Quote:
Originally Posted by mookiemookie
Classifying the Fed as a "private entity" is wrong. The Federal Reserve is authorized under the Federal Reserve Act of 1913. It's only private in the sense that the monetary policy decisions of the Fed aren't subject to governmental approval.
However, the Fed is audited by the GAO, it reports to Congress semianually as mandated by the Humphrey Hawkins Act, the Fed Board of Governors and the Fed Chairman are appointed by the President and confirmed by the Senate and all profits made by the Fed are turned over to the Treasury.
So, no, the Fed is not a private entity. QED.
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EVERYONE IS RUINING MY FUN!!!!11ONEONEONE
