Did you know that the Federal Reserve is a conglomerate of private banking institutions?
Posted on November 8th, 2009 by admin
Banking
We (Congress) borrows money from the Fed that the Treasury prints and pays interest on it?
The board of governors is a quasi-governmental organization. i.e. persons working for a private organization appointed by the president of the united states and paid by the tax payers.
We (Congress) borrows money from the Fed that the Treasury prints and pays interest on it?
The board of governors is a quasi-governmental organization. i.e. persons working for a private organization appointed by the president of the united states and paid by the tax payers.
Filed under: Economics
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and they never get audited..lets get reed of the Federal Reserve ..
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government pays no interest to Fed.
There is interest on Treasury bills and bonds, but it is paid to non-government investors who hold them.
Fed does not maximize its profit and is fully controlled by government.
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Ok, so here comes another conspiracy theory? The Fed operates at a profit and returns profits above a certain % back to the Treasury. I don’t know how we could efficiently run a nation without some type of centralize banking method. I wish people would just get this thru their thick heads. I’m not trying to be rude, just honest.
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The Federal Reserve System is organized with a government agency at the top (the Board of Governors), and branches beneath them that resemble private corporations. (http://www.federalreserveeducation.org/fed101/structure/ )
The Board of Governors are all appointed for 14-year terms by the president and confirmed by congress. It operates per it’s charter and laws set by congress. it is overseen by congress. There is no structure or mechanism for private ownership at this level. Board members are forbidden by law to have any economic interest in a private bank.
The 12 branches, however, are organized similar to private corporations. Member banks are required to buy shares in their branch. They can vote for 6 of their 9 board members. The shares get a standard 6% dividend. These shares cannot be sold on the open market. Are the Fed branches privately owned? The Fed says ‘No’ (ref ). Courts have ruled that it can be treated as a private corporation for purposes of tort law.
- Re: Who does the U.S. borrow from
Only 17% of the U.S. debt is owned by the Fed. By law, the Fed has to return interest earned after paying expenses. Since 1913, the Fed has returned about 95% of the interest earned.