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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: ForYourEyesOnly who wrote (4615)	3/20/1999 1:27:00 PM
From: Ptaskmaster	Read Replies (1) \| Respond to of 81980

Regarding ownership of Federal Reserve banks, it would be interesting to know whose (and in what capacity) authorization signatures appear on the "gold certificates" (in whatever form) used in settlements between privately owned Fed regional banks. stocktalk.com Follow the money, and in this case since the Fed apparently uses gold to settle accounts intranationally, follow the gold....

To: ForYourEyesOnly who wrote (4615)	3/20/1999 1:55:00 PM
From: Pete Schueler	Read Replies (1) \| Respond to of 81980

THC, I was curious about this issue and wound up at the following sites bog.frb.fed.us bog.frb.fed.us In the above description it is stated that 95% of the Fed's profits go to the US Treasury. It does not speak of ownership, however the Board of Governors is appointed by the President and confirmed by the Senate. So, if the money goes to the Treasury and the management is chosen by the Government does it really matter who owns it?

To: ForYourEyesOnly who wrote (4615)	3/21/1999 1:04:00 AM
From: Zardoz	Read Replies (3) \| Respond to of 81980

The definitive word on the FED: {ask them, and they respond} Note, I asked the question as stated as if THC was correct in his reasoning. mailto:PILobby.DeskSf@sf.frb.org I've read somewhere that teach of the 12 districts federal banks are actually owned by: Goldman, Sachs of New York Warburg Bank of Amsterdam Chase Manhattan Bank of New York as well as many individuals and groups... I was wondering if this is true? Are The Twelve Federal Reserve Districts owned by the US citizens, and responsible to them, through the congress? Can an individual actually own part or all of a District Reserve Bank? If not, then where do the profits go from the reporting of financial go to? Thanks in advance. Hutch And the reply: From: PILobby DeskSf <PILobby.DeskSf@sf.frb.org> Dear Hutch, Thank you for your interest in the Federal Reserve Bank. The information you have received regarding ownership is not correct. The Federal Reserve Bank is not owned by private individuals, but because it was created by Congress, the Federal Reserve remains an independent agency within government, subservient to the people through their elected representatives in Congress. So, indirectly, the people of the United States "own" the Federal Reserve. The President appoints and the Senate confirms governors of the System. Banks which join the System must subscribe to the capital stock of the Reserve Bank in their District. However, ownership of this stock offers only very limited privileges. The stock cannot be sold or traded. Dividends are not based on the Reserve Banks' earnings, but are limited to 6 percent annually. Shareholders can vote for six of the nine directors of each Reserve Bank (the other three, including the chairman and deputy chairman, are appointed by the Federal Reserve BOG in Washington, D.C.), but three of these six directors must be engaged in pursuits other than banking and cannot be officers, directors or employees of banks or bank holding companies. Thus, two-thirds of every Reserve Bank board of directors represent non-financial interests. Also, each shareholding bank has only one vote for the directors, regardless of the size of the bank and the amount of Reserve Bank stock it owns. If you would like further information on the Fed, please refer to our comprehensive Web page: frbsf.org, particularly the frequently asked questions page which will help answer the rest of your questions: frbsf.org Thanks again for your interest, Melissa Public Information Assistant Any further questions, I'd suggest you take it up with her directly. They seem to be helpful and fast.