The text describes the Federal Reserve Act of 1913 which established the Federal Reserve system in order to provide for the establishment of Federal Reserve banks and to furnish an elastic currency. The act also outlines the purposes, structure, and functions of the System as well as its operations and accountability. In order to become members of the System, all national banks were required to join and signify their willingness to do so. The Act has been amended several times, including the Economic Growth and Regulatory Paperwork Reduction Act of 1996 and the Federal Reserve Bank Branch Modernization Act Competitive Equality Banking Act of 1987. The Federal Reserve System continues to publish documents and establish facilities to respond to events. President Woodrow Wilson signed the Act in 1913 after three years of discussion and debate. In June, President Wilson formally proposed the creation of the system and the House passed a bill in September.