Federal Reserve ActLaw
Legal Definition of 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.
required by fashion, etiquette, or custom
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