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THE FEDERAL RESERVE ACT

(APPROVED DECEMBER 23, 1913)

AS AMENDED

August 4, 1914; August 15, 1914; March 3, 1915; September 7, 1916 June 21, 1917; September 26, 1918; March 3, 1919; September 17 1919; December 24, 1919; April 13, 1920; February 27, 1921; June 14, 1921; June 3, 1922; July 1, 1922; February 6, 1923; March 1, 1923

WITH AN APPENDIX
Containing various provisions of certain Acts of Congress
which affect, directly or indirectly, the operations of
Federal Reserve Banks and banks which are

members of the Federal Reserve System

25004--24

-12

163

LIST OF ACTS PUBLISHED IN APPENDIX.

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.
AMENDMENT TO POSTAL SAVINGS ACT, approved May 18, 1916
FARM LOAN ACT, approved July 17, 1916
FIRST LIBERTY BON ACT, approved April 24, 1917
SECOND LIBERTY BOND ACT, approved September 24, 1917
THIRD LIBERTY BOND ACT, approved April 4, 1918
WAR FINANCE CORPORATION ACT, approved April 5, 1918, as

amended by the Victory Liberty Loan Act, approved March 3, 1919 AN ACT TO CONSERVE THE GOLD SUPPLY OF THE UNITED

STATES, ETC., approved April 23, 1918
TRADING WITH THE ENEMY ACT, as amended by the act approved

September 24, 1918
SECTION 5136, REVISED STATUTES, as amended by act of July 1,

1922
SECTION 5137, REVISED STATUTES
SECTION 5172, REVISED STATUTES, as amended by act of March

3, 1919 SECTION 5190, REVISED STATUTES SECTION 5200, REVISED STATUTES, as amended by act of Septem

ber 24, 1918, and act of October 22, 1919
SECTION 5202, REVISED STATUTES, as amendod by War Finance

Corporation Act, approved April 5, 1918, and act of October 22, 1919
SECTION 5207, REVISED STATUTES
SECTIONS 5208 AND 5209, REVISED STATUTES, as amended by

act of Septomber 26, 1918
SECTIONS 5220 AND 5221, REVISED STATUTES
REVENUE ACT OF 1921, approved November 23, 1921
TRANSPORTATION ACT OF 1920, approved February 28, 1920
APPROPRIATION ACT OF 1920, approved May 29, 1920
AGRICULTURAL CREDITS ACT of 1923, approved March 4, 1923.

164

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, 1022 (42 Stat., 620, Chap. 205); July 1, 1922 (42 Stat., 821, Chap. 274); Feb. 6, 1923; Mar. 4, 1923.

An Act To provide for the establishment of Federal reserve banks, 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 of the United States of America in Congress assembled, That the short title of this Act shall be the “Federal Reserve Act.

Wherever the word "bank” is used in this Act, the word shall be held to include State bank, banking association, and trust company, except where national banks or Federal reserve banks are specifically referred to.

The terms “national bank” and “national banking association” used in this Act shall be held to be synonymous and interchangeable. The term "member bank" shall be held to mean any national bank, State bank, or bank or trust company which has become a member of one of the reserve banks created by this Act. The term “board” shall be held to mean Federal Reserve Board; the term “district" shall be held to mean Federal reserve district; the term “reserve bank” shall be held to mean Federal reserve bank.

FEDERAL RESERVE DISTRICTS.

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

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contain only one of such Federal reserve cities. The determination of said organization committee shall not be subject to review except by the Federal Reserve Board when organized: Provided, That the districts shall be apportioned with due regard to the convenience and customary course of business and shall not necessarily be coterminous with any State or States. The districts thus created may be readjusted and new districts may from time to time be created by the Federal Reserve Board, not to exceed twelve in all. Such districts shall be known as Federal reserve districts and may be designated by number. A majority of the organization committee shall constitute a quorum with authority to act.

Said organization committee shall be authorized to employ counsel and expert aid, to take testimony, to send for persons and papers, to administer oaths, and to make such investigation as may be deemed necessary by the said committee in determining the reserve districts and in designating the cities within such districts where such Federal reserve banks shall be severally located. The said committee shall supervise the organization in each of the cities designated of a Federal reserve bank, which shall include in its title the name of the city in which it is situated, as "Federal Reserve Bank of Chicago.”

Under regulations to be prescribed by the organization committee, every national banking association in the United States is hereby required, and every eligible bank in the United States and every trust company within the District of Columbia, is hereby authorized to signify in writing, within sixty days after the passage of this Act, its acceptance of the terms and provisions hereof. When the organization committee shall have designated the cities in which Federal reserve banks are to be organized, and fixed the geographical limits of the Federal reserve districts, every national banking association within that district shall be required within thirty days after notice from the organization committee, to subscribe to the capital stock of such Federal reserve bank in a sum equal to six per centum of the paid-up capital stock and surplus of such bank, one-sixth of the subscription to be payable on call of the organization committee or of the Federal Reserve Board, one-sixth within three months and onesixth within six months thereafter, and the remainder of the subscription, or any part thereof, shall be subject to call when deemed necessary by the Federal Reserve Board, said payments to be in gold or gold certificates.

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