- A system of banks, operating under supervision of advisory and regulatory agencies, provided by Act of Congress in 1913 for the purposes of promoting sound banking practices and facilitating a flow of credit and money essential to the economic growth of the country. 10 Am J2d Banks § 5. See Advisory Council; Governors of the Federal Reserve System; Reserve Act; reserve banks.
Ballentine's law dictionary. Anderson, W.S.. 1998.
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