commercial paper, and to establish a more effective supervision of banking in the United States, among other things. Soon after the creation of the Federal Reserve, it became clear that the act had broader implications for national economic and financial policy. As time passed, further legislation clarified and supplemented the original purposes. Key laws affecting the Federal Reserve have been the Banking Act of 1935, the Employment Act of 1946, the 1970 amendments to the Bank Holding Company Act, the International…
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