Talk:Federal Reserve Corporation

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Cut from article:

What most people don't know is that the Federal Reserve Corporation is a private corporation controlled by bankers and operated for the financial gain of those bankers. The use of the word "federal" in the name "Federal Reserve" is somewhat misleading as it implies that the Federal Reserve is somehow related to the federal government of the United States. In fact, the Federal Reserve Corporation is not a United States Government entity.

This is not an accurate assessment of the status and function of the Federal Reserve Corporation. To wit, from < http://www.federalreserve.gov/faq.htm >:

". . . [The Fed] is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by the Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as 'independent within the government.'"

" . . . "

". . . Any net earnings [of the Fed] are paid yearly to the U.S. Treasury."

-- NetEsq 23:39 Feb 12, 2003 (UTC)