Rande, CobaltBlue is right on this one. The FED is what we know here in DC to be a "quasi-independent agency" of the US Gov't. These agencies, much like SallieMae, FreddieMAC, and others are established by Congress, and their "enabling statute", in this case, the Federal Reserve Act of 1913, lays out the broad responsibilities of the agency. It's employees are not on the GS schedule as other employees of the Government, but on their own internal Federal Reserve schedule that has levels much like the GS schedule.
Title 12 Code of Federal Regulations Parts 200-299 are the US GOVERNMENT regulations that say how the Federal Reserve System and Banks, DO what they are allowed to do. Proposed regulations and Notices are published in the Federal Register, which is the Official Government publications for notice of all proposed and final regs of all government agencies. The bottom line is that the Fed. Reserve has as much power as the Congress wants to give it, under the statutes that it is responsible for, and also the Congress can "take awayith" if it wishes.
George Kirlin
Librarian
Van Ness Feldman
Washington, DC |
