What do you know about The Federal Reserve?

I know there's nothing truly "federal" about the Federal Reserve. It is technically NOT a government agency... more like a company that prints our money, and sets interest rates... sort of a big accounting firm for the whole country. The fine US currency you possess is not really backed by a thing anymore... it's all based on trust and figures on a paper. No more gold or silver to back it... it's all worthless. -(so just send all yours to me! )

It's about as legal as the IRS... but that's another (closely related) story.

 

the fed is owned and operated by the richest families in the world. They charge the us govt. 2.3cents per bill and then charge interest to the govt on the money. It was created in 1913 and oddly enough, so was the income tax.

A couple of presidents have tried to abolish this evil institution and it has wound up in their deaths. Thank you Mr Kennedy and Mr Lincoln.

 

Um, if it was created in 1913, how did it cause the death of Lincoln in 1865?

 

and if it was created in 1913, who did the money before then?
We did have money before 1913 I assume...

 

From federaltreasury.gov

Who owns the Federal Reserve?
The Federal Reserve System is not "owned" by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.

As the nation's central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by the Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as "independent within the government."

The twelve regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized much like private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold or traded or pledged as security for a loan; dividends are, by law, 6 percent per year.

The earnings of the Federal Reserve System come primarily from interest received on the Reserve Banks' holdings of U.S. government securities (which are used in the conduct of monetary policy) and from fees they charge depository institutions for providing services (such as processing and clearing checks). The expenses of the System are paid from these earnings. Any net earnings are paid yearly to the U.S. Treasury. For 2002, the payment was $24.49 billion.

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How is the Federal Reserve funded?
The income of the Federal Reserve System is derived primarily from the interest on U.S. government securities that it has acquired through open market operations. Other sources of income are the interest on foreign currency investments held by the System; fees received for services provided to depository institutions, such as check clearing, funds transfers, and automated clearinghouse operations; and interest on loans to depository institutions (the rate on which is the so-called discount rate).

After it pays its expenses, the Federal Reserve turns the rest of its earnings over to the U.S. Treasury. About 95 percent of the Reserve Banks' net earnings have been paid into the Treasury since the Federal Reserve System began operations in 1914. (Income and expenses of the Federal Reserve Banks are included in the annual report of the Board of Governors.)

What is the Federal Reserve System?
The Federal Reserve System, also known as the Fed, is the central bank of the United States. It was created by the Congress with the passage of the Federal Reserve Act in 1913. The Federal Reserve System is composed of a central, governmental agency--the Board of Governors--in Washington, D.C., and twelve regional Federal Reserve Banks located in major cities throughout the nation.

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What are the Federal Reserve's responsibilities?
The Federal Reserve System was chartered in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its roles have evolved and expanded. Today, the Federal Reserve's duties include conducting the nation’s monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices; promoting the stability of the financial system; providing banking services to depository institutions and to the federal government; and ensuring that consumers receive adequate information and fair treatment in their interactions with the banking system. For a complete overview of the Federal Reserve, see The Federal Reserve System: Purposes & Functions

 

My name on my checkbook is not in ALL CAPS.

 

BECAUSE YOU SHOULD SHOUT YOUR NAME WHENEVER POSSIBLE.

 

note to self: fully wake up before posting.

Federal Reserve deals with monetary policy, and the Treasury Dept. deals with the actual physical money. True?

D'OH!

 

it is a bit concerning that an agency with so little accountablity to the people has so much control.

 

Same here.

 

Giddyup's one of the older members on the board, he probably stockpiled checkbooks during JFK's administration.

J/K

 

My name, my wife's name, address and phone number are all in a bolder font than most of the rest of the check.

Incidentally, if I wanted to, I could print my own checks and basically use whatever font style I wanted. The main thing the bank cares about is that the routing number and account number are printed using magnetic ink.

 

My name, address, pay to the order of, everything is the same level of boldness.

They are Looney Toons checks.

I have an account at another bank where I got the bank stock checks, those have everything (name, address, everything) in all caps and the name is in bold while everything else is not.

But on my US Bank account with the Looney Tunes checks, that is not the case.

 

I got them through the bank, though they were printed, of course, by an independent entity (DELUXE, whereas the other bank checks that do have my name in all caps are from an outfit called WHIT-CO. I got them through the bank, as well).

 

My checks came through the bank as well (Wells Fargo). They are DELUXE checks,