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Board of Governors of the Federal Reserve System
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Federal Reserve Board of Governors

Federal Reserve Act


Section 1. Short title and definitions

1. Short title 

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the short title of this Act shall be the "Federal Reserve Act."

[12 USC 226. Part of original Federal Reserve Act; not amended.] 

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2. Definition of "bank"

Wherever the word "bank" is used in this Act, the word shall be held to include State bank, banking association, and trust company, except where national banks or Federal reserve banks are specifically referred to. For purposes of this Act, a State bank includes any bank which is operating under the Code of Law for the District of Columbia.

[12 USC 221. Part of original Federal Reserve Act. As amended by act of Oct. 13, 2006 (120 Stat. 2001).* ]

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3. Definitions of other terms

The terms "national bank" and "national banking association" used in this Act shall be held to be synonymous and interchangeable. The term "member bank" shall be held to mean any national bank, State bank, or bank or trust company which 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 Federal Reserve System; the term "district" shall be held to mean Federal reserve district; the term "reserve bank" shall be held to mean Federal reserve bank; the term "the continental United States" means the States of the United States and the District of Columbia.

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4. Definitions relating to Treasury bonds

The terms "bonds and notes of the United States," "bonds and notes of the Government of the United States," and "bonds or notes of the United States" used in this Act shall be held to include certificates of indebtedness and Treasury 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, approved June 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 vice governor of the Federal Reserve Board shall be known as the 'chairman' and the 'vice 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 of Congress), have been changed here to read "Board of Governors of the Federal Reserve System", "chairman" and "vice chairman", respectively, notwithstanding the fact that such change has not been made by specific amendment of the law.

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* An identical amendment was made by act of Oct. 16, 2006 (120 Stat. 2028).

Last update: May 23, 2013