Fema Employment
Is the Federal Reserve a Public or Private enterprise?
I was shown an employment advertisement from 1978 for the San Francisco branch that says they are not the Federal government but private.
Public Comments
- It's got to be public because is federal and it cannot be private because it has to do with reserves which are always related to the government
- It is a private enterprise. There is nothing "federal" about it. It is just a name to sooth peoples anxiety of a central banks. Also the regional central banks have no real power. It is also a vehicle to calm people down after three central banks before failed and took the life savings of people down with them. The book in the link below neatly explains what is behind the banking system.
- It is a private enterprise and something woodrow wilson regrets very much. The federal reserve as we know it was due to expire and not be allowed to have such a stranglehold on our economy, however at the last minute he extended the rights to them. regretted.i mean.
- It is and always has been private. The name is deliberately deceptive.
- The Federal Reserve System is publicly owned and controlled. However there is some semblance of private ownership and influence at the Federal Reserve Branch level which would be the basis for using that term in that advertisement. At the top of the Federal Reserve System is the Board of Governors. These are all appointed for 14-year terms 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 absolutely no structure or mechanism for private ownership at this level. (If someone disagrees, please explain how someone could take legal title to own and control the Board of Governors). The 12 branches, however, are organized similar to private corporations. Member banks are required to buy shares in their branch. They can vote for 6 of their 9 board members. The shares get a standard 6% dividend. The shares cannot be sold on the open market. All 'profit' from the Federal Reserve branches are turned over to the Treasury at the end of the year. Whether this branch structure constitutes 'private ownership' is the subject of much debate. Even the courts have a hard time with making the distinction in related decisions. I personally equate it to contracting out. The Board of Governors has oversight and ultimate responsibility but the branch work is carried out by this contrived joint partnership arrangement of member banks.
