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INDEX-DIGEST

OF

THE FEDERAL RESERVE ACT

AND AMENDMENTS

TOGETHER WITH THOSE PROVISIONS OF

OTHER ACTS WHICH AFFECT THE
FEDERAL RESERVE SYSTEM

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LIST OF ACTS PUBLISHED IN APPENDIX TO THE FEDERAL RESERVE ACT.

CLAYTON ANTI-TRUST ACT, approved October 15, 1914, as amended by Kern Amendment, approved May 15, 1916, as amended by the act approved May 26, 1920. (Page 65.)

AMENDMENT TO POSTAL SAVINGS ACT, approved May 18, 1916. (Page 67.)

FARM LOAN ACT, approved July 17, 1916. (Page 67.)

FIRST LIBERTY BOND ACT, approved April 24, 1917. (Page 69.) SECOND LIBERTY BOND ACT, approved September 24, 1917. (Page 70.)

THIRD LIBERTY BOND ACT, approved April 4, 1918. (Page 70.) WAR FINANCE CORPORATION ACT, approved April 5, 1918, as amended by the acts of March 3, 1919, August 24, 1921, June 10, 1922, March 4, 1923, and February 20, 1924. (Pages 71, 72, 96, 98.) AN ACT TO CONSERVE THE GOLD SUPPLY OF THE UNITED STATES, ETC., approved April 23, 1918. (Page 73.)

TRADING WITH THE ENEMY ACT, as amended by the act approved September 24, 1918. (Page 76.)

SECTION 5136, REVISED STATUTES, as amended by act of July 1, 1922. (Page 77.)

SECTION 5137, REVISED STATUTES. (Page 78.)

SECTION 5172, REVISED STATUTES, as amended by act of March 3, 1919. (Page 79.)

SECTION 5190, REVISED STATUTES. (Page 79.)

SECTION 5200, REVISED STATUTES, as amended by act of September 24, 1918, and act of October 22, 1919. (Page 79.)

SECTION 5202, REVISED STATUTES, as amended by War Finance Corporation Act, approved April 5, 1918, and act of October 22, 1919. (Page 81.)

SECTION 5207, REVISED STATUTES. (Page 81.)

SECTIONS 5208 AND 5209, REVISED STATUTES, as amended by act of September 26, 1918. (Page 82.)

SECTIONS 5220 AND 5221, REVISED STATUTES. (Page 84.) REVENUE ACT OF 1921, approved November 23, 1921. (Page 84.) APPROPRIATION ACT OF 1920, approved May 29, 1920. (Page 86.) TRANSPORTATION ACT OF 1920, approved February 28, 1920. (Page 87.)

AGRICULTURAL CREDITS ACT of 1923, approved March 4, 1923. (Page 89.)

Additional copies of this publication may be procured from the Federal Reserve Board or from any Federal reserve bank at $2 per copy.

II

FEDERAL RESERVE ACT.

(Approved Dec. 23, 1913.)

As amended Aug. 4, 1914 (38 Stat., 682, Chap. 225); Aug. 15, 1914 (38 Stat., 691,
Chap. 252); Mar. 3, 1915 (38 Stat., 958, Chap. 93); Sept. 7, 1916 (39 Stat., 752,
Chap. 461); June 21, 1917 (40 Stat., 232, Chap. 32); Sept. 26, 1918 (40 Stat., 967,
Chap. 177); Mar. 3, 1919 (40 Stat., 1314, Chap. 101); Sept. 17, 1919 (41 Stat., 285,
Chap. 60); Dec. 24, 1919 (41 Stat., 378, Chap. 18); Apr. 13, 1920 (41 Stat., 550,
Chap. 128); Feb. 27, 1921 (41 Stat., 1145, Chap. 73); Feb. 27, 1921 (41 Stat., 1146,
Chap. 75); June 14, 1921 (42 Stat., 28, Chap. 22); June 3, 1922 (42 Stat., 620, Chap.
205); July 1, 1922 (42 Stat., 821, Chap. 274); Feb. 6, 1923; Mar. 4, 1923.

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An Act To provide for the establishment of Federal reserve banks, 1 to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.

Be it enacted by the Senate and House of Representatives 5 of the United States of America in Congress assembled, 6 That the short title of this Act shall be the "Federal 7 Reserve Act."

8

Wherever the word "bank" is used in this Act, the 9 word shall be held to include State bank, banking asso- 10 ciation, and trust company, except where national banks 11 or Federal reserve banks are specifically referred to. 12

The terms "national bank" and "national banking 13 association" used in this Act shall be held to be synony- 14 mous and interchangeable. The term "member bank" 15 shall be held to mean any national bank, State bank, or 16 bank or trust company which has become a member of 17 one of the reserve banks created by this Act. The term 18 "board" shall be held to mean Federal Reserve Board; 19 the term "district" shall be held to mean Federal reserve 20 district; the term reserve bank" shall be held to mean 21 Federal reserve bank.

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FEDERAL RESERVE DISTRICTS.

22

23

Sec. 2. As soon as practicable, the Secretary of the 24 Treasury, the Secretary of Agriculture and the Comp- 25 troller of the Currency, acting as "The Reserve Bank 26 Organization Committee," shall designate not less than 27 eight nor more than twelve cities to be known as Federal 28 reserve cities, and shall divide the continental United 29. States, excluding Alaska, into districts, each district to 30

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