Federal Reserve System established

Historical Context Note

Lucas Paul Richert (University of Saskatchewan)

The Literary Encyclopedia. Volume 3.2.3: American (US) Writing and Culture: The Early Twentieth-century , 1900-1945.
Vol. editors: J. Michael Duvall (College of Charleston), Emory Elliott (University of California, Riverside), Dale Enggass (University of Utah), Matthew Hofer (University of New Mexico), Stephen E. Meats (Pittsburg State University), Tony Papanikolas (San Jose State University), Justin Parks (UiT - The Arctic University of Norway), Nick Selby (University of East Anglia)

Domains

Banking

Dates

Date of occurrence 1913-12-23

Places

United States (Location)

Resources

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On 23 December 1913, the Federal Reserve System was authorised. This was a major reform of U.S. banking and finance (Federal Reserve Act). The law provided for the creation of a Board of Governors, the 12 Federal Reserve Banks, the Federal Advisory Council, and the Federal Open Market Committee. The Federal Reserve System serves as a custodian of the U.S. reserve accounts of certain commercial banks, makes loans to commercial banks, and oversees the supply of currency. The 12 Federal Banks are privately own corporations that were established to aid the public good. These banks exist in Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas, Minneapolis, Philadelphia, Richmond, San Francisco, and St. Louis. The Federal Open Market Committee, for its part, was charged with determining Federal…

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163 words

Citation: Richert, Lucas Paul. "Federal Reserve System established". The Literary Encyclopedia. First published 01 November 2008 [https://www.litencyc.com/php/stopics.php?rec=true&UID=5564, accessed 07 May 2024.]

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