Federal Reserve Act
created a federal reserve system to mobilize banking reserves and issue a flexible currency—federal reserve notes—based on gold and commercial paper. It created a system consisting of a governing board of presidential appointees, the 12 Federal Reserve banks, a committee to oversee the sale of securities on the open market, a general advisory council, and (since 1976) a consumer advisory council. All national banks were required to be members of the Federal Reserve System, and state banks could become members if they met membership qualifications.
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