Subscribing banks, to be known as member banks, are required to keep a part of their reserve with their Federal Reserve Bank.
Each Federal Reserve Bank will be a central bank for the section of the country which it is to serve.
No Federal Reserve Bank may, however, be established until it has a subscribed capital stock of at least four million dollars.
The board will immediately notify the federal reserve bank of the receipt of such notice.
The federal reserve bank shall, however, give a receipt for the stock surrendered.
You will see, therefore, that the Federal Reserve Bank has it in its power to regulate the stock market to some extent.