An Act to extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions, to promote the accountability of the Federal Reserve System, and for other purposes.
Enacted by
the 95th United States Congress
Effective
November 16, 1977
Citations
Public law
Pub. L.Tooltip Public Law (United States) 95–188
Statutes at Large
91 Stat. 1387
Codification
Acts amended
Federal Reserve Act
Bank Holding Company Act of 1956
Legislative history
Introduced in the House as H.R. 9710 by Henry S. Reuss (D–WI) on October 20, 1977
Passed the House on October 31, 1977 (395–3)
Passed the Senate on November 1, 1977 with amendment
House agreed to Senate amendment on November 2, 1977 ()
Signed into law by President Jimmy Carter on November 16, 1977
The Federal Reserve Reform Act of 1977[1] enacted a number of reforms to the Federal Reserve, making it more accountable for its actions on monetary and fiscal policy and tasking it with the goal to "promote maximum employment, production, and price stability".[2] The act explicitly established price stability as a national policy goal for the first time.[3] It also required quarterly reports to Congress "concerning the ranges of monetary and credit aggregates for the upcoming 12 months."[4] It also modified the selection of the Class B and C Reserve Bank Directors. Discrimination on the basis of race, creed, color, sex, or national origin was prohibited, and the composition of the directors was required to represent interests of "agriculture, commerce, industry, services, labor and consumers".[4] The Federal Reserve Act, which created the Federal Reserve in 1913, made no mention of services, labor, and consumers. Finally, the act established Senate confirmation of chairmen and vice chairmen of the Board of Governors of the Federal Reserve. The Federal Reserve Reform Act made the Federal Reserve more transparent to Congressional oversight.[5]
^Pub. L.Tooltip Public Law (United States) 95–188, 91 Stat. 1387, enacted November 16, 1977.
^United States Congress House Committee on Banking, Finance, and Urban Affairs (1977). Federal Reserve Reform Act of 1977: Hearings Before the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-fifth Congress, First Session, on H.R. 8094 ... July 18 and 26, 1977. U.S. Government Printing Office.{{cite book}}: CS1 maint: multiple names: authors list (link)
^"What is the Fed: Financial Stability".
^ abMoore, Carl H. (2011). The Federal Reserve System : a history of the first 75 years. McFarland. ISBN 978-0-7864-6735-8. OCLC 869973057.
^Emerson, Chad (2010-02-01). "The Illegal Actions of the Federal Reserve: An Analysis of How the Nation's Central Bank Has Acted Outside the Law in Responding to the Current Financial Crisis". William & Mary Business Law Review. 1 (1): 109. ISSN 2159-7146.
and 24 Related for: Federal Reserve Reform Act of 1977 information
The FederalReserveAct was passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913. The law created...
the amendments of 1970 FederalReserveReformActof1977 International Banking Actof 1978 Full Employment and Balanced Growth Act (1978) Depository Institutions...
authority of the FederalReserveActof 1913 and issues them to the FederalReserve Banks at the discretion of the Board of Governors of the FederalReserve System...
enactment of the FederalReserveAct, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary...
chairman of the Board of Governors of the FederalReserve System is the head of the FederalReserve, and is the active executive officer of the Board of Governors...
The United States Gold ReserveActof January 30, 1934 required that all gold and gold certificates held by the FederalReserve be surrendered and vested...
twelve in total, one for each of the twelve FederalReserve Districts that were created by the FederalReserveActof 1913. The banks are jointly responsible...
reform. An early version of the FederalReserveAct was drafted in 1910 on Jekyll Island, Georgia, by Republican Senator Nelson Aldrich, chairman of the...
disease at the age of 58. Carter, William "Buddy" (1999) Billy Carter: A Journey Through the Shadows (ISBN 1-56352-553-4). Carter, Billy (1977). Rifkin, Jeremy;...
FederalReserve branches. There were 25 branches but in October 2008 the FederalReserve Bank of New York Buffalo Branch was closed. List ofFederal Reserve...
The FederalReserve Bank of Boston, commonly known as the Boston Fed, is responsible for the First District of the FederalReserve, which covers New England:...
The Edge Act is a 1919 amendment to the United States FederalReserveActof 1913, codified at 12 U.S.C. §§ 611–631, which allows national banks to engage...
The FederalReserve Bank of San Francisco (informally referred to as the San Francisco Fed) is the federal bank for the twelfth district in the United...
United States money supply. Under the terms of the original FederalReserveAct, each of the FederalReserve banks was authorized to buy and sell in the...
a prisoner." In 2013, Carter praised the Affordable Care Act (the major health care reform law put forward by President Obama), but criticized its implementation...
The FederalReserve Bank of New York is one of the 12 FederalReserve Banks of the United States. It is responsible for the Second District of the Federal...
Federal Deposit Insurance Corporation (FDIC) and imposed various other banking reforms. The entire law is often referred to as the Glass–Steagall Act...
American nurse. Carter's son Jimmy Carter served as president of the United States from 1977 to 1981. She was also known for her contributions as a Peace...
The FederalReserve Bank of Richmond is the headquarters of the Fifth District of the FederalReserve located in Richmond, Virginia. It covers the District...
Board of Governors of the FederalReserve System, commonly known as the FederalReserve Board, is the main governing body of the FederalReserve System...
Global Information