Federal Reserve Act of 1913

The Federal Reserve Act of 1913 (also known as the Glass-Owen Bill) established the Federal Reserve System in the United States. The bill was proposed by a congressional committee which was charged with investigating the influence that big bankers had on the U.S. economy. The bill was passed on the evening of December 23, 1913 by a vote of 43-25, with 27 Senators absent or abstaining and made law shortly after by President Wilson.

President Wilson was later quoted saying, "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men."

See Federal Reserve
See Federal Reserve Bank
See Federal Reserve Board (FRB)
See Federal Reserve System

Federal Reserve Member Regulations

Regulation A
Regulation D
Regulation FD
Regulation G
Regulation M
Regulation Q
Regulation U
Regulation T