Federal Reserve Act
USA
The federal banking statute that, among other things:
• Created the Federal Reserve System, including the 12 Federal Reserve Banks, the Federal Open Market Committee and the Board of Governors of the Federal Reserve System (Federal Reserve Board of Governors).
• Imposes the conditions under which banks can become member banks.
• Regulates certain activities of member banks, including affiliate transaction restrictions under Sections 23A and 23B.
• Regulates the foreign branching powers of national banks.
(12 U.S.C. ch. 3).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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