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From your link: >The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a p
by diogenescynic 13y ago
From your link:
>The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a private, profit-making institution.
>As the nation's central bank, the Federal Reserve derives its authority from the Congress of the United States. It is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches 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.
- lugg 13y agoI really like how they say it isn't owned or for profit when the next paragraph down they say it has "special" shares, of which pay 6% in dividends by law. Nope no profits there, just magic money. Technically that isn't ownership, they're not real shares, and technically they dont turn a profit, all that goes to shareholders..
- kahirsch 13y agoTheir goal isn't to turn a profit. Almost all of the profits that they do get go to the federal government. The member banks earn a 6% dividend on the amount of stock that they own in their regional Federal Reserve Bank. That amount of stock is determined by the member bank's balance sheet. They have to invest that money in the Federal Reserve.