What is the Federal Reserve Bank?

 

The Federal Reserve System is accountable to no one.

 

It has no budget; it is subject to no audit; and no Congressional committee knows of, or can truly supervise, its operations.”

 

The officers of the twelve regional Federal Reserve Banks are all selected from among their own membership.

 

The President with the consent of the Senate appoints the Federal Reserve Board members in Washington.

 

The Federal Reserve is “the sole fiscal agent for the U.S. Treasury,” and all federal funds are deposited with it.

 

The Federal Reserve “only has in its assets a tiny fraction (1 or 2 percent) of the deposits it claims to ‘insure.’  . . .The Federal Reserve enjoys a monopoly in the issue of all banknotes.”

 

The events that have happened since President Obama has come into office make us wonder if he is not aware of the legal restrictions of the executive branch of the federal government.

 

Maybe he just doesn’t know any better.

 

Cases in point:

1. Taking over major segments of American industry: firing the CEO of General Motors, cutting Chrysler’s advertising budget in half, taking controlling ownership positions in major American corporations, such as General Motors. .

2. Spending the nation into financial oblivion: Taking control of AIG (the nation’s largest insurance company, taking control of many of our nation’s major banks.

3. Taking actions in other matters that are clearly outside the scope of his authority: Deciding who will be the officers and directors of the nation’s major corporations, giving the Federal Reserve Bank unprecedented authority.

 

None of these actions were legal when they took place, and most of them were done without the consent of Congress.

 

But he is an attorney who taught law. He has the Justice Department and his own counsel to help evaluate his projected policies.

 

So we must assume, with these qualifications, when his policies are legally or constitutionally questionable, he knows the legal restrictions and just doesn’t care.

 

However, the worst is yet to come: Obama announced that his objective is to turn over the responsibility for supervising the nation’s entire private sector to the Federal Reserve Bank.  This is completely unconstitutional.

 

Why? Because the Federal Reserve Bank is not a branch of the federal government. It is not even a federal agency. It is a private entity that is owned by the member banks.

 

And foremost, the meetings of the Federal Reserve Board are not open to anyone, and they do not publish detailed minutes of their meetings, so the reasons for their actions are not generally available to anyone, including the president of the United States or Congress.

 

Linda Chavez, noted in her article, Fed Rules: “The president’s plan would turn an agency whose historic role has been to set monetary policy into a new super agency whose job it would be to oversee any institution that has the potential to adversely affect the overall economy, including large insurance companies, hedge funds and investment banks. But adding these new areas of regulatory oversight will concentrate enormous power over the economy in a single body . . . .”

“The definitions provided by the administration are so broad they could include not just institutions like insurance giant American International Group, the investment firm Goldman Sachs, and other firms whose near collapse precipitated the financial crisis but virtually any large institution whose business model includes providing financing to just about anyone.”

 

With this new proposed authority we believe the Fed could cause the United States hyperinflation to accelerate!

 

The Federal Reserve Bank, with no congressional oversight, begs the question of whether it should be permitted to continue operating in complete secrecy and without any accountability to Congress.

 

Why should taxpayers be taxed by the U.S. Treasury in order to pay interest and principal on bonds held by another arm of the federal government – the Federal Reserve?”

 

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