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  • From: CAVM@aol.com
  • To: permaculture@lists.ibiblio.org
  • Subject: Re: [permaculture] going no where
  • Date: Tue, 8 May 2007 19:33:24 EDT


In a message dated 5/8/2007 6:26:11 P.M. Central Daylight Time,
martinwnaylor@yahoo.com.au writes:

Enlighten me, who owens the controlling interest in the Federal reserve bank


The Board of Governors
of the Federal Reserve System
On December 23, 1913, the Federal Reserve System, which serves as the
nation's central bank, was created by an _act of Congress_
(http://www.federalreserve.gov/GeneralInfo/fract/default.htm) . The System
consists of a seven member
Board of Governors with headquarters in Washington, D.C., and twelve Reserve
Banks located in major cities throughout the United States.
Appointments to the Board
The seven members of the _Board of Governors_
(http://www.federalreserve.gov/bios/default.htm) are appointed by the
President and confirmed by the
Senate to serve 14-year terms of office. Members may serve only one full
term, but
a member who has been appointed to complete an unexpired term may be
reappointed to a full term. The President designates, and the Senate
confirms, two
members of the Board to be Chairman and Vice Chairman, for four-year terms.
Representation
Only one member of the Board may be selected from any one of the twelve
_Federal Reserve Districts_ (http://www.federalreserve.gov/otherfrb.htm) .
In
making appointments, the President is directed by law to select a "fair
representation of the financial, agricultural, industrial, and commercial
interests
and geographical divisions of the country." These aspects of selection are
intended to ensure representation of regional interests and the interests of
various sectors of the public.
Responsibilities
The primary responsibility of the Board members is the formulation of
monetary policy. The seven Board members constitute a majority of the
12-member
_Federal Open Market Committee (FOMC)_ (http://www.federalreserve.gov/fomc)
,
the group that makes the key decisions affecting the cost and availability
of
money and credit in the economy. The other five members of the FOMC are
Reserve Bank presidents, one of whom is the president of the Federal Reserve
Bank
of New York. The other Bank presidents serve one-year terms on a rotating
basis. By statute the FOMC determines its own organization, and by tradition
it
elects the Chairman of the Board of Governors as its Chairman and the
President of the New York Bank as its Vice Chairman.
The Board sets reserve requirements and shares the responsibility with the
Reserve Banks for discount rate policy. These two functions plus open market
operations constitute the _monetary policy_
(http://www.federalreserve.gov/policy.htm) tools of the Federal Reserve
System.
In addition to monetary policy responsibilities, the Federal Reserve Board
has _regulatory and supervisory responsibilities_
(http://www.federalreserve.gov/banknreg.htm) over banks that are members of
the System, bank holding
companies, international banking facilities in the United States, Edge Act
and
agreement corporations, foreign activities of member banks, and the U.S.
activities of foreign-owned banks. The Board also sets _margin requirements_
(http://www.federalreserve.gov/regulations/regref.htm#t) , which limit the
use of
credit for purchasing or carrying securities.
In addition, the Board plays a key role in assuring the smooth functioning
and continued development of the nation's vast payments system [see _Fedwire_
(http://www.federalreserve.gov/paymentsystems/fedwire/) and _Payment System
Risk Policy_ (http://www.federalreserve.gov/paymentsystems/psr/) ].
Another area of Board responsibility is the development and administration of
regulations that implement major federal laws governing consumer credit such
as the Truth in Lending Act, the Equal Credit Opportunity Act, the Home
Mortgage Disclosure Act and the Truth in Savings Act [see _Consumer
Information_
(http://www.federalreserve.gov/consumers.htm) and _Community Development_
(http://www.federalreserve.gov/community.htm) ].
_http://www.federalreserve.gov/pubs/frseries/frseri.htm_
(http://www.federalreserve.gov/pubs/frseries/frseri.htm)



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