The Federal Reserve System is not “owned” by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation’s central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress.
The Federal Reserve derives its authority from the Congress, which created the System in 1913 with the enactment of the Federal Reserve Act. This central banking “system” has three important features: (1) a central governing board—the Federal Reserve Board of Governors; (2) a decentralized operating structure of 12 Federal Reserve Banks; and (3) a blend of public and private characteristics.
The Board—appointed by the President and confirmed by the Senate—provides general guidance for the Federal Reserve System and oversees the 12 Reserve Banks. The Board reports to and is directly accountable to the Congress but, unlike many other public agencies, it is not funded by congressional appropriations. The Chair and other staff testify before Congress, and the Board submits an extensive report—the Monetary Policy Report —on recent economic developments and its plans for monetary policy twice a year. The Board also makes public the System’s independently audited financial statements, along with minutes from the FOMC meetings. … .
The answer is both. While the Board of Governors is an independent government agency, the Federal Reserve Banks are set up like private corporations. Member banks hold stock in the Federal Reserve Banks and earn dividends. Holding this stock does not carry with it the control and financial interest given to holders of common stock in for-profit organizations. The stock may not be sold or pledged as collateral for loans. Member banks also appoint six of the nine members of each Bank’s board of directors.
Sole control of the FR remains in the hands of the Federal Gov’t.
Oh, please! He posted a link that shows you are either mistaken or lying. Admit to one of those. You are a disingenuous person and truly incapable of honest debate. It is people like you that spread FAKE NEWS!
That’s nothing but your opinion. Can you refute the claims in his link that indicates that NOT ALL OF THE FED CHAIRS HAVE BEEN ■■■■■ That is what you claimed. @TWR showed evidence of your error (or outright LIE) and you refuse to acknowledge it.
You are a piss poor debater. It is no wonder that very few people here like you at all.
No, they are mindless drooling retards that live on lies and revisionist history like the other like minded Nazi apologists and sympathizers they run with.
