FRA

Federal Reserve Act. The FRA was passed in 1913 and is also known as the Owen-Glass Act. The FRA created the Federal Reserve System which was to be comprised of no less than eight but no more than twelve private regional Federal Reserve Banks and a seven-member Federal Reserve Board made up of public officials appointed by the President and confirmed by the Senate. It also provided the Federal Reserve System with the legal authority to issue Federal Reserve Notes as legal tender.