Federal Reserve Act, December 23, 1913, 38 Stat. 251 (p. 1)

Claims Supported by This Source

1. Approved December 23, 1913. The title is "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." The short title is "Federal Reserve Act."
2. In this Act, the word "bank" shall be held to include State bank, banking association, and trust company (except where national banks or Federal reserve banks are specifically referred to). "Member bank" shall be held to mean any national bank, State bank, or trust company which has become a member of one of the reserve banks.
3. Section 2: 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 contain one of such cities.

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