As the nation's 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 nation's central banking system, are organized much like private corporations--possibly 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.
Now you have no excuse to make your silly claims.
That won't stop him, he's a nut-ball.
You forgot to mention that the Fed coughs up any net operating profit to the U.S. Treasury.
Damn those furriners! It's one a them thar conspiracies!
But nobody 'owns' it.
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.
... and ownership of a certain amount of stock is...but nobody 'owns' it.
The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.
Uh huh... those with 'ownership' get a 6 percent dividend in a 'nonprofit' company they don't 'own'.
So who best to ask about 'ownership' of the 'Federal' Reserve than the 'Federal' Reserve itself from their own website?
Orwellian doublespeak anyone?
This unadulterated pablum falls in the same category of "I did not have sexual relations with that woman, Ms. Lewinsky" or Ken Lay's September 2001 announcement to Enron's stakeholders and employees that Arthur Anderson had certified the company was on a sound financial footing.
The 'Fed' Reserve is 'within government'? There are fools and lemmings and people that believe such tripe.
And you sir probably believe that the poweful never lie.