Who owns the Federal Reserve?
The Federal Reserve, the Federal Reserve Bank, who owns it?
Answers: The Federal Reserve *System* is owned by the government. However, the branches have manadatory ownership of shares by the extremity banks.
To summarize.
The Federal Reserve System is a congressionally-chartered agency like the USPS and NASA. It is organized near a 100% government agency at the top (the Board of Governors), and branches beneath them that resemble corporations. (http://www.federalreserveeducation.org/f... )
The Board of Governors are all appointed for 14-year language by the president and confirmed by congress. It operates per it's charter and laws set by congress. it is overseen by congress. There is no structure or device for private ownership at this level; it is a government agency. Board member are forbidden by law to have any monetary interest in a private bank. (Ref: Title 12 chapter 3 of the U.S. Legal Code). The Board determines monetary policy and provides big level oversight of the branches.
The 12 branches, however, are organized to involve member bank in the day-to-day operation. Member banks are required to buy shares surrounded by their branch. Each bank has one vote. The shares bring back a standard 6% dividend. They can vote for 6 of their 9 board members. All 'profit' from the Federal Reserve branches are turned over to the Treasury at the end of the year.
So, per your examine, every member bank could be considered a nominal owner of their local branch.
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Answers: The Federal Reserve *System* is owned by the government. However, the branches have manadatory ownership of shares by the extremity banks.
To summarize.
The Federal Reserve System is a congressionally-chartered agency like the USPS and NASA. It is organized near a 100% government agency at the top (the Board of Governors), and branches beneath them that resemble corporations. (http://www.federalreserveeducation.org/f... )
The Board of Governors are all appointed for 14-year language by the president and confirmed by congress. It operates per it's charter and laws set by congress. it is overseen by congress. There is no structure or device for private ownership at this level; it is a government agency. Board member are forbidden by law to have any monetary interest in a private bank. (Ref: Title 12 chapter 3 of the U.S. Legal Code). The Board determines monetary policy and provides big level oversight of the branches.
The 12 branches, however, are organized to involve member bank in the day-to-day operation. Member banks are required to buy shares surrounded by their branch. Each bank has one vote. The shares bring back a standard 6% dividend. They can vote for 6 of their 9 board members. All 'profit' from the Federal Reserve branches are turned over to the Treasury at the end of the year.
So, per your examine, every member bank could be considered a nominal owner of their local branch.