081899550805(https://doi.org/10.1162%2F002081899550
805).JSTOR2601371(https://www.jstor.org/stable/2601371).

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12.RogerT.Johnson,HistoricalBeginnings...TheFederalReserve,p.14,FederalReserveBankofBoston(1999),at[3](http://ww
w.bos.frb.org/about/pubs/begin.pdf).
13.Elias,EarlyandJord,scar."CrisisBeforeandAftertheCreationoftheFed"FRBSFEconomicLetter,May6,2013(http://ww
w.frbsf.org/economicresearch/publications/economicletter/2013/may/crisesbeforeaftercreationfed/)
14.Friedman,MiltonSchwartz,AnnaJacobson(1963).AMonetaryHistoryoftheUnitedStates,18671960(https://books.google.c
om/books?id=Q7J_EUM3RfoC&pg=PA244).NationalBureauofEconomicResearch.PrincetonUniversityPress.p.244.
ISBN0691041474.LCCN637521(https://lccn.loc.gov/637521).
15.Hsieh,ChangTaiRomer,ChristinaD.(2006)."WastheFederalReserveConstrainedbytheGoldStandardDuringtheGreat
Depression?Evidencefromthe1932OpenMarketProgram".JournalofEconomicHistory.66(1):140176.
doi:10.1017/S0022050706000064(https://doi.org/10.1017%2FS0022050706000064).
16.Richardson,GaryTroost,William(2009)."MonetaryInterventionMitigatedBankingPanicsduringtheGreatDepression:Quasi
ExperimentalEvidencefromaFederalReserveDistrictBorder,19291933".JournalofPoliticalEconomy.117(6):10311073.
doi:10.1086/649603(https://doi.org/10.1086%2F649603).
17.Wheelock,DavidC."MonetaryPolicyintheGreatDepression:WhattheFedDid,andWhy"(http://research.stlouisfed.org/publi
cations/review/92/03/Depression_Mar_Apr1992.pdf)(PDF).FederalReserveBankofSt.LouisReview:328.

Externallinks
TextofthecurrentFederalReserveAct(http://www.federalreserve.gov/generalinfo/fract/),BoardofGovernorsof
theFederalReserveSystem.
TextofFederalReserveActaslaidoutintheU.S.Code(http://www.law.cornell.edu/uscode/html/uscode12/usc_sup
_01_12_10_3.html),CornellLawSchool.
TheoriginalFederalReserveAct(https://fraser.stlouisfed.org/scribd/?title_id=966&filepath=/docs/historical/fr_act/n
aradc_rg011_e005b_pl6343.pdf),includingthesignatureofWoodrowWilson
TheoriginalFederalReserveAct(https://fraser.stlouisfed.org/scribd/?title_id=975&filepath=/docs/historical/fr_act/1
913_fedresact_publiclaw43.pdf),andindex
PaulWarburg'sCrusadetoEstablishaCentralBankintheUnitedStates(https://web.archive.org/web/200805161021
12/http://minneapolisfed.org/pubs/region/8905/reg895d.cfm)byMichaelA.Whitehouse,1989.
TheFederalReserveSystemInBrief(http://www.frbsf.org/publications/federalreserve/fedinbrief/index.html)An
onlinepublicationfromtheFederalReserveBankofSanFrancisco.
TheFederalReserveActof1913ALegislativeHistory(http://www.llsdc.org/FRALH/),LawLibrarians'Society
ofWashington,DC,Inc.,2009
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HistoricaldocumentsrelatedtotheFederalReserveActandsubsequentamendments(https://fraser.stlouisfed.org/the
me/32)

Retrievedfrom"https://en.wikipedia.org/w/index.php?title=Federal_Reserve_Act&oldid=776031598"

Categories: 1913inlaw FederalReserveSystem HistoryoftheUnitedStates(18651918)

UnitedStatesfederalbankinglegislation RealpropertylawintheUnitedStates 1913intheUnitedStates
PresidencyofWoodrowWilson 1913ineconomics

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