Federal Reserve Act of 1913

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The Federal Reserve Act of 1913 established the Federal Reserve System as the central banking authority of the United States. It was signed by president Woodrow Wilson on Dec. 23, 1913.[1][2]

The Federal Reserve Act was amended in 2002 through the Act of November 26, 2002.[3]

Established Structure[edit]

Under the original Act, there were to be eight to 12 private regional Federal Reserve banks each with its own branches, board of directors and district boundaries and the System was to be headed by a seven-member Federal Reserve Board made up of public officials appointed by the President. Also created as part of the Federal Reserve System was a 12 member Federal Advisory Committee and a single new U.S. currency, the Federal Reserve Note.

The Federal Reserve Act also said that all nationally charted banks are required to become members of the Federal Reserve System.