Glass–Owen Act

E47399

The Glass–Owen Act is the landmark 1913 U.S. law that created the Federal Reserve System as the nation’s central bank to stabilize the financial system and manage monetary policy.

All labels observed (1)

Label Occurrences
Glass–Owen Act canonical 1

How this entity was disambiguated

Statements (48)

Predicate Object
instanceOf United States federal law
banking law
monetary law
aimedToImprove banking system resilience
financial stability
appliesToJurisdiction United States of America
surface form: United States
authorized Federal Reserve Notes as national currency
classification landmark U.S. financial legislation
codifiedIn Title 12 of the United States Code
country United States of America
surface form: United States
created Federal Reserve System
createdNumberOfRegionalBanks 12
dateEnacted 1913-12-23
definesRoleOf Federal Reserve System
empowered Federal Reserve System to issue Federal Reserve Notes
established Federal Reserve System
grantedPowerTo Federal Reserve Banks
Federal Reserve Board of Governors
hasLanguage English
hasOfficialName Federal Reserve Act of 1913
historicalContext Progressive Era reforms
introducedInChamber United States House of Representatives
United States Senate
legislativeBody United States Congress
motivatedBy Panic of 1907
namedAfter Carter Glass
Robert Latham Owen
presidentDuringEnactment Woodrow Wilson
purpose to afford means of rediscounting commercial paper
to create a central banking system for the United States
to establish more effective supervision of banking in the United States
to provide an elastic currency
region North America
regulates member banks of the Federal Reserve System
relatedTo United States monetary policy
lender of last resort function
replacedSystem National Banking Act of 1863
surface form: National Banking System
resultedInCreationOf Federal Reserve Banks
Federal Reserve Board of Governors
surface form: Federal Reserve Board
shortTitle Federal Reserve Act of 1913
surface form: Federal Reserve Act
signedBy Woodrow Wilson
sponsor Carter Glass
Robert Latham Owen
subjectMatter bank regulation
central banking
monetary policy
typeOfStatute public law
yearEnacted 1913

How these facts were elicited

Referenced by (1)

Full triples — surface form annotated when it differs from this entity's canonical label.

Federal Reserve Act of 1913 alsoKnownAs Glass–Owen Act