|About the Federal Reserve
The Federal Reserve System is the central banking authority of the
United States. It is a fiscal agency for the U.S. Government and custodian of the reserve
accounts of commercial banks; it makes loans to the commercial banks; and is authorized to
issue Federal Reserve notes that is, the hand-to-hand currency with which we run
our daily economic lives.
Those commercial banks which are members of the "Fed"
are required by law to purchase stock in their district Federal Reserve banks in order to
supply them with a capital resource. These banks do not have .any "control" over
the Federal Reserve. Control is exercised only by a Board of Governors, each member of
which is a public servant appointed to his or her position by the President of the United
States and confirmed by the U.S. Senate.
The Federal Reserve System: Purposes and Functions; a book published
by the Feds Board of Governors, states:
Each of the twelve Federal Reserve banks is a corporation organized and
operated for public service. The Federal Reserve Banks differ essentially from privately
managed banks in that profits are not the object of their operations, and their
stockholders, which are the member banks of the Federal Reserve System, do not have the
powers and privileges that customarily belong to stockholders of privately managed
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