Yet this is but one side of the policy of the Federal Reserve Banks.
He also has important duties in connection with the management of the federal reserve banks.
Two kinds of banks are chartered by the national government: the national banks and the federal reserve banks.
It will limit the liquid assets of the Federal Reserve Banks in too great a degree to gold.
The Federal Reserve Banks are to exercise wide powers, and would seem likely to have ample resources.
There will always be wide differences between the capital and other resources of the various Federal Reserve Banks.
Whether the capital of the Federal Reserve Banks is large or small is a matter of no great importance.
Under the terms of the act, part of the required reserves of member banks must be placed with Federal Reserve Banks.
This seems to be contrary to the spirit and intent of the act, which is primarily to centralize reserves in Federal Reserve Banks.
The question of branches of federal reserve banks has received careful attention during the past year.