you are an amazing disinformation artist piezoe.
where did you get that bullshit about ownership..
Here is what the FED said on its website... I have quoted it with links to the feds website many times in the past...
1. "Federal Reserve Board: As the nationâs central bank, the Federal Reserve derives its authority from the U.S. Congress. It 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 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 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."
The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nationâs central banking system, are organized much like private corporationsâpossibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year."
See that the twelve regional Fed Res Banks are private corporations. Just not typical ones. No kidding... they get to print trillions of digital dollars.
2. Here is what the courts have to say on the matter...
Lewis v. United States, 680 F.2d 1239 (1982)
...
"H.R. Report No. 69 Cong. 1st Sess. 18-19 (1913).
The fact that the Federal Reserve Board regulates the Reserve Banks does not make them federal agencies under the Act. In United States v. Orleans, 425 U.S. 807, 96 S.Ct. 1971, 48 L.Ed.2d 390 (1976), the Supreme Court held that a community action agency was not a federal agency or instrumentality for purposes of the Act, even though the agency was organized under federal regulations and heavily funded by the federal government. Because the agency's day to day operation was not supervised by the federal government, but by local officials, the Court refused to extend federal tort liability for the negligence of the agency's employees. Similarly, the Federal Reserve Banks, though heavily regulated, are locally controlled by their member banks. Unlike typical federal agencies, each bank is empowered to hire and fire employees at will. Bank employees do not participate in the Civil Service Retirement System. They are covered by worker's compensation insurance, purchased by the Bank, rather than the Federal Employees Compensation Act. Employees travelling on Bank business are not subject to federal travel regulations and do not receive government employee discounts on lodging and services.
The Banks are listed neither as "wholly owned" government corporations under 31 U.S.C. Sect. 846 nor as "mixed ownership" corporations under 31 U.S.C. Sect. 856, a factor considered is Pearl v. United States, 230 F.2d 243 (10th Cir. 1956), which held that the Civil Air Patrol is not a federal agency under the Act. Closely resembling the status of the Federal Reserve Bank, the Civil Air Patrol is a non-profit, federally chartered corporation organized to serve the public welfare. But because Congress' control over the Civil Air Patrol is limited and the corporation is not designated as a wholly owned or mixed ownership government corporation under 31 U.S.C. Sub-Sect. 846 and 856, the court concluded that the corporation is a non-governmental, independent entity, not covered under the Act.
Additionally, Reserve Banks, as privately owned entities, receive no appropriated funds from Congress. . . .
Finally, the Banks are empowered to sue and be sued in their own name. 12 U.S.C. Sect. 341. "
...
3. Even a bunch of libs like factcheck.org can get this right.
http://www.factcheck.org/2008/03/federal-reserve-bank-ownership/
FULL ANSWER
The stockholders in the 12 regional Federal Reserve Banks are the privately owned banks that fall under the Federal Reserve System. These include all national banks (chartered by the federal government) and those state-chartered banks that wish to join and meet certain requirements. About 38 percent of the nationâs more than 8,000 banks are members of the system, and thus own the Fed banks.
The concept of "ownership" needs some explaining here, however. The member banks must by law invest 3 percent of their capital as stock in the Reserve Banks, and they cannot sell or trade their stock or even use that stock as collateral to borrow money. They do receive dividends of 6 percent per year from the Reserve Banks and get to elect each Reserve Bankâs board of directors.
The private banks also have a voice in regulating the nationâs money supply and setting targets for short-term interest rates, but itâs a minority voice. Those decisions are made by the Federal Open Market Committee, which has a dozen voting members, only five of whom come from the banks. The remaining seven, a voting majority, are the Fedâs Board of Governors who, as mentioned, are appointed by the president. (Jem states this is misleading... for the FOMC to control what the private regional banks do... there must be a unanimous vote. Since the banks appt 5 of their own.. they will never be over ruled.)
The Fed is a little defensive about the question of ownership. In its Frequently Asked Questions section, the Federal Reserve Board says: "The Federal Reserve System is not âownedâ by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects." It continues:
Federal Reserve Board: As the nationâs central bank, the Federal Reserve derives its authority from the U.S. Congress. It 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 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 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."
The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nationâs central banking system, are organized much like private corporationsâpossibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.
Quote from piezoe:
The first fact may be technically wrong. I believe even the Branch banks are technically owned by the Fed, but the member banks are required to buy stock which pays , the last time i looked, a 6% dividend. However the stock, unlike stock in publicly held corporations, imparts no ownership rights. Private, Reserve Member Banks do have officers serving on the boards of the Branch banks. Some have expressed the opinion that this creates a conflict of interest. For other than conspiracy theorists, the best source of information about the structure of the Federal Reserve is Federal Reserve.gov , note that it is dot gov, not dot com. I don't think there is any doubt about the Mother Bank being lock, stock, and barrel U.S. government issue. The Federal Reserve is fully a creature of Congress and works hand and glove with the Treasury. The intention was to isolate it from political tampering. There is abundant, circumstantial evidence that that intention has not been fully realized.
