Federal Reserve Act

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Federal Reserve

The Federal Reserve Act (ch. 6, , enacted December 23, 1913, ) is an Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes (now commonly known as the U.S. Dollar) and Federal Reserve Bank Notes as legal tender. The Act was signed into law by President Woodrow Wilson.

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