Federal Reserve Act of 1913

E8347

United States federal statute banking law monetary law

The Federal Reserve Act of 1913 is the U.S. law that created the Federal Reserve System as the nation’s central bank to provide a safer, more flexible, and more stable monetary and financial system.

Aliases (1)

Federal Reserve Act ×16

Statements (48)

Predicate	Object
instanceOf	United States federal statute → banking law → monetary law →
alsoKnownAs	Glass–Owen Act →
amendedBy	Banking Act of 1933 → Banking Act of 1935 → Dodd–Frank Wall Street Reform and Consumer Protection Act → Federal Reserve Reform Act of 1977 → Full Employment and Balanced Growth Act of 1978 →
appliesTo	national banks → state banks that choose to become member banks →
citation	Pub.L. 63–43 →
codifiedIn	Title 12 of the United States Code →
country	United States →
created	Federal Reserve Banks → Federal Reserve Board → Federal Reserve System →
effectiveDate	1914-11-16 →
enactedBy	63rd United States Congress →
establishes	12 regional Federal Reserve Banks →
grantsPowerTo	Federal Open Market Committee → Federal Reserve Board of Governors →
historicalContext	enacted after the Panic of 1907 →
introducedInChamber	United States House of Representatives → United States Senate →
jurisdiction	federal jurisdiction of the United States →
language	English →
legislativeBody	United States Congress →
locationOfSigning	Washington, D.C. →
policyGoal	elastic currency → mitigation of financial panics → more effective supervision of banking →
purpose	to create the Federal Reserve System as the central bank of the United States → to provide a safer, more flexible, and more stable monetary and financial system →
regulates	discount window lending → issue of Federal Reserve notes → reserve requirements of member banks →
relatedTo	United States banking system → United States monetary policy →
replaced	Aldrich–Vreeland Act →
shortName	Federal Reserve Act →
signedBy	Woodrow Wilson →
signingDate	1913-12-23 →
sponsor	Carter Glass → Robert Latham Owen →
subject	banking regulation → central banking → monetary policy →

Referenced by (26)

Subject (surface form when different)	Predicate
Chair of the Federal Reserve → FRB → Federal Open Market Committee ("Federal Reserve Act") → Federal Reserve Board governors → Federal Reserve Board of Governors → Federal Reserve System →	legalBasis
Federal Reserve Bank of Cleveland ("Federal Reserve Act") → Federal Reserve Bank of New York ("Federal Reserve Act") → Federal Reserve Bank of Richmond ("Federal Reserve Act") →	foundedBy
Banking Act of 1935 ("Federal Reserve Act") → Federal Reserve Reform Act of 1977 ("Federal Reserve Act") →	amends
Independent Treasury System →	abolishedBy
Regulation D ("Federal Reserve Act") →	basedOnStatute
Aldrich–Vreeland Act ("Federal Reserve Act") →	followedBy
Federal Reserve Bank presidents ("Federal Reserve Act") →	governedBy
Federal Reserve Note →	governingLaw
Glass–Owen Act →	hasOfficialName
Woodrow Wilson ("Federal Reserve Act") →	implemented
Woodrow Wilson administration ("Federal Reserve Act") →	notablePolicy
Carter Glass ("Federal Reserve Act") →	notableWork
63rd United States Congress ("Federal Reserve Act") →	passed
Reg D ("Federal Reserve Act") →	relatedTo
Federal Reserve Act of 1913 ("Federal Reserve Act") →	shortName
Glass–Owen Act ("Federal Reserve Act") →	shortTitle
Progressive Era →	significantEvent
Aldrich–Vreeland Act →	supersededBy