The Federal Reserve Act (ch. 6, 38 Stat. 251, enacted December 23, 1913, 12 U.S.C. ch.3) is an Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes (now commonly known as the U.S. Dollar) and Federal Reserve Bank Notes as legal tender. The Act was signed into law by President Woodrow Wilson.
Section 16 carefully, the remedy from central banking reveals that Federal Reserve Notes are for reserve banks. If you have Federal Reserve Notes in your wallet, in other words, you are considered a reserve bank.
To restate remedy, one could quit being a reserve bank by redeeming lawful money with their Federal Reserve Notes.
Corporate powers are defined in the Federal Reserve Act.
[63rd Congress, Sess. 2; Ch. 4-6, P. 254]"Upon filing of such certificate with the comptroller of the currency as aforesaid, the said Federal Reserve bank shall become a body corporate, and as such, and in the name designated in each organization certificate, shall have power- First. To adopt and use a corporate seal. Second. To have succession for a period of twenty years from its organization unless it is soon dissolved by and Act of Congress, or unless its franchise becomes forfeited by some violation of law. Third. To make contracts. Fourth. To sue and be sued, complain and defend, in any court of law or equity."
