OT - More Federal Reserve...The Fed really runs itself. This is quoted from page 1250 of the Appendix, FY2001 Budget of the US...on the BOGov of FRS..Financing - Under the provisions of section 10 of the FRA, the BOG levies upon the Fed. Res. banks, in proportion to their capital and surplu, an assessment sufficient to pay its estimated espenses. The Board, under the Act, determines and prescribes the manner in which its obligations are incurred and its expenses paid. Funds derived from assessments are deposited in the Fed. Res. Bank of Richmond, andthe Act provides that such funds "shall not be construed to be Government funds or appropriated moneys." No Government appropriation is required to support the operations of the Board. The infornmation presented (meaning the accompanying program and financing charts) pertains to Board operations only. Expenditures made on behalf of the Fed. Res. banks for production, issuance, retirement and shipment of Fed Res. notes are not included, since they are reimbursed in full by the Fed. Res. banks.
So, I stand corrected...there are no appropriated funds by Congress to run the Fed...they are like a little fiefdom, they levy taxes on the regional Feds to pay for operations)..
Where did you get the idea that the NY Fed Res. Bank was controlled by private stockholders. That makes no sense at all.
George |
