The Federal Reserve Act (ch. 6, 38 Stat. 251, enacted December 23, 1913, 12 U.S.C. ch.3) is an Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes (now commonly known as the U.S. Dollar) and Federal Reserve Bank Notes as legal tender. The Act was signed into law by President Woodrow Wilson.
Read more about Federal Reserve Act: Background, Legislative History, The Act, Subsequent Amendments, Criticism
Famous quotes containing the words federal, reserve and/or act:
“If the federal government had been around when the Creator was putting His hand to this state, Indiana wouldnt be here. Itd still be waiting for an environmental impact statement.”
—Ronald Reagan (b. 1911)
“If a walker is indeed an individualist there is nowhere he cant go at dawn and not many places he cant go at noon. But just as it demeans life to live alongside a great river you can no longer swim in or drink from, to be crowded into safer areas and hours takes much of the gloss off walkingone sport you shouldnt have to reserve a time and a court for.”
—Edward Hoagland (b. 1932)
“With the first act of cruelty committed in the name of revolution, with the first murder, with the first purge and execution, we have lost the revolution.”
—Kate Millett (b. 1934)