The design for the Federal Reserve Bank was started in 1910 in a meeting that took place on Jekyll Island, Georgia.The FED was established by an act of Congress (The Glass-own bill also know as The Federal Reserve Act) on December 23rd, 1913. The Reserve Banks opened for business on November 16th, 1914. A majority of the Senate voted on the bill that passed. However debate was limited because of the impending holiday.The name was changed to the Federal Reserve System by the Banking Act of 1935. This act also reorganized the FED with respect to the number of directors and length of term.One of the selling points (compiled by Herbert Hoover) given to Congress for the passage of The Federal Reserve Act was that it would eliminate the business cycle.The Federal Reserve was establised as a private central bank. The shareholders were (and still are today) the major banks. The exact shareholdings are not public record. The creation of the central bank moved the responsibility for monetary policy from Congress to the FED.
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