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94 sats \ 0 replies \ @freetx 12 Mar \ on: Who owns the Federal Reserve? conspiracy
The organization of the Fed is roughly as follows:
- Is split into 12 regional banks
- Each regional bank manages the commercial banks in their region
- Each of these 12 regional banks owns a pro-rata share in "the fed" as a whole, based upon the total reserves of the commercial banks in their region
- Congress appoints the chairman of the fed and sets other policy
So from this we can gather:
- The commercial banks, indirectly own the fed (via their capitalization)
- Of the regions, numerically NY is really the only one that matters (super majority of ownership is in NY region)
- The fed functions as sort of a "banking interest group" a liaison between the commercial banks and govt.
- Although Congress appoints the chairman, and can set certain policies, it has no direct control over its day-to-day operations (interest rates, etc) - those come via consensus of the 12 regional banks + board