Well, of course it is also the case that the Federal Reserve was created and exists as a result of a law passed by the US Congress and that its behavior is subject to such laws, along with the president having some input due to the appointive power of the Board of Governors. But.... Barkley Rosser On Thu, 11 Feb 1999 15:45:49 -0500 Doug Henwood <dhenwood at panix.com> wrote:
> Rosser Jr, John Barkley wrote:
>
> > In fact, technically and officially, the Federal
> >Reserve System is owned by the "National Banks," which in
> >turn are privately owned.
>
> Actually I think it's just the regional branches that are owned by their
> member banks; the Board in Washington is supposed to be an agency of the
> U.S. government. Sort of.
>
> Doug
-- Rosser Jr, John Barkley rosserjb at jmu.edu