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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

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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.

63D CONGRESS,

2D SESSION.

H. R. 7837.

IN THE SENATE OF THE UNITED STATES.

[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.

HOUSE BILL.

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."

FEDERAL RESERVE DISTRICTS.

SECTION 1.

PASSED BY SENATE.

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."

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.

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 Federal Reserve Board; the term "district" shall be held to mean Federal reserve district; the term "reserve bank" shall be held to mean Federal reserve bank.

SECTION 2.

FEDERAL RESERVE DISTRICTS.

CONFERENCE AGREEMENT.

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."

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.

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 Federal Reserve Board; the term "district" shall be held to mean Federal reserve district; the term "reserve bank” shall be held to mean Federal reserve bank.

FEDERAL RESERVE DISTRICTS.

SEO. 2. That within ninety days after the passage of this Act, or as soon thereafter as practicable, the Secretary of the Treasury, the Secretary of Agriculture, and the Comptroller of the Currency,

SEC. 2. That within ninety days after the passage of this Act, or as As soon thereafter as practicable, the Secretary of the Treasury, the Seeretary of Agriculture, and the Comptroller of the Currency, and

SEC. 2. As soon as practicable, the Secretary of the Treasury, and not less than two other members of the Federal Reserve Board, hereinafter

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