Where was the Federal Reserve when all this Banking Chaos was going on?
The Federal Reserve Bank is not a regulatory agency. We have a host of other alphabet agencies that are supposed to perform as bank regulators, not to mention Congress. The Fed is a privately-held corporation that maintains a fluid supply of money to the nation, not unlike any other central bank. Ours, unfortunately, has never once been held to public accountability since its inception in 1913. The Fed has an appointed Board of Governors that operates from offices in Washington DC. The FOMC (Federal Open Market Committee) is the component that meets periodically to establish short-term interest rates. There are also twelve regional Federal Reserve Banks located throughout the nation acting as fiscal agents for the US Treasury. Each district has its own 9-member board of directors. Furthermore, there are numerous private member banks, which subscribe to predetermined (non-transferable) stock in the nearest regional Federal Reserve Bank. The Fed is an integral part of the problem, not it
