4 ms·

Pretty much everything here is wrong. The Fed is every bit a government agency as NASA.

acd 13y ago
Well here is the shareholder list http://oneradionetwork.com/wp-content/uploads/FrbNY_owners2.pdf http://oneradionetwork.com/wp-content/uploads/FrbNY_owners2....
- tsiki 13y ago
  That's a regional Federal Reserve Bank, not "the Fed". Also, you leave out that those share holders get at most 6% annual return for their investment, since it's capped by law.
seanhandley 13y ago
> Pretty much everything here is wrong. The Fed is every bit a government agency as NASA. Longer explanation (and citation) needed.
mcdougle 13y ago
Actually, I'm pretty sure the Fed is a privately-owned company, with preferred shareholders and everything. That's not to say the government isn't hugely influential on what it does, but that it's a completely separate entity. Of course, I could be completely wrong. I'd actually be interested if someone had proof for either argument.
- maxerickson 13y ago
  http://www.federalreserve.gov/faqs/about_12593.htm http://www.federalreserve.gov/faqs/about_12593.htm http://www.federalreserve.gov/faqs/about_12799.htm http://www.federalreserve.gov/faqs/about_12799.htm http://www.federalreserve.gov/faqs/about_14986.htm http://www.federalreserve.gov/faqs/about_14986.htm Seriously, if it involves the U.S. federal government, information about it will be easy to find. You don't need to guess or assume, just do a few simple searches. edit: Well, not all of it, but the structure of the Fed isn't exactly a national secret.
declan 13y ago
No, that's incorrect. The Federal Reserve System is an unusual hybrid unlike NASA or any other government agency I can think of. NASA doesn't have Boeing or Raytheon as "member agencies" or as owners of regional space administrations that take their marching orders from a Board of Space Governors appointed by the president. Some of the critics of the Fed like this book, but I haven't read it myself: http://www.amazon.com/The-Creature-Jekyll-Island-Federal/dp/0912986212 http://www.amazon.com/The-Creature-Jekyll-Island-Federal/dp/... Note I'm not expressing an opinion on the grandparent post's claims one way or another.
Zigurd 13y ago
As others who have replied, that's not quite correct. However, substantially all the net income of the Federal Reserve is remitted to the Treasury Department. Some of it is remitted to the "owning" banks, as a kind of rebate for the token capital they pay. But "ownership" here is not the same as beneficial ownership. In other words, the Federal Reserve is designed to be not directly linked to the Executive Branch. But it is also designed not to be a profit-making private enterprise.

acd 13y ago

Well here is the shareholder list http://oneradionetwork.com/wp-content/uploads/FrbNY_owners2.pdf http://oneradionetwork.com/wp-content/uploads/FrbNY_owners2....

tsiki 13y ago
That's a regional Federal Reserve Bank, not "the Fed". Also, you leave out that those share holders get at most 6% annual return for their investment, since it's capped by law.

seanhandley 13y ago

> Pretty much everything here is wrong. The Fed is every bit a government agency as NASA. Longer explanation (and citation) needed.

mcdougle 13y ago

Actually, I'm pretty sure the Fed is a privately-owned company, with preferred shareholders and everything. That's not to say the government isn't hugely influential on what it does, but that it's a completely separate entity. Of course, I could be completely wrong. I'd actually be interested if someone had proof for either argument.

maxerickson 13y ago
http://www.federalreserve.gov/faqs/about_12593.htm http://www.federalreserve.gov/faqs/about_12593.htm http://www.federalreserve.gov/faqs/about_12799.htm http://www.federalreserve.gov/faqs/about_12799.htm http://www.federalreserve.gov/faqs/about_14986.htm http://www.federalreserve.gov/faqs/about_14986.htm Seriously, if it involves the U.S. federal government, information about it will be easy to find. You don't need to guess or assume, just do a few simple searches. edit: Well, not all of it, but the structure of the Fed isn't exactly a national secret.

declan 13y ago

No, that's incorrect. The Federal Reserve System is an unusual hybrid unlike NASA or any other government agency I can think of. NASA doesn't have Boeing or Raytheon as "member agencies" or as owners of regional space administrations that take their marching orders from a Board of Space Governors appointed by the president. Some of the critics of the Fed like this book, but I haven't read it myself: http://www.amazon.com/The-Creature-Jekyll-Island-Federal/dp/0912986212 http://www.amazon.com/The-Creature-Jekyll-Island-Federal/dp/... Note I'm not expressing an opinion on the grandparent post's claims one way or another.

Zigurd 13y ago

As others who have replied, that's not quite correct. However, substantially all the net income of the Federal Reserve is remitted to the Treasury Department. Some of it is remitted to the "owning" banks, as a kind of rebate for the token capital they pay. But "ownership" here is not the same as beneficial ownership. In other words, the Federal Reserve is designed to be not directly linked to the Executive Branch. But it is also designed not to be a profit-making private enterprise.