160K $100M Pennies.

[SnakeBoy]

As always, great post Parker! You really are waking up America.

It's cool you have a sidekick in Y.H. now. It's just like the Lone Ranger and Tonto fighting injustice. Like them, together the two of you will someday defeat the evil Butch Cavendish (aka WineHole23). I just know it.

[Blake]

False

Oooh sorry. The answer is "true".

The Federal Reserve, like many other central banks, is an independent government agency but also one that is ultimately accountable to the public and the Congress.

You can access this information at:

http://www.federalreserve.gov/faqs/about_12799.htm

You and Parker are stupid.

Thanks for playing. Come back for more.

[Parker2112]

http://www.federalreserve.gov/faqs/about_12593.htm
http://www.federalreserve.gov/faqs/about_14986.htm
http://www.federalreserve.gov/faqs/about_12591.htm

[Parker2112]

Oooh sorry. The answer is "true".



You can access this information at:

http://www.federalreserve.gov/faqs/about_12799.htm

You and Parker are stupid.

Thanks for playing. Come back for more.

You forgot to highlight the most important word there, B. Selective reading is your forte

And you wonder why youtubes are still necessary.

The way the Federal Reserve Act is structured, the Fed is independent of any branch's oversight, including the executive. The only way this changes is through a change in the law.

[Parker2112]

Once again for the slow group...

The Federal Reserve, like many other central banks, is an independent government agency but also one that is ultimately accountable to the public and the Congress.

[Parker2112]

...and hence the government designation becomes meaningless, because it in fact operates outside of our federal government.

[Parker2112]

Oooh sorrier.

I am stupid.

Thanks for playing. Come back for more.

[Parker2112]

[Blake]

Parker, true or false:

The Fed is a governmental agency.

[Winehole23]

(that's just the hits on Bloomberg, Parker)

[Th'Pusher]

I just want to know where that guy is getting an 8% return on the $15M he invested.

[DarkReign]

You can access this information at:

http://www.federalreserve.gov/faqs/about_12799.htm

You and Parker are stupid.

Thanks for playing. Come back for more.

Parker is a typing tinfoil hat, but the analogy du jour for the Federal Reserve is "Theyre about as federal as FedEx".

Theyre not a government agency, they are a private ins ution. The only control the government has is board appointments. I think its a 12 member board or some such.

As it were, the exact process for board approval goes like this.

1. The Fed puts together its list of candidates for a board seat
2. That list is sent to the POTUS
3. POTUS picks from the list any number of them for board appointment
4. Fed receives POTUS's list and votes based on his selections
5. Winning candidates are appointed to the seat

That is the legal extent of the governments control of the Federal Reserve.

Now, in practice, the Fed is constantly in contact with the Treasury Secretary and its affiliates about policy, money supply and interest rates. The government certainly has a large say in the Fed's policies, a HUGE say, but that isnt a legal requirement for the Fed to even do so.

Just sayin'

[DarkReign]

Parker, true or false:

The Fed is a governmental agency.

The Fed is a government agency in the same capacity Freddie and Fannie were government agencies prior to 2008 (post 2008, Freddie and Fannie are very much government controlled after the housing market debacle).

But to answer your question directly, true.

True because there is minimal government control of the Fed. Which separates it from a private ins ution like any size corporation or private bank.

False because the Fed has no legal requirement to the government save for board appointments.

So really, its both. They are quasi-government, a gray area. Gray areas do exist and the Fed is the best example of one.

[DarkReign]

Federal Banking Agency Audit Act enacted in 1978 as Public Law 95-320 and Section 31 USC 714 of U.S. Code establish that the Federal Reserve may be audited by the Government Accountability Office (GAO).[46] The GAO has authority to audit check-processing, currency storage and shipments, and some regulatory and bank examination functions, however there are restrictions to what the GAO may in fact audit. Audits of the Reserve Board and Federal Reserve banks may not include:

• 1.transactions for or with a foreign central bank or government, or nonprivate international financing organization;
  
  2.deliberations, decisions, or actions on monetary policy matters;
  
  3.transactions made under the direction of the Federal Open Market Committee; or
  
  4.a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to items (1), (2), or (3).

A true government agency doesnt have these restrictions, especially #1. Also, realize that the Fed has been around since 1913 and only in 1978 did the US government seek to pass legislation allowing the government to even audit them.

Thus, gray area.

[Blake]

The Fed is a government agency in the same capacity Freddie and Fannie were government agencies prior to 2008 (post 2008, Freddie and Fannie are very much government controlled after the housing market debacle).

But to answer your question directly, true.

True because there is minimal government control of the Fed. Which separates it from a private ins ution like any size corporation or private bank.

False because the Fed has no legal requirement to the government save for board appointments.

So really, its both. They are quasi-government, a gray area. Gray areas do exist and the Fed is the best example of one.

The accuracy of my original statement has already been confirmed by the Fed website, thanks.

Fyi, the President chooses board members who are then confirmed by the Senate.

[DarkReign]

The accuracy of my original statement has already been confirmed by the Fed website, thanks.

Ok, but would you equate the Fed with say, the Department of Defense in terms of being a government en y?

[Blake]

Ok, but would you equate the Fed with say, the Department of Defense in terms of being a government en y?

You're asking if one en y is more governmental than another?

If it's governmental at all, then it's irrelevant......but I think there's a rather distinct difference between Departments and Agencies.

Further, I think there are rather distinct differences between many departments. There are also rather distinct differences between many agencies.

[DarkReign]

Ooook. You win on a technicality and my complete lack of interest in goign any further with this.

As a proof to your victory, name one other government department or agency that cannot be audited by the government as terms of its charter.

[Winehole23]

he'll get back to you tomorrow, DR

[Blake]

Ooook. You win on a technicality and my complete lack of interest in goign any further with this.

As a proof to your victory, name one other government department or agency that cannot be audited by the government as terms of its charter.

So you are playing a game where you get to make the rules and the parameters up as you go?

Oooooooook.....

Define 'government' as you please. I'm comfortable enough saying a proven government agency is part of 'government'.