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The Federal Reserve System

On December 23, 1913 President Woodrow Wilson signed the Federal Reserve Act into law. The Federal Reserve Act provides for the “establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes” (1). There are several laws that affect the Federal Reserve Act. Some examples are the Banking Act of 1935; the Banking Holding Company Act of 1956; the International Banking Act of 1978; the Depository Institutions Deregulation and Monetary Control Act of 1980; the Financial Institution Reform, Recovery and Enforcement Act of 1989; and the Federal Deposit Insurance Corporation Improvement Act of 1991. The main objectives of the Federal Reserve which were defined by Congress include “economic growth in line with the economy’s potential to expand, a high level of employment, stable prices and......

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Approximate Word Count: 1539
Approximate Pages: 7 (250 words per double-spaced page)

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