[I want the USA back]

I’m not an economist and want to know why the government controls interest rates. I thought we had a free market economy.

[L,TOWM]

The Federal Reserve Bank is NOT a government entity. It is a consortium of banks that established the federal reserve to be the nation’s Central Bank as required by the Federal Reserve Act of 1913.

The Senate has confirmation power over the 12 Governors of the Fed and the Chair is selected by the POTUS, with Senate approval. The term for the chair is 7 years I believe and 2 term limit. The only government oversight on the fed is a quarterly presentation to congress and being subject to questioning by congress at any time.

[Sam Gamgee]

I’m a von mises fan which means I absolutely loathe central banking. But we need another Andrew Jackson to slay that dragon.