Liberty Dollar
About the Liberty Dollar | GET | SPEND | EXCHANGE | Get Started | Information | FAQs | Real Money Articles | In The News | Press Kit | Federal
Reserve | Links
ASSOCIATE &CUSTOMER LOGIN
HomeLiberty Dollar
About the LibertyDollarIntro to Liberty
DollarList of Supporters
Color BrochureWhy use Liberty
DollarsLiberty Dollar Story
Media saysUsers say
FAQ / Liberty DollarInflation thru
HistoryVocabulary
Unofficial DiscussionGroupHistory
Unofficial LibertyDollar Encyclopedia
News ArticlesPrivate Liberty
DollarsLiberty DollarDOUBLES +
Digital LibertyDollars
Get Liberty DollarsGold Issues
$500 Current GoldLiberty
Shopping CartDigital Liberty
Dollars
Federal Reserve ActDispersed throughout 12 USC; ch. 6, 38 Stat. 251 (December 23, 1913)
*Great care has been taken in reproducing this act in its entirety, however, please do notconsider this an official legal source.*
SECTION 1Short Title and Definitions
1. Short Title
Be it enacted by the Senate and House of Representatives of the UnitedStates of America in Congress assembled, That the short title of this Act shallbe the Federal Reserve Act.
[12 USC 226. Part of original Federal Reserve Act; not amended.]
2. Definition of Bank
Wherever the word bank is used in this Act, the word shall be held to includeState bank, banking association, and trust company, except where nationalbanks or Federal reserve banks are specifically referred to.
[12 USC 221. Part of original Federal Reserve Act; not amended.]
3. Definitions of Other Terms
The terms national bank and national banking association used in this Actshall be held to be synonymous and interchangeable. The term member bankshall be held to mean any national bank, State bank, or bank or trust companywhich has become a member of one of the reserve banks created by this Act.The term board shall be held to mean Board of Governors of the FederalReserve System; the term district shall be held to mean Federal reservedistrict; the term reserve bank shall be held to mean Federal reserve bank;the term the continental United States means the States of the United Statesand the District of Columbia.
4. Definition of Bonds and Notes of the United States
The terms bonds and notes of the United States, bonds and notes of theGovernment of the United States, and bonds or notes of the United Statesused in this Act shall be held to include certificates of indebtedness andTreasury bills issued under section 3104 of title 31.
[12 USC 221. As amended by acts of June 25, 1959 (73 Stat. 142) and Sept. 13, 1982(96 Stat. 1058). For further definitions, see section 2 of Banking Act of 1933, approvedJune 16, 1933. Section 203(a) of the Banking Act of 1935, approved Aug. 23, 1935(49 Stat. 704), provided: Hereafter the Federal Reserve Board shall be known as the'Board of Governors of the Federal Reserve System', and the governor and vicegovernor of the Federal Reserve Board shall be known as the 'chairman' and the 'vice
Liberty Dollar http://www.libertydollar.org/ld/federal-reserve/fed...
1 of 109 07/28/2009 06:16 PM
RCO Search MapSpend Liberty
DollarsLiberty Merchants
How to use itSuccess Stories
Newsletters & AlertsSign Up
Update SubscriptionNewsletter andAlert Archives
Success StoriesHow to use itLegal Issues
Gov DocsFBI Raid
US Mint WarningBackground
Contingency ClubLegal Defense Fund
Legal OpinionUpdates
Press KitNews ArticlesPress ReleasesBernard von
NotHausPublic Speaking
Photos2008 Liberty Dollar
ImagesCharts
Prominent QuotesIn the News
PrintFAQs
Liberty Dollar FAQNORFED FAQ
Money FAQMove Up to $20Silver Over $10
Why pay Twice theprice
Exchange ALD toUSD
About our Company
chairman', respectively, of the Board of Governors of the Federal Reserve System.Accordingly, the words Federal Reserve Board, governor and vice governor,wherever they formerly appeared in the Federal Reserve Act (or in other acts ofCongress), have been changed here to read Board of Governors of the FederalReserve System, chairman and vice chairman, respectively, notwithstanding thefact that such change has not been made by specific amendment of the law.]
SECTION 2Federal Reserve Districts
1. Establishment of Reserve Cities and Districts
As soon as practicable, the Secretary of the Treasury, the Secretary ofAgriculture and the Comptroller of the Currency, acting as The Reserve BankOrganization Committee, shall designate not less than eight nor more thantwelve cities to be known as Federal reserve cities, and shall divide thecontinental United States, excluding Alaska, into districts, each district tocontain only one of such Federal reserve cities. The determination of saidorganization committee shall not be subject to review except by the Board ofGovernors of the Federal Reserve System when organized: Provided, That thedistricts shall be apportioned with due regard to the convenience andcustomary course of business and shall not necessarily be coterminous withany State or States. The districts thus created may be readjusted and newdistricts may from time to time be created by the Board of Governors of theFederal Reserve System, not to exceed twelve in all. Such districts shall beknown as Federal reserve districts and may be designated by number. Whenthe State of Alaska or Hawaii is hereafter admitted to the Union the FederalReserve districts shall be readjusted by the Board of Governors of the FederalReserve System in such manner as to include such State. Every national bankin any State shall, upon commencing business or within ninety days afteradmission into the Union of the State in which it is located, become a memberbank of the Federal Reserve System by subscribing and paying for stock inthe Federal Reserve bank of its district in accordance with the provisions ofthis Act and shall thereupon be an insured bank under the Federal DepositInsurance Act, and failure to do so shall subject such bank to the penaltyprovided by the sixth paragraph of this section.
[Partly incorporated in 12 USC 222 and 223. As amended by acts of July 7, 1958 (72Stat. 350); March 18, 1959 (73 Stat. 12).]
2. Powers of Organization Committee
Said organization committee shall be authorized to employ counsel and expertaid, to take testimony, to send for persons and papers, to administer oaths,and to make such investigation as may be deemed necessary by the saidcommittee in determining the reserve districts and in designating the citieswithin such districts where such Federal reserve banks shall be severallylocated. The said committee shall supervise the organization in each of thecities designated of a Federal reserve bank, which shall include in its title thename of the city in which it is situated, as Federal Reserve Bank of Chicago.
[Omitted from U.S. Code except part of last sentence, which is incorporated in 12 USC225. Part of original Federal Reserve Act; not amended.]
3. Subscription to Stock by National Banks
Under regulations to be prescribed by the organization committee, everynational banking association in the United States is hereby required, and everyeligible bank in the United States and every trust company within the Districtof Columbia, is hereby authorized to signify in writing, within sixty days afterthe passage of this Act, its acceptance of the terms and provisions hereof.When the organization committee shall have designated the cities in which
Liberty Dollar http://www.libertydollar.org/ld/federal-reserve/fed...
2 of 109 07/28/2009 06:16 PM
GoalsHistory
Profit StatementAudits
Audit StatementGET
Gold IssuesCurrent $500 Gold
LibertyHow to Use
Sign UpMerchant Handbook
RCOFind your RCOOnline Store
Digital LibertyDollars
SPEND
Liberty MerchantsHow to use it
Success StoriesEXCHANGE
Money & Banking
Shopping CartRCO
Information
Federal reserve banks are to be organized, and fixed the geographical limits ofthe Federal reserve districts, every national banking association within thatdistrict shall be required within thirty days after notice from the organizationcommittee, to subscribe to the capital stock of such Federal reserve bank in asum equal to six per centum of the paid-up capital stock and surplus of suchbank, one-sixth of the subscription to be payable on call of the organizationcommittee or of the Board of Governors of the Federal Reserve System,one-sixth within three months and one-sixth within six months thereafter, andthe remainder of the subscription, or any part thereof, shall be subject to callwhen deemed necessary by the Board of Governors of the Federal ReserveSystem, said payments to be in gold or gold certificates.
[Partly incorporated in 12 USC 282. Part of original Federal Reserve Act; notamended. For provisions concerning stock subscriptions by state banks and trustcompanies, see section 9.]
4. Liability of Shareholders of Reserve Banks
The shareholders of every Federal reserve bank shall be held individuallyresponsible, equally and ratably, and not one for another, for all contracts,debts, and engagements of such bank to the extent of the amount of theirsubscriptions to such stock at the par value thereof in addition to the amountsubscribed, whether such subscriptions have been paid up in whole or in part,under the provisions of this Act.
[12 USC 502. Part of original Federal Reserve Act; not amended.]
5. Failure of National Bank to Accept Terms of Act
Any national bank failing to signify its acceptance of the terms of this Actwithin sixty days aforesaid, shall cease to act as a reserve
