The Federal Reserve Act (ch. 6, 38 Stat. 251, enacted December 23, 1913, 12 U.S.C. ch.3) is an Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes (now commonly known as the U.S. Dollar) and Federal Reserve Bank Notes as legal tender. The Act was signed into law by President Woodrow Wilson.
Read more about Federal Reserve Act: Background, Legislative History, The Act, Subsequent Amendments, Criticism
Famous quotes containing the words federal, reserve and/or act:
“If the federal government had been around when the Creator was putting His hand to this state, Indiana wouldn’t be here. It’d still be waiting for an environmental impact statement.”
—Ronald Reagan (b. 1911)
“In a democracy—even if it is a so-called democracy like our white-élitist one—the greatest veneration one can show the rule of law is to keep a watch on it, and to reserve the right to judge unjust laws and the subversion of the function of the law by the power of the state. That vigilance is the most important proof of respect for the law.”
—Nadine Gordimer (b. 1923)
“Adolescents may be, almost simultaneously, overconfident and riddled with fear. They are afraid of their overpowering feelings, of losing control, of helplessness, of failure. Sometimes they act bold, to counteract their imperious yearnings to remain children. They are impulsive, impetuous, moody, disagreeable, overdemanding, underappreciative. If you don’t understand them, remember, they don’t understand themselves most of the time.”
—Stella Chess (20th century)