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The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the Federal Reserve.
The Government of the United States owns the Federal Reserve.
Adah Doyle
Wiki User
∙ 14y agoThe term "chartered by the Federal Government" is a euphemism used to let folks assume that the Federal Government owns a private entity. This same euphemism was used for Fannie Mae and Freddie Mac. The Federal Reserve is owned by its member banks. The Treasury Department and the Fed are controlled by the banking industry and run in secret. There is NO congressional oversight and no checks and balances in place to assure that the interests of the American People are protected. There is Congressional oversight of the Treasury Department. In fact, in Paulson's first draft of the 2008 Bill, he asked for no oversight power. This clause was specifically removed from the bill by congress. Had he had this massive amount of power and the ability to operate in secrecy, why was he asking for it? We also see congressional oversight in the current debate over the automobile industry. It is Congress, not the Treasury Department, that has to grant authorization to lend automakers money under TARP. Also, Congress controls the budget, and at anytime can cut programs. And we also have to realize that Congress (the Senate more specifically) must approve the President's appointments to his Cabinet as a check and balance. That said, we have to remember that the Treasury Department is under the Executive Branch of the Federal Government and is thus separate from Congress. Just like Congress cannot control every action the President makes (and who would argue they should?), Congress is not able to control every action of the President's advisors.
The Fed is a totally separate issue. The make up and build of the Federal Reserve system is so complex that most average Americans are unable to comprehend it. And what people do not understand, they have a tendency to fear. The Federal Reserve is indeed "owned" by member banks. This is because they must buy into it by law. They do not willingly own stock in the Fed. The Fed uses this as a monetary policy tool (called the reserve ratio). The Fed's meetings are also not totally secret. The transcripts are kept sealed for 5 years. This is to prevent panic amongst the markets (think of what would happen if Bernanke were misunderstood or quoted saying something about a particular bank).
Wiki User
∙ 13y agoThe Federal Reserve System, and its district banks are setup like any other corporation: there is no one owner. The entire system is self owned, and governed by a board of directors who are appointed by the President for 14 year terms (with the approval of congress).
Wiki User
∙ 15y agoMost banks in the western world are owned by the shareholders, however following the recent credit crunch some have been taken over by the Government as is the case of Northern Rock Bank in the UK
Wiki User
∙ 12y agoThe Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the Federal Reserve.
The Government of the United States owns the Federal Reserve.
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When currency is printed who owns it?
Normally it's the banks.
What is PSU banks?
Public Sector Bank of India..... PSU stands for Public Sector Undertaking. ...It also means that the Government owns that entity.... A Government owned bank is one that is fully owned by the national government.Which were nationalised in 1969..SBI,PNB,UNION BANK OF IND.BoB ETC are some solid psu....
How does the economy affect banks?
Commercial banks - NO. National banks - YES.
What are the classification of banks?
Banks can be broadly classified into many categories based on the functions they perform and based on the services they offer. Some of the types of banks are: 1. Commercial/Retail Banks 2. Private Banks 3. Investment Banks 4. Rural Banks 5. Co-operative Banks 6. Industrial Banks 7. Etc.
Who owns businesses in a mixed economy?
In a mixed economy the owner owns a business.
Who owns the us banks?
The Nationalized banks are owned by the government. Other banks are owned by some individuals and corporations.
When currency is printed who owns it?
Normally it's the banks.
Who owns region banks?
If you have ever banked at regions, you know the devil owns it. All they do there is rob there customers.
Who owns Susquehanna Banks?
Susquehanna Bancshares, Inc. (NASDAQ: SUSQ)
Who owns computershare?
It's a publicly traded company in Australia. It's probably owned by the big banks.
Who owns the banks in Canada?
It depends on what bank we are talking about. Nationalized or public banks are owned by the Government of Canada. Private banks are owned by the shareholders and people who invested in the bank. So depending on what bank you are talking about, the owners would vary.
How can you remove your name in a car loan?
Generally, the loan must be paid off and refinanced by the co-borrower. The bank owns the loan and banks do not usually remove a name from the obligation. However, you should ask the lender.Generally, the loan must be paid off and refinanced by the co-borrower. The bank owns the loan and banks do not usually remove a name from the obligation. However, you should ask the lender.Generally, the loan must be paid off and refinanced by the co-borrower. The bank owns the loan and banks do not usually remove a name from the obligation. However, you should ask the lender.Generally, the loan must be paid off and refinanced by the co-borrower. The bank owns the loan and banks do not usually remove a name from the obligation. However, you should ask the lender.
What are the types of commercial banks?
Commercial banks can be classified based on who owns them. they are:Public commercial banks - The banks that are owned by the governmentPrivate commercial banks - The banks that are owned by private individuals or companiesForeign commercial banks - The banks that are owned by individuals or companies that are incorporated outside the country where the bank operates
Do English banks own bank of Scotland?
Bank of Scotland owns Halifax and they are both owned by LLoyds Banking Group
Do the government of the US a owns and operate our banks?
It isn't supposed to work that way, but gradually it seems that we've been moving in that direction.
Are Chase Banks and JP Morgan Chase Bank affiliated?
Yes. JP Morgan Chase owns JP Morgan and Chase Bank.
Who is the rich person in pakistan?
His name is Mian Muhammad Mansha. He is an industrial basically but now owns one of the most successfully banks in Pakistan, Muslim Commercial Bank. Along with this he also owns a textile mill named Nishat Textile.
