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2d Session 5

1 No. 335

BANKING AND CURRENCY BILL

COMPARATIVE PRINT

SHOWING

H. R. 7837 AN ACT TO PROVIDE 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

AS PASSED BY THE HOUSE, AS PASSED BY THE SENATE,

AND AS AGREED TO IN CONFERENCE

WASHINGTON
GOVERNMENT PRINTING OFFICE

1913

SUBMITTED BY MR. OWEN.

IN THE SENATE OF THE UNITED STATES, December 18, 1913. Ordered, That there be printed as a Senate document, in document type and in three parallel columns, a comparative print of the banking and currency bill (H. R. 7837), “An act to provide 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," showing the bill as passed by the House, the bill as passed by the Senate, and the bill as agreed to in conference, and that 5,000 additional copies be printed for the use of the Senate document room. Attest:

JAMES M. BAKER, Secretary.

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630 CONGRESS,

2D SESSION.

H. R. 7837.

IN THE SENATE OF THE UNITED STATES.

[The part printed in emal capita

[The part printed in small capitals shows the new matter proposed; the part inclosed in heavy brackets []

shows matter proposed to be omitted.]

AN ACT TO PROVIDE 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.

SECTION 1.

HOUSE BILL.

PASSED BY SENATE.

CONFERENCE AGREEMENT.

Be it enacted by the Senate and Be it enacted by the Senate and Be it enacted by the Senate and House of Representatives of the United House of Representatives of the House of Representatives of the States of America in Congress assem- United States of America in Con- United States of America in Conbled, That the short title of this Act gress assembled, That the short title

gress assembled, That the short title gress assembled, That the short title shall be the “Federal Reserve Act." of this Act shall be the “Federal Re- of this Act shall be the Federal Reserve Act.”

serve Act.Wherever the word bankis used Wherever the word bank" is used in this Act, the word shall be held to in this Act, the word shall be held to include State bank, banking associa include State bank, banking association, and trust company, except where tion, and trust company, except where national banks or Federal reserve national banks or Federal reserve banks are specifically referred to. banks are specifically referred to.

The terms "national bank" and The terms national bank" and "national banking associationnational banking associationused in this Act shall be held used in this Act shall be held to be to be synonymous and interchange- synonymous and interchangeable. able. The term member bankThe term member bank" shall be shall be held to mean any national held to mean any national bank, bank, State bank, or bank or trust State bank, or bank or trust company com pany which has become a member which has become a member of one of of one of the reserve banks created by the reserve banks created by this Act. this Act. The term boardshall be The term boardshall be held to held to mean Federal Reserve Board; mean Federal Reserve Board; the the term districtshall be held to term districtshall be held to mean mean Federal reserve district; the Federal reserve district; the term term "reserve bank" shall be held to reserve bank" shall be held to mean mean Federal reserve bank.

Federal reserve bank.

SECTION 2.

FEDERAL RESERVE DISTRIOTS.

FEDERAL RESERVE DISTRIOTS.

FEDERAL RESERVE DISTRICTS.

SEO. 2. That within ninety days Sec. 2. That-within ninety dare after the passage of this Act, or as after the passage of this Act, or as soon thereafter as practicable, the As soon thereafter as practicable, Sec. 2. As soon as practicable, the Secretary of the Treasury, the Sec- the Secretary of the Treasury, the Secretary of the Treasury, (and not retary of Agriculture, and the Comp- Secretary of Agrieulture, and the less than two other members of the troller of the Currency,

Comptroher of the Currency, and Federal Reserve Board, hereinafter

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