Prior to the enactment of the Monetary Control Act of 1980,state-chartered banks had the option of whether or not they wanted to be a member of the Federal Reserve System.

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Prior to the Monetary Control Act of 1980, state-chartered banks could choose whether or not to become members of the Federal Reserve System. The Act made it mandatory for all banks to be members of the Federal Reserve System if they wanted to have access to the Federal Reserve's payment services.

Prior to the Enactment of the Monetary Control Act of 1980,state-Chartered