Posted on 10/24/2018 5:31:51 AM PDT by reaganaut1
He's only reporting what he's already told the man in private. Why shouldn't the American people know that Powell isn't performing up to snuff. We pay his salary.
I think his salary comes from Fed earnings, not taxpayer funds.
His salary is set by Congress.
I don’t see the need for the fed to exist as it does. If its function is as an intermediary for bank to bank that is a private enterprise but it now exists as a private enterprise at the pleasure of the government for its own pleasure and profit.
The Federal Reserve does not receive funding through the congressional budgetary process. The Fed's income comes primarily from the interest on government securities that it has acquired through open market operations. Other sources of income are the interest on foreign currency investments held by the Federal Reserve System; fees received for services provided to depository institutions, such as check clearing, funds transfers, and automated clearinghouse operations; and interest on loans to depository institutions. After paying its expenses, the Federal Reserve turns the rest of its earnings over to the U.S. Treasury.
The US Treasury gets the profits the Fed earns.
You really believe that?
Let me talk to you about a bridge we have for sale. See you in Brooklyn.
Why would they bother to take deposits if they had an easier way to make loans?
The Federal Reserve Board on Wednesday announced preliminary results indicating that the Reserve Banks provided for payments of approximately $80.2 billion of their estimated 2017 net income to the U.S. Treasury. The 2017 audited Reserve Bank financial statements are expected to be published in March and may include adjustments to these preliminary unaudited results.
The Federal Reserve Banks' 2017 estimated net income of $80.7 billion represents a decrease of $11.7 billion from 2016, primarily attributable to an increase of $13.8 billion in interest expense associated with reserve balances held by depository institutions that was partially offset by an increase of $2.5 billion in interest income on securities acquired through open market operations. Net income for 2017 was derived primarily from $113.6 billion in interest income on securities acquired through open market operations (U.S. Treasury securities, federal agency and government-sponsored enterprise (GSE) mortgage-backed securities (MBS), and GSE debt securities) and foreign currency gains of $1.9 billion that result from the daily revaluation of foreign currency denominated investments at current exchange rates. The Federal Reserve Banks had interest expense of $25.9 billion primarily associated with reserve balances held by depository institutions, and incurred interest expense of $3.4 billion on securities sold under agreement to repurchase.
Operating expenses of the Reserve Banks, net of amounts reimbursed by the U.S. Treasury and other entities for services the Reserve Banks provided as fiscal agents, totaled $4.1 billion in 2017. In addition, the Reserve Banks were assessed $724 million for the costs related to producing, issuing, and retiring currency, $740 million for Board expenditures, and $573 million to fund the operations of the Consumer Financial Protection Bureau. Additional earnings were derived from income from services of $442 million. Statutory dividends totaled $784 million in 2017. The attached chart illustrates the amount the Reserve Banks distributed to the U.S. Treasury from 2008 through 2017 (estimated).
https://www.federalreserve.gov/newsevents/pressreleases/other20180110a.htm
But where does the money come from that they use for those government securities, etc? It doesn’t come from their own pockets that’s for sure.
The Fed creates money out of thin air.
Yeah...thanks for nothing.
No problem. Always glad to shed a little light on your confusion.
The Fed's income comes primarily from the interest on government securities that it has acquired through open market operations
Um, sorry, but where else does the Feral government get this interest except from that stolen from taxpayers?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.