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Federal Reserve Act

Act of Congress signed on 23 December 1913 that created the Federal Reserve System.

11 links, 4 backed by primary records

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Dates
23 Dec 1913
How each side tells it

According to Federal Reserve

According to Carter Glass

According to Edwin Seligman

Connections 11

enacted by

includes

led to

influenced by

Timeline 2 dates
  1. 23 Dec 1913 Federal Reserve Act
  2. 23 Dec 1913 Woodrow Wilson signed into law Federal Reserve Act
Proof 6 sources
  1. Federal Reserve Act Signed into Law, Federal Reserve History (staff of the Federal Reserve Bank of Kansas City), 22 Nov 2013. Scholarship & press
    The Federal Reserve Act was signed by President Wilson on December 23, 1913.
    While Aldrich would have created a central body, the Glass bill provided for a system of regional banks.
    Wilson, however, felt the plan needed an oversight agency.
  2. Federal Reserve Act, Section 4: Federal Reserve Banks, Board of Governors of the Federal Reserve System (text of the Act). Primary record
    The president shall be the chief executive officer of the bank and shall be appointed by the Class B and Class C directors of the bank, with the approval of the Board of Governors of the Federal Reserve System, for a term of 5 years;
    Class C shall consist of three members who shall be designated by the Board of Governors of the Federal Reserve System.
    No director of class B shall be an officer, director, or employee of any bank.
  3. Federal Reserve Act, Section 5: Stock Issues; Increase and Decrease of Capital, Board of Governors of the Federal Reserve System (text of the Act). Primary record
    Shares of the capital stock of Federal reserve banks owned by member banks shall not be transferred or hypothecated.
  4. Federal Reserve Act, Section 7: Division of Earnings, Board of Governors of the Federal Reserve System (text of the Act). Primary record
    in the case of a stockholder with total consolidated assets of $10,000,000,000 or less, 6 percent.
    the smaller of-- the rate equal to the high yield of the 10-year Treasury note auctioned at the last auction held prior to the payment of such dividend; and 6 percent;
    Any amounts of the surplus funds of the Federal reserve banks that exceed, or would exceed, the limitation under subparagraph (A) shall be transferred to the Board of Governors of the Federal Reserve System for transfer to the Secretary of the Treasury
  5. Who owns the Federal Reserve?, Board of Governors of the Federal Reserve System. Primary record
    The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank.
  6. The Meeting at Jekyll Island, Federal Reserve History (Federal Reserve Banks and Board of Governors), 4 Dec 2015. Scholarship & press
    The technical details of the final bill closely resembled those of the Aldrich Plan.
    Glass, by now a senator, claimed credit for the key ideas in the Federal Reserve Act
    in which he asserted that Glass's claims of primary authorship were "fiction," "fable," and a "work of imagination"
    Claims Glory for Owen. Wilson, McAdoo and Bryan also Entitled to Credit
    Glass, Owen, and their staffs directly consulted with Warburg, whose technical expertise was respected by Democratic and Republican politicians alike.
    in its fundamental features the Federal Reserve Act is the work of Mr. Warburg more than of any other man.
    In 1927, Seligman and Glass debated this point in a series of letters published in the New York Times.
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