For those who still think the Fed is a private corporation independent of government, there is this, today:
|May 22 (Bloomberg) -- U.S. Senators Bernie Sanders, Barbara Boxer and Mark Begich plan to introduce legislation today that would remove banking industry executives from the 12 regional Fed banks’ boards of directors. “Allowing currently employed banking industry executives to serve as directors on the boards of directors of Federal Reserve banks is a clear conflict of interest that must be eliminated,” according to the text of the bill, released today by Sanders, a Vermont Independent who caucuses with Democrats.|
So, Congress, i.e. GOVERNMENT, can remove executives of the Fed. Wow. Who'da thought?
This myth will likely never go away, but I'm happy to provide more facts to highlight its absurdity. It is still very popular among "hard money" types and conspiracy theorists of all stripes. The Fed is compelled to hand over virtually all of its profits to the U.S. government. I don't know of any private business that is forced to do that and certainly not an institution with the purported, vast powers granted to it by these conspiracy kooks. Then there's the fact that the Fed's board members are nominated by the President and confirmed by Congress and they all have terms that expire including the Chairman's term. Finally, the Fed itself was created by an act of Congress.
I guess everyone's entitled to their beliefs so if you're into alien abductions, Bigfoot and the Loch Ness monster, feel free to add the private Fed to your list. Go ahead...knock yourself out!