Federal Reserve Act (1913)

1) Link to the Text of the Act
Read the statute (12 U.S.C. § 221 et seq.)

2) Why It Was Done
Enacted to create a central banking system for the United States. The Act established the Federal Reserve System to provide a safer, more flexible, and more stable monetary and financial system.

3) Pre-existing Law or Constitutional Rights
Before 1913, the U.S. lacked a true central bank. Banking panics in the late 19th and early 20th centuries, especially the Panic of 1907, exposed the need for a lender of last resort and coordinated monetary policy.

IMF Second Amendment Implementation Act (1976)

1) Link to the Text of the Act
Read the statute (Pub. L. 94–564)

2) Why It Was Done
This Act ratified U.S. participation in the International Monetary Fund’s (IMF) Second Amendment, which followed the Jamaica Accords of 1976. It formally abandoned the gold standard, authorized floating exchange rates, and eliminated gold’s role in the international monetary system.

3) Pre-existing Law or Constitutional Rights
Prior to this Act, the Bretton Woods system still nominally tied the U.S. dollar to gold for foreign governments, even after President Nixon suspended convertibility in 1971. This law permanently severed that tie, ending the last statutory role for gold in U.S. currency.

Federal Reserve Reform Act (1977)

1) Link to the Text of the Act
Read the statute (12 U.S.C. §§ 225a, 263, 610)

2) Why It Was Done
Passed in the wake of the 1970s stagflation crisis, the Act clarified the Federal Reserve’s responsibilities, strengthened oversight, and set policy goals for monetary stability, employment, and growth.

3) Pre-existing Law or Constitutional Rights
Before this Act, the Federal Reserve’s mandate was less explicit. This law formalized a “dual mandate” of employment and price stability under Congress’s constitutional power over money.

Depository Institutions Deregulation and Monetary Control Act (DIDMCA, 1980)

1) Link to the Text of the Act
Read the statute (12 U.S.C. §§ 226 note, 3501 et seq.)

2) Why It Was Done
Passed amid high inflation and interest rate volatility, the Act sought to modernize banking, improve monetary control, and promote competition. It phased out interest rate caps on deposits, expanded the Federal Reserve’s authority, and gave all banks access to Fed services.