- Introduced in the House as H.R. 7837 by Carter Glass(D-VA) on August 29, 1913
- Committee consideration by House Banking, Senate Banking
- Passed the House on September 18, 1913 (287–85, 5 Present)
- Passed the Senate on December 18, 1913 (54–34)
- Reported by the joint conference committee on December 22, 1913
- agreed to by the House on December 22, 1913 (298–60)
- and by the Senate onDecember 23, 1913 (43–25)
- Signed into law by President Woodrow Wilson on December 23, 1913
According to the Constitution, the following powers were granted exclusively to Congress in Artucke I Section 8
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
Federal Reserve has been given a power reserved to the Congress and a Constitutonal Amendment would be required to make the establishment of the Federal Reserve a lawful entity
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