Fact or Myth Owners of the FED

[Vanilluxe]

http://www.factcheck.org/2008/03/federal-reserve-bank-ownership/

http://www.federalreserve.gov/faqs/about_14986.htm

What they're saying is that Banks own a share that cannot do much else than gain interest and vote for board of governors. They said the FED is a separate government entity... discuss and debate!

[Zippyjuan]

The "shares" in the Fed are more like a membership fee than traditional stocks. To be able to use the Federal Reserve system, a bank is required to buy shares to become a Member Bank. They are not allowed to sell the shares and the shares carry no voting rights. What they do bring is access to borrowing if necessary from the Fed and the shares are paid a six percent annual dividend- that is what does make the shares kinda like a real stock share in a company. Kinda like joining a Credit Union. You get access to their services but have no say really in what they do.


What they're saying is that Banks own a share that cannot do much else than gain interest and vote for board of governors. They said the FED is a separate government entity... discuss and debate!

The Board of Govenors are appointed by the President with the approval of Congresss like other government appointees- not chosen by the member banks and the Chairman is picked from the governors- again by the President.
http://www.federalreserve.gov/pubs/frseries/frseri.htm


Appointments to the Board
The seven members of the Board of Governors are appointed by the President and confirmed by the Senate to serve 14-year terms of office. Members may serve only one full term, but a member who has been appointed to complete an unexpired term may be reappointed to a full term. The President designates, and the Senate confirms, two members of the Board to be Chairman and Vice Chairman, for four-year terms.

[dannno]

You get access to their services but have no say really in what they do.

Theoretically, that is. Of course in the real world that isn't how it works.