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To: ~digs who wrote (17069)	1/11/2004 4:12:28 PM
From: ~digs	Read Replies (2) \| Respond to of 48461

Treasury Secretary Snow Sees Job Growth finance.myway.com "I'm confident that this recovery will translate into job creation," Snow said as he also reaffirmed the administration's commitment to cut in half in five years the record federal deficit..." Snow: Bush Space Plan Not Too Costly apnews.myway.com "This is a country of enormous resources, and we have the capacity to pursue a number of priorities at one time, but we have to do so within the framework of fiscal responsibility. I think you'll see that reflected in the budget."

To: ~digs who wrote (17069)	1/11/2004 6:29:16 PM
From: Bucky Katt	Read Replies (1) \| Respond to of 48461

It's all the FED. I think you have to give some odds to the off-chance they really screw up this time around... ______________________ 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. federalreserve.gov