Why does no one report on the fact that the Federal Reserve is a private bank.?
Way off base: The Federal Reserve System was established by the Federal Reserve Act of 1913 to regulate the U.S. banking and monetary system. The Federal Reserve System is comprised of 12 Regional Federal Reserve Banks, their 24 branches, and all national and state banks that are part of the System. National banks are stockholders of the System. The Federal Reserve System’s main functions are to regulate the national money supply, set reserve requirements for member banks, supervise the printing of currency at the mint, act as clearinghouse for the transfer of funds throughout the banking system and examine the member banks to make sure they meet various Federal Reserve regulations. Although the members of the system’s governing board are appointed by the President and confirmed by the Senate, the Federal Reserve System is considered an independent entity, which is supposed to make decisions free of political influence. Governors are appointed for 14 years, which further assures their
