Reserve System

Reserve System
A system of banks, operating under supervision of advisory and regulatory agencies, provided by Act of Congress in 1913 for the purposes of promoting sound banking practices and facilitating a flow of credit and money essential to the economic growth of the country. 10 Am J2d Banks § 5. See Advisory Council; Governors of the Federal Reserve System; Reserve Act; reserve banks.

Ballentine's law dictionary. . 1998.

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  • Federal Reserve System — n. A network of twelve central banks established by the Federal Reserve Act in 1913 to oversee a national system of banking, including monitoring the money supply by holding cash reserves and issuing currency for circulation, overseeing the… …   Law dictionary

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