1. Short
Title * 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.”
[12 USC 226.
Part of original Federal Reserve Act; not amended.]
*1-002
2. Definition of “Bank” 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. For purposes of this Act, a State bank
includes any bank which is operating under the Code of Law for the
District of Columbia.
[12 USC 221. Part of
original Federal Reserve Act. As amended by act of Oct. 13, 2006 (120
Stat. 2001).
†]
1-003
3. Definitions
of Other Terms 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 Board of Governors
of the Federal Reserve System; the term “district” shall be held to
mean Federal reserve district; the term “reserve bank” shall be held
to mean Federal reserve bank; the term “the continental United States”
means the States of the United States and the District of Columbia.
1-003.1
4. Definitions Relating to Treasury
Bonds The terms “bonds and notes of
the United States,” “bonds and notes of the Government of the United
States,” and “bonds or notes of the United States” used in this Act
shall be held to include certificates of indebtedness and Treasury
bills issued under section 3104 of title 31.
[12 USC 221. As amended
by acts of June 25, 1959 (73 Stat. 142) and Sept. 13, 1982 (96 Stat.
1058). For further definitions, see section 2 of Banking Act of 1933,
approved June 16, 1933. Section 203(a) of the Banking Act of 1935,
approved Aug. 23, 1935 (49 Stat. 704), provided: “Hereafter the Federal
Reserve Board shall be known as the ‘Board of Governors of the Federal
Reserve System’, and the governor and vice governor of the Federal
Reserve Board shall be known as the ‘chairman’ and the ‘vice chairman’,
respectively, of the Board of Governors of the Federal Reserve System.”
Accordingly, the words “Federal Reserve Board”, “governor”, and “vice
governor”, wherever they formerly appeared in the Federal Reserve
Act (or in other acts of Congress), have been changed here to read
“Board of Governors of the Federal Reserve System”, “chairman” and
“vice chairman”, respectively, notwithstanding the fact that such
change has not been made by specific amendment of the law.]
