18 Feb 2014 5:46 pm
The Board of Governors. Usually considered the fourth branch of government.Cannonpointer » 18 Feb 2014 5:26 pm » wrote:
What branch?
Because that is what the Federal Reserve Act of 1913 commands...Why does the executive "appoint" it's head? What is her/his government salary?
The oversight is generally from the Congress. Most specifically, the Congressional Banking Committee.Or from congress?
So, your position is that the federal reserve is a member of the legislative branch, that does not answer to the legislative OR executive branch, and operates independently of both?
And no, my position is not that it is part of any branch of government. My position is that it the Federal Reserve is part of the government. It operates independently within the government because its authority and power still derives from the Government.
I never said that it does not answer to anyone. I said that it's monetary policy does not require authority from the executive branch or the legislative branch.Within the government, in which branch? It serves executive functions, so how can it be an member of the legislative branch? Aren't legislators elected?
And it does not answer to the chief executive, so it cannot be in THAT branch. Maybe it's part of the judicial branch?
It's not really private, and it's far from a profit making corporations. Board of Governors is a term usually given to public entities, and non-profit making organisations. The Federal Reserve is very much in cahoots with the U.S. Government on particular aspects of the economy.OR MAYBE IT'S A PRIVATE, FOR PROFIT CORPORATION AS I SAID? http://www.monetary.org/is-the-federal- ... on/2008/02
Oh, and you probably don't know, but all profits accumulated by the Federal Reserve are immediately re-admitted to the General Fund of the U.S. Treasury. That's a funny definition of private property.