įederal Reserve Notes are legal tender, with the words "this note is legal tender for all debts, public and private" printed on each note. The Reserve Banks then circulate the notes to their member banks, at which point they become liabilities of the Reserve Banks and obligations of the United States. The United States Bureau of Engraving and Printing produces the notes under the authority of the Federal Reserve Act of 1913 and issues them to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve System. Chaseįederal Reserve Notes, also United States banknotes, are the currently issued banknotes of the United States dollar.
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