Legislative Acts
Federal Reserve Act Of 1913
What is Federal Reserve Act of 1913?
The Federal Reserve Act intended to establish a form of economic stability by creating the Central Bank, which would be in charge of monetary policy in the United States.
Check Process
- A check is a draft drawn on a bank and payable on demand. There are 3 parts to a check: drawer, drawee, and payee.
- A check usually takes 2-5 days to process
What Role Does The Federal Reserve Play?
- It directs and controls the banking system
- Helps with communication
- Encourages standardization
FAQ
- How do computers process a check? Checks display a series of numbers printed in magnetic ink which makes it possible for computers to process them accurately.
- What are the 3 legislative acts? Federal Reserve Act of 1913, Uniform Commercial Code of 1958 & Expedited Funds Availability Act of 1987