Report of the Committee of Conference of the Two Houses of Congress on the Bill H.R. 7837, to Provide for the Establishment of Federal Reserve

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1913 edition. Excerpt: ... BANKING AND CURRENCY BILL. CONFERENCE REPORT ON THE BILL (H. R. 7837) TO PROVIDE FOR THE ESTABLISHMENT OF FEDERAL RESERVE BANKS, TO FURNISH AN ELASTIC CURRENCY, TO AFFORD MEANS OF REDISCOONTING COMMERCIAL PAPER, TO ESTABLISH A MORE EFFECTIVE SUPERVISION OF BANKING IN THE UNITED STATES, AND FOR OTHER PURPOSES. The committee of conference on the disagreeing votes of the two Houses on the amendment of the Senate to the bill (H. R. 7837) 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, having met, after full and free conference have agreed to recommend and do recommend to their respective Houses as follows: That the House recede from its disagreement to the amendment of the Senate and agree to the same with an amendment as follows: In lieu of the amendment proposed by the Senate insert the following: Be it enacted by the Senate and House of Representatives of the United States o f 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...