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Federal Reserve Act
Practical Law UK Glossary 8-503-7080 (Approx. 2 pages)
Glossary
Federal Reserve Act
The federal banking statute that, among other things:
- Created the Federal Reserve System, including the 12 Federal Reserve Banks, the Federal Open Market Committee and the Board of Governors of the Federal Reserve System.
- Imposes the conditions under which banks can become member banks.
- Regulates certain activities of member banks, including loans to insiders and transactions with affiliates.
- Regulates the foreign branching powers of national banks.
(12 U.S.C. ch. 3).