STOCK RESERVE
STOCK RESERVE
Is the Federal Reserve privately or publicly funded? Can you buy stock with them?
Is the Federal Reserve privately or publicly funded? Can you buy stock with them?
The Federal Reserve System is split into two basic parts
1) The Board of Governors. It is a US Federal Government Agency based in Washington. Bernanke is the chair. There are a hadnful of bpeople that make up the Board, and then about 1500 staffers.
2) The 12 District Banks. Each of the 12 Federal Reserve Banks (such as the Federal Reserve Bank of Richmond, known as District 5E) is a seperate legal entity. Each is privately owned by the member banks in the District such as BofA, Citi, etc. Their ownership stake is mandatory, is based on the bank size, and they do receive a dividend on their ownership holdings. The Distrcit Banks have their own Board of Directors.
Here's is the thing, the Federal Reserve Banks earn money! They charge banks about a nickel to clear checks and for other services offered. More importantly, they make money on the earnings from their holdings on their enormous balance sheet. Even better, if they do make a profit in excess of what is required to pay owners, this money by law goes back to the taxpayers. The Fed is self sufficient.
I like Ron Paul and agree with many of his ideas. But he is dead wrong about 'auditing' the Fed. In my time there, all we ever did was audit and check. There is no cover up or waste of funds. Its a tight ship accounting wise. What he wants to do is second guess the Federal Reserve's polciy decisions which is a very bad idea, and he is selling this as a need to 'audit' the Fed.
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