This section is from the book "Organized Banking", by Eugene E. Agger. Also available from Amazon: Organized banking.
The first formal session of the Board was held on August 14, 1914. It selected as its first secretary Dr. H. Parker Willis, who had played a leading part as committee expert in the fashioning of the Federal Reserve Act in Congress. Almost instantly the Board's influence was helpfully felt. It took the leadership in the establishment of a special gold pool to tide over the foreign exchange market. It also supported a plan suggested by St. Louis bankers to establish a $150,000,000 cotton loan fund. Furthermore, it lost no time in formulating regulations concerning commercial paper, domestic clearings, foreign exchange operations, etc., the general supervision of which is put by the Federal Reserve Act into the Board's hands. In the administration of its office the Board has conceived of its function as a broad one. It has not only acted as a far-sighted and broad-minded leader of the money market, but it has also acted as an expert committee advising Congress. Amendments to the Reserve Act of far-reaching importance were adopted at its recommendation with amazing little change or question by Congress. It supplies a leadership the need of which was strongly felt under the old system.
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The Federal Advisory Council was organized as soon as the Federal Reserve System got under way. As required by law one member of the Council was elected by the reserve bank in each district, so that the Council comprises a membership of twelve. Although the Council enjoys only advisory powers it has held quarterly meetings, and the Reserve Board has made a practice of getting the Council's advice on all policies of large importance. Reports of its meetings have been regularly published in the Federal Reserve Bulletin.
 
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