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THE FEDERAL RESERVE ACT
THE ACT OF DECEMBER 23, 1913
ADDITIONAL COPIES OF THIS PUBLICATION MAY BE PROCURED FROM THE SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE
WASHINGTON, D. C.
75 CENTS PER COPY
THE ACT OF DECEMBER 23, 1913.
[PUBLIC—No. 43–630 CONGREŞS.1
[H. R. 7837.] AN ACT To provide for the establishment of Federal reserve banks, to furnisk an elastic
currency, to afford means of rediscounting commercial paper, to establish à more effective supervision of banking in the United States, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United: 1 States of America in Congress assembled, That the short title of this 2 Act shall be the "Federal Reserve Act.”
3 Wherever the word "bank" is used in this Act, the word shall be 4 held to include State bank, banking association, and trust company, 5 except where national banks or Federal reserve banks are specifically 6 referred to.
7 The terms “national bank” and “national banking association" 8 used in this Act shall be held to be synonymous and interchangeable. 9 The term "member bank" shall be held to mean any national bank, 10 State bank, or bank or trust company which has become a member 11 of one of the reserve banks created by this Act. The term “board” 12 shall be held to mean Federal Reserve Board; the term “district” 13 shall be held to mean Federal reserve district; the term “reserve 14 bank” shall be held to mean Federal reserve bank.
FEDERAL RESERVE DISTRICTS,
SEC. 2. As soon as practicable, the Secretary of the Treasury, the 17 Secretary of Agriculture and the Comptroller of the Currency, act- 18 ing as "The Reserve Bank Organization Committee,” shall designate 19 not less than eight nor more than twelve cities to be known as Federal 20 reserve cities, and shall divide the continental United States, ex- 21 cluding Alaska, into districts, each district to contain only one of such 22 Federal reserve cities. The determination of said organization 23 committee shall not be subject_to review except by the Federal 24 Reserve Board when organized: Provided, That the districts shall be 25 apportioned with due regard to the convenience and customary course 26 of business and shall not necessarily be coterminous with any State 27 or States. The districts thus created may be readjusted and new 28 districts may from time to time be created by the Federal Reserve 29 Board, not to exceed twelve in all. Such districts shall be known as 30 Federal reserve districts and may be designated by number. A ma- 31 jority of the organization committee shall constitute a quorum with 32 authority to act.
33 Said organization committee shall be authorized to employ counsel 34 and expert aid, to take testimony, to send for persons and papers, to 35 administer oaths, and to make such investigation as may be deemed 36 necessary by the said committee in determining the reserve districts 37 and in designating the cities within such districts where such Federal 38 reserve banks shall be severally located. The said committee shall 39 supervise the organization in each of the cities designated of a 40 Federal reserve bank, which shall include in its title the name of the 41 city in which it is situated, as “Federal Reserve Bank of Chicago." 42