Federal Reserve Act

Federal Reserve Act of 1913 (ch. 6, 38 Stat. 251, enacted December 23, 1913, 12 U.S.C. ch.3) is the law creating the Federal Reserve System with its 12 Federal Reserve Banks, which act as the American central bank. The Act has been amended many times. The underlying idea was to provide an "elastic currency through the creation of an American central bank, without arousing the then existing unpopularity of every centralization in the United States and the traditional hostility to the central bank idea due to the experience with two preceding Banks of the United States.

The Act was signed into law by President Woodrow Wilson.

Also See

 * Federal Reserve System

Links

 * Federal Reserve Act