The Federal Reserve Act of 1913 - A Legislative History
Law Librarians' Society of Washington, D.C.
Part of LLSDC's Legislative Source Book and its Legislative Histories of Selected U.S. Laws on the Internet
The Federal Reserve Act: Ch. 6, 38 Stat. 251-275, Pub. L. No. 63-43, December 23, 1913
Guide to Legislative History of the Original Federal Reserve Act, COMPILED IN THE LEGAL DIVISION OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
This compilation is intended for use as a tool that may expedite research with respect to the intent and meaning of provisions of the original Federal Reserve Act of 1913, as reflected by statements in the Committee Reports and Congressional debates relating to the original Act.
The compilation consists principally of references to pages of the Committee Reports and the Congressional Record at which particular topics covered by the original Act are mentioned or discussed. The topics are listed according to the sections of the present Federal Reserve Act and, to the extent possible, according to the order in which they are covered in each section of the Act. In this connection, it should be noted that the numbering of sections in the present Act (and in the Act as originally passed) do not always coincide with the numbering of corresponding sections in the bills that were before Congress in 1913. For example, section 14 of the bills became section 13 of the Act as finally passed. Following the section-by-section references, the "Subject Guides" to both the Committee Reports and the debates in Congress contain alphabetical references to topics not covered by particular sections of the Act, as well as topics of a general or miscellaneous nature.
Use of the compilation should conserve time and effort in seeking to determine the intent and meaning of any particular provision of the original Act. To illustrate, if one is interested in the provision of section 7 exempting the Federal Reserve Banks from taxation, the compilation will enable him to limit his reading to
one page of the Committee Reports and twelve pages of the Congressional Record; he will not be compelled to skim through the 300 pages of the Committee Reports and the 1300 pages of the Congressional Record.
As a matter of possible interest, the compilation also includes a chronological history of the progress of the bill through Congress, a list of the members of the Banking and Currency Committees at that time, references to the principal speeches in Congress regarding the Federal Reserve bill, and references to "Extensions of Remarks" printed in the Appendix to the Congressional Record.
It should be emphasized that the compilation is intended only as a &. It does not purport to be a detailed index to the Reports and debates on the original Federal Reserve Act.
Chronology Before 63rd Congress (1907-1913)
July 10, 1832 - President Andrew Jackson vetoes renewal of Second Bank of the United States
Oct. 1907 - Panic of 1907 (Wikipedia entry)
May 08, 1908 - Aldrich-Vreeland Act enacted; establishes National Monetary Commission 1909 - 1911 - National Monetary Commission publishes a series of 21 reports on banking
Jan. 08, 1912 - Final report of National Monetary Commission with recommendations & proposed draft bill, known as the Aldrich Plan, after its Chairman, Nelson Aldrich.
Jan. 11, 1912 - Aldrich bill introduced as S. 4431 by Sen. Burton, R-OH (no further action)
1912 - 1913 - House Subcommittee hearings held May thru February, chaired by Rep. Arsene Pujo, D-LA, on the "Money Trust Investgation"
Aug. 1912 - Democratic party approves platform opposing the "Aldrich bill for the establishment of a central bank," but supports banking law reform
Nov. 1912 - Democratic Party sweeps the U.S. House, Senate, and White House, electing Woodrow Wilson as President
Jan - Feb 1913 - Hearings before a subcommittee of the House Banking and Currency Committee, "Banking and Currency Reform"
Chronology in the 63rd Congress, 1st Session (1913) Apr. 07, 1913 - Aldrich bill introduced as S. 7 by Sen. Lodge, R-MA (no further action)
Jun. 23, 1913 - Pres. Wilson addressed joint session of Congress on banking and currency reform.
Jun. 25, 1913 - H.R. 6454 & S. 2639 introduced by Rep. Carter Glass & Sen. Robert L. Owen - 1st official introduction of President Wilson's proposed Federal Reserve Act
Aug. 29, 1913 - H.R. 7837 introduced by Rep. Carter Glass, D-VA, chair of the House Committee on Banking and Currency
Sep. 10, 1913 - H.R. 7837 reported, H. Rpt. 63-69, pp. 1-74 (Majority views - Rep. Glass)
Sep. 10, 1913 - H.R. 7837 as reported, H. Rpt. 63-69, pp. 111-132 (Appendices C & D - reserves)
Sep. 10, 1913 - H.R. 7837 reported H. Rpt. 63-69, pp. 133-166 (Minority views & Rep. Lindberg's)
Sep. 10 - 18, 1913 - H.R. 7837 considered on the House floor
Sep. 18, 1913 - H.R. 7837 passed by House - 287 yeas, 85 nays, 5 present, 55 not voting 26 announced pairs - v. 50 Cong. Rec. pp. 5127-5135
Sep. 2 - Oct. 27, 1913 - Hearings by the Senate Banking and Currency Committee chaired by
Sen. Robert L. Owen, D-OK. (Vol. II, Vol. III - Frank Vanderlip testimony)
Nov. 06, 1913 - Vanderlip persuades Senate Banking Cmte to adopt some of his plan - NYT
Nov. 20, 1913 - Senate Banking Committee deadlock, 6 to 6 (v. 50 CR 5950)
Nov. 22, 1913 - H.R. 7837 reported in disagreement. See (S. Rpt. 63-133, pp. 1-28 ) by Senate Banking and Currency Committee with views of Owen
Nov. 22, 1913 - Text of H.R. 7837 as proposed by Owen S. Rpt. 63-133 pp. 32-66 - Appendix
Nov. 22, 1913 - H.R. 7837 as proposed by Sen. Hitchcock S. Rpt. 63-133 Pt. 2, pp. 1-24 - views of Sen. Gilbert Hitchcock, D-NE, and text of bill as proposed (Vanderlip plan)
Nov. 24, 1913 - S. Doc. 63-242 - Comparative Print of H.R. 7837 as passed by House; with Owen & Hitchcock amendments
Chronology in 63rd Congress, 2d Session (1913-1914)
Dec. 1 - 18, 1913 - H.R. 7837 (Owen substitute amdt) considered on Senate floor
Dec. 18, 1913 - Senate passed H.R. 7837 (v. 51 Cong. Rec. 1230) 54 yeas to 34 nays; 7 not voting. Bill includes Owen amendment as amended.
Dec. 20, 1913 - House voted to disagree to Senate amendment and send bill to conference
Dec. 22, 1913 - Conference Report submitted to Senate and House
Dec. 22, 1913 - S. Doc. 63-335 - Comparative Print of H.R. 7837 as passed by the House, the Senate, and the proposed Conference Report
Dec. 22, 1913 - Explanation of conf. rept. by Rep. Glass ( 51 Cong. Rec. A561 - A564)
Dec. 22, 1913 - House agreed to conference report on H.R. 7837 (v. 51 Cong. Rec. 1464) by 298 yeas to 60 nays and 76 not voting but with 34 announced pairs
Dec. 23, 1913 - Senate agreed to conference report on H.R. 7837 (v. 51 Cong. Rec. 1487-88) by 43 yeas to 25 nays and 27 not voting but with 13 announced pairs
Dec. 23, 1913 - President signs H.R. 7837, Pub. L. No. 63-43. See NYT article.
Apr. 10, 1914 - report of the Federal Reserve Bank Organization Committee (Documents)
Other Historical Resources
Aldrich Plan Compared with Glass Bill by Rep. S.D. Fess, R-OH, Sep. 18, 1913 - Cong. Rec. A282
Banking Reform - National Citizens' League For the Promotion of a Sound Banking System, 1912
Board of Governors of the Federal Reserve System: History, Membership, and Current Issues, Congressional Research Service report - Feb. 9, 1995
Brief History of Central Banking in the United States by Edward Flaherty, PhD., 2003
Defects and Needs of Our Banking System by Paul Warburg, NY Times article, Jan. 6, 1907
The Federal Reserve Act of 1913: History and Digest by V. Gilmore Iden, 1914
Federal Reserve System - Its Purpose and Work - v. 99, Annals of the American Academy of Political and Social Science, Jan. 1922
Historical Beginnings ... The Federal Reserve by Roger T. Johnson, Fed. Res. Bank of Boston, 1999
Paul Warburg's Crusade to Establish a Central Bank in the United States by M. A. Whitehouse, 1989.
Compiled by Rick McKinney, Assistant Law Librarian, Federal Reserve Board, Washington, DC. Last updated in August 2009
"The Pujo Committee"
Money Trust Investigation: Investigation of Financial and Monetary Conditions in the United States Under House Resolutions Nos. 429 and 504
In 1912, a special subcommittee was convened by the Chairman of the House Banking and Currency Committee, Arsene P. Pujo. Its purpose was to investigate the "money trust," a small group of Wall Street bankers that exerted powerful control over the nation's finances. The committee's majority report concluded that a group of financial leaders had abused the public trust to consolidate control over many industries. The Pujo Committee report created a climate of public opinion that lead to the passage of the Federal Reserve Act of 1913 and the Clayton Antitrust Act of 1914.
The hearings were conducted between May 16, 1912 and February 26, 1913. The transcript of the hearings was published in three volumes. It is presented in the original 29 parts with the index, a table of interlocking directorates of 18 financial institutions, and the majority/minority report of the committee.
Money Trust Investigation - Part 1, May 16, 1912. Pages 1-94.
Money Trust Investigation - Part 2, June 6, 1912. Pages 95-170.
Money Trust Investigation - Part 3, June 7, 1912. Pages 171-267.
Money Trust Investigation - Part 4, June 11, 1912. Pages 269-342.
Money Trust Investigation - Part 5, June 12, 1912. Pages 343-411.
Money Trust Investigation - Part 6, June 13, 1912. Pages 413-504.
Money Trust Investigation - Part 7, December 9, 1912. Pages 505-573.
Money Trust Investigation - Part 8, December 10, 1912. Pages 575-667.
Money Trust Investigation - Part 9, December 11, 1912. Pages 669-740.
Money Trust Investigation - Part 10, December 12, 1912. Pages 741-823.
Money Trust Investigation - Part 11, December 13, 1912. Pages 825-894.
Money Trust Investigation - Part 12, December 16, 1912. Pages 895-928.
Money Trust Investigation - Part 13, December 17, 1912. Pages 929-969.
Money Trust Investigation - Part 14, December 18, 1912. Pages 971-1010.
Money Trust Investigation - Exhibit 134-A, December 18, 1912. Supplemental chart.
Money Trust Investigation - Exhibit 134-B, December 18, 1912. Supplemental chart.
Money Trust Investigation - Interlocking Directorates (Exhibit 134-C). Pages 1-28.
Money Trust Investigation - Part 15, December 19, 1912. Pages 1011-1101.
Money Trust Investigation - Part 16, Exhibit 71, December 11, 1912. Pages 1103-1214.
Money Trust Investigation - Part 17, January 6, 1913. Pages 1215-1266.
Money Trust Investigation - Part 18, January 7, 1913. Pages 1267-1360.
Money Trust Investigation - Part 19, January 8, 1913. Pages 1361-1418.
Money Trust Investigation - Part 20, January 9, 1913. Pages 1419-1487.
Money Trust Investigation - Part 21, January 10, 1913. Pages 1489-1573.
Money Trust Investigation - Part 22, January 15, 1913. Pages 1575-1635.
Money Trust Investigation - Part 23, January 16, 1913. Pages 1637-1775.
Money Trust Investigation - Part 24, January 22, 1913. Pages 1777-1802.
Money Trust Investigation - Part 25, January 23, 1913. Pages 1803-1955.
Money Trust Investigation - Part 26, January 24, 1913. Pages 1957-2140.
Money Trust Investigation - Part 27, February 7, 1913. Pages 2141-2142.
Money Trust Investigation. Index to Parts 1-27.
Money Trust Investigation - Part 28, February 25, 1913. Pages 2143-2213.
Money Trust Investigation - Exhibit 243, February 25, 1913. Supplemental diagram.
Money Trust Investigation - Exhibit 244, February 25, 1913. Supplemental diagram.
Money Trust Investigation - Part 29, February 26, 1913. Pages 2215-2226.
Report of the Committee Appointed Pursuant to House Resolutions 429 and 504 to Investigate the Concentration of Control of Money and Credit. February 28, 1913. Pages 1-258.