Federal Reserve System a Quasi Private Banking System Controlled by Congress - The Diigo Meta page

• 14 Apr 10
  

  Allison Hart

  econ

• 26 Jan 09
  

  Wade Young
• 25 Jun 08
  

  liveinfreedom .

  Federal Reserve System; the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute.

  federal reserve congress banking financial system monetary frb

  • • N.A.S.A, America's Treasury, Printing Office, etc. are also 'quasi' government organizations that cannot be influenced by politicians. The U.S.A. Congress has law making authority over these organizations.
    Add Sticky Note
  • The Federal Reserve System has a structure designed by Congress to give it a broad perspective on the economy and on economic activity in all parts of the nation. It is a federal system, composed basically of a central, governmental agency--the Board of Governors--in Washington, D.C., and twelve regional Federal Reserve Banks, located in major cities throughout the nation
  • the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute
  • Therefore, the Federal Reserve can be more accurately described as "independent within the government
  • The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.
  • The Federal Reserve's income is derived primarily from the interest on U.S. government securities that it has acquired through open market operations. Other sources of income are the interest on foreign currency investments held by the 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 (the rate on which is the so-called discount rate). After paying its expenses, the Federal Reserve turns the rest of its earnings over to the U.S. Treasury.
  • Who owns the Federal Reserve?
  • • 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.
    Add Sticky Note
  • To ensure financial accountability, the financial statements of the Federal Reserve Banks and the Board of Governors are audited annually by an independent outside auditor. In addition, the Government Accountability Office, as well as the Board's Office of Inspector General, can audit Federal Reserve activities.
  • • To ensure financial accountability, the financial statements of the Federal Reserve Banks and the Board of Governors are audited annually by an independent outside auditor. In addition, the Government Accountability Office, as well as the Board's Office of Inspector General, can audit Federal Reserve activities.
    Add Sticky Note

  8 more annotations...

• 31 Mar 08
  

  lesleytsilucsam
  • Who owns the Federal Reserve?

Public Stiky Notes

• 
  liveinfreedom . on 2008-06-25
  N.A.S.A, America's Treasury, Printing Office, etc. are also 'quasi' government organizations that cannot be influenced by politicians. The U.S.A. Congress has law making authority over these organizations.
• 
  liveinfreedom . on 2009-04-17
  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.
• 
  liveinfreedom . on 2009-04-17
  To ensure financial accountability, the financial statements of the Federal Reserve Banks and the Board of Governors are audited annually by an independent outside auditor. In addition, the Government Accountability Office, as well as the Board's Office of Inspector General, can audit Federal Reserve activities.

Would you like to comment?

Join Diigo for a free account, or sign in if you are already a member.