Federal Reserve System, The: Purposes and Functions, 1913-1963

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The "Fiftieth Anniversary" commemorative fifth edition celebrates, as the prior editions have, the 1913 Federal Reserve Act, and to provide a better understanding to citizens of it and its functions.

The 50th anniversary edition, and the former editions, were collaborative products of the Federal Reserve Board of Governors staff. The book tells us that the Federal Reserve's, "original purposes, as expressed by its founders, were to give the country an elastic currency, to provide facilities for discounting commercial paper, and to improve the supervision of banking." It then explains, "From the outset, there was recognition that these original purposes were in fact parts of broader objectives, namely, to help counteract inflationary and deflationary movements, and to share in creating conditions favorable to a sustained, high level of employment, a stable dollar, growth of the country, and a rising level of consumption.

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