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


  • 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

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