Federal Reserve Notes are the currently issued banknotes of the United States dollar. The United States Bureau of Engraving and Printing, within the Department of the Treasury, 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. 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.