Is the Federal Reserve unconstitutional?

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Answer OK - let's keep it simple you say the "Federal Reserve acts as a regulatory agency". But there is no governmental control according to the SUPREME COURT OF THE UNITED STATES No governmental control= UNCONSTITUTIONAL. Lewis v. United States, 680 F.2d 1239 (1982) the court ruled that the Federal Reserve Banks are "independent, privately owned and locally controlled corporations", and there is not sufficient "federal government control over 'detailed physical performance' and 'day to day operation'" of the Federal Reserve Bank for it to be considered a federal agency: Congressional Attempts to Control the Fed (quotes courtesy of site linked below - quotes not under copyright) 1937 Rep. Charles G. Binderup of Nebraska 1952 Rep. Wright Patman of Texas ( House Banking Chairman) "In fact there has never been an independent audit of either the twelve banks of the Federal Reserve Board that has been filed with the Congress ... For 40 years the system, while freely using the money of the government, has not made a proper accounting." Patman RE: Federal Open Market Committee "one of the most secret societies. These twelve men decide what happens in the economy ... In making decisions they check with no one -- not the President, not the Congress, not the people." Patman also said: "In the United States we have, in effect, two governments ... We have the duly constituted Government ... Then we have an independent, uncontrolled and uncoordinated government in the Federal Reserve System, operating the money powers which are reserved to Congress by the Constitution." 1971 Rep. John R. Rarick of Louisiana introduced H.R. 351: "To vest in the Government of the United States the full, absolute, complete, and unconditional ownership of the twelve Federal Reserve Banks." He said: "The Federal Reserve is not an agency of government. It is a private banking monopoly." He was later defeated for re-election. 1980's, Rep. Phil Crane of Illinois called for the repeal of the Federal Reserve Act. In 1980 congress passed the Monetary Control Act,it gave the Federal Reserve control of all banking institutions. The majority of the post below was plagiarized from two websites - see links. Answer You know, whenever I hear what I think are just crazy questions like this...one of my first thoughts is: Just for a second...say it was even remotely possible that all those very involved, dedicated people, on all sides of the discussion, knew it was so...why would they keep it hidden...but even more importantly....what do you think... would it take even 5 minutes to correct it and just pass a law, or whatever is needed, allowing it? Maybe less. Then of course...I think your probably so confused that your not asking about anything even related to what you think...I suspect you want to challenge the Constitutionality of an income tax...(which by the way is addressed in the 16th amendment). Not the Federal Reseve..which is defined below and is really just a method for orderly banking and I can't imagine being a Constitutional issue.
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How many Federal Reserve Banks are there?

There are twelve Federal Reserve Banks, one in each of the twelve Federal Reserve Districts. The District boundaries follow state lines, with some exceptions: . 1st District, Boston. Connecticut (excluding Fairfield County), Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont . 2nd Dis (MORE)

What is the federal reserve?

If you mean federal reserve banks, it is an international organization created at Bretton Woods, New Jersey in 1945 for regulating the international peg system and the LLB (lower level banks). The International Federal Reserve (IFR) answers to the United Nations that holds the bankruptcy note on the (MORE)

What does federal reserve do?

Everything. They control the flow of money in the economy of the United States. They also control in the discount rate on federal funds. That rate indirectly affects the federal funds rate, which is the rate at which the banks can get money themselves. So that rate indirectly affects the interest ra (MORE)

Who does the federal reserve answer to?

The members of the Federal Reserve Board of Governors are appointed by the President of the United States with confirmation by the Senate. They cannot ordinarily be removed from their 14-year staggered terms of office.. The President of the United States, through the Secretary of the Treasury, regu (MORE)

Is federal income tax unconstitutional?

The Personal Income Tax Law is wholly constitutional and conformsnicely with the constraints of the Constitution. The above answercorrectly points out that jails and prisons are filled with peoplewho foolishly argued that income taxes are unconstitutional. TheSupreme Court has consistently ruled tha (MORE)

What is the function of the federal reserve?

The Federal Reserve System is a group of private banks closely regulated by State and Federal Governments for the purpose of controlling the volume of money and monetary instruments in a particular country or group of countries. Outside of the United States this is done by a Central Bank. The balanc (MORE)

Who controls the Federal Reserve?

On December 23, 1913, the Federal Reserve System, which serves as the nation's central bank, was created by an act of Congress. The System consists of a seven member Board of Governors with headquarters in Washington, D.C., and twelve Reserve Banks located in major cities throughout the United State (MORE)

What does the Federal Reserve Board Do?

The Federal Reserve Board determines how everyone in America lends money by coordinating the banks and defining the value of the dollar. A Governor on the board maintains contact with each of the 12 region's bank presidents, economic analysts, and their regional directors. They define the dollar (MORE)

What are the functions of the Federal Reserve System?

The primary responsibility of the Board members is the formulation of monetary policy. The seven Board members constitute a majority of the 12-member Federal Open Market Committee (FOMC), the group that makes the key decisions affecting the cost and availability of money and credit in the economy. T (MORE)

How does the federal reserve system work?

The Federal Reserve is the central bank of the United States of America and it supervises/oversees the banking operations of all banks in USA. They are responsible for the proper functioning of all the banks and they are also the lender to the banks (The place where banks go to borrow money if they (MORE)

Can you register a federal reserve note?

Federal Reserve Notes come pre-registered. A sequence like B75354087F can be found on the face of every note in green ink. The registry is kept by the Bureau of Engraving and Printing, and is probably only used by the FBI if bills need to be traced.

What did The Federal Reserve Act do?

Created by William Howard Taft (27 President) The Reserve Actbasically divided up the country into 12 regions this made itharder for corporations to become Massivly rich.

What is a Federal Reserve?

The Federal Reserve is the central bank of the United States. Congress created the Federal Reserve System in 1913 to provide the nation with a safer, more flexible and more stable monetary and financial system. The Fed's three functions are to provide and maintain an effective and efficient payments (MORE)

What is a Federal Reserve Note?

Federal Reserve Notes are non-interest bearing promissory notes issued by the US Federal Reserve System (the central bank) and are official Legal Tender for payment of debts. Since 1966 all US bills have been issued by the Federal Reserve System, identified by the bills' green seals. Current denom (MORE)

What does Federal Reserve Note mean?

Federal reserve notes are paper money in the United States. The Federal Reserve is the nation's central bank. All current US bills are issued by the Federal Reserve system,but in the past some bills were issued directly by the government and others were issued by private banks with government bac (MORE)

What is federal reserve?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the Federal Reserve.

What are the responsibilities of the federal reserve system?

The federal reserve has three main tools it uses to bring about its goals if full employment, healthy inflation and stability The fed acts as a bank to all other banks, each bank must have an account with the fed in which they keep a certain percentage of their checkable deposits as reserves. Thi (MORE)

Who issues Federal Reserve notes?

Federal Reserve Notes are printed by the Bureau of Engraving and Printing at facilities in Washington and Fort Worth. Bills are distributed through the Federal Reserve banks in Boston, New York, Philadelphia, Richmond, Atlanta, St. Louis, Cleveland, Chicago, Kansas City, Dallas, Minneapolis, and (MORE)

Is the federal reserve federal?

The Federal Reserve or Federal Reserve System is part of the U.S. Government and acts as the country's central bank. However, it operates independent of the President, the rest of the Executive Branch, and the Legislative Branch. The Federal Reserve gets its authority from Congress and is subject to (MORE)

Is the federal income tax unconstitutional?

the tax law has been amended in 1913 i think- but in order for it to become law - it had to be ratified by the states - which up to today - this Gov. of ours and the IRS has not show the American people the document which proves its been ratified into law - they say it was and they say it is - and i (MORE)

What is the main function of the Federal Reserve?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. It is in-charge of supervising and monitoring banking operations in the United States. It sets the regulatory requirements, reserve ratios, interest rates etc that banks need to follow. They mon (MORE)

Is the Federal Reserve owned by government?

No! Private shareholders do!Mostly these private holders are diverse Rothschild corporations such as JP Morgan , Goldman sachs etc. Guess who owns the mainstream media(other than wikileaks and a few others). The Rothschilds(controllers of the Bank of England,and a host of other companies)...reason f (MORE)

Advantages and disadvantages of the federal reserve?

The effects of changes made by the Federal Reserve System take a long time to be reflected in the general economy . The Federal Reserve is form of monopoly in the banking industry as establishing lending rates rather than letting the market trends influence the rate . The policy makers do not have (MORE)

What makes up the federal reserve?

The Federal Reserve is a central banking system in the United States made up of 12 regional banks. The Federal Reserve System is tasked with setting the U.S.'s monetary policy, insuring bank deposits, and helping insure the stability of the U.S. economy.

What is the goal of the federal reserve system?

The federal reserve system's main goal is to control the money supply. It does this by changing the reserves of the banks through three methods. 1. Raising or lowering the reserve requirements - Reserve requirement is the money that the FED requires a bank must keep in its inventory; th (MORE)

What is the federal reserve system and who is the chairman?

The Federal Reserve is the central bank of the United States of America and it supervises/oversees the banking operations of all banks in USA. They are responsible for the proper functioning of all the banks and they are also the lender to the banks (The place where banks go to borrow money if they (MORE)

What is the federal reserve what does it do?

The Federal Reserve is the central bank of the United States of America and it supervises/oversees the banking operations of all banks in USA. They are responsible for the proper functioning of all the banks and they are also the lender to the banks (The place where banks go to borrow money if they (MORE)

Where are the Federal Reserve regional banks?

The regional banks are located in Boston, New York, Philadelphia, Richmond, Atlanta, Cleveland, Chicago, Dallas, St. Louis, Kansas City, Minneapolis, and San Francisco. These cities were chosen in 1913.

What is an example of a Federal Reserve note?

Every bill in your wallet should be a Federal Reserve Note. Sincethe end of the 1960s all US currency has been issued by the centralbank. Federal Reserve Notes are so-called "fiat" currency; that is, theyare backed not by a tangible asset such as precious metal. Instead,the great majority of citize (MORE)

How did the Federal Reserve Affect banks?

The Federal Reserve System (also known as the Federal Reserve , and informally as The Fed ) is the central banking system of the United States. It was created in 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic i (MORE)

Who was the president in the Federal Reserve Act?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the federal reserve.

Why does the federal reserve slow the economy?

Slowing down the economy may be a consequence of a government trying to tame inflation, which is usually associated with rapid economic growth (as seen in many countries such as China, India, Vietnam...) In order to control inflation, the common approach is to raise interest rate, which has the ef (MORE)

Why do you have a federal reserve?

Because banks are the financial intermediaries of the economy. If banks operate in an unsupervised manner they might cause economic chaos and uncertainty in the country. That is why the Federal Reserve regulates the banks to ensure that customers are protected and the country's economy is safeguarde (MORE)

When is Federal Reserve created?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the federal reserve.

What is the purpuse of a federal reserve?

To implement a fractional reserve banking system, to issue currency (NOT "money"), and to attempt (and almost always fail) to "control" an enormous, world-leading economy for first and foremost the power elite, and then, if possible, the general population. In other words, an entirely unnecessary an (MORE)

What can the Federal Reserve NOT do?

The Federal Reserve cannot mint coins or print currency, which arefunctions of the Treasury Department. The Treasury Department isadministered by the Secretary of the Treasury, whom is appointed bythe President.

What is federal reserve made up?

That is sentence is horribly constructed and I'm not sure what you're asking but I'll tell you what I know about it. Its origin is with Alexander Hamilton with the first national bank which stayed around for a while and until mid 1800s. Then it was re-instilled in 1813 with the fiat system and then (MORE)

What is the federal reserve created?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the Federal Reserve.

What time does the federal reserve open?

The Fedwire Funds Service, which is the service that moves cash for the Fed Reserve, operates 21.5 hours each business day from 9:00 p.m. \nEastern time on the preceding calendar day to 6:30 p.m. . However, offline participants (banks and individuals) can \nINITIATE payment orders or other request (MORE)

What are the responsibilty of federal reserve system?

The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the Federal Reserve. The United States Government owns the (MORE)

Where can you sell a Federal Reserve Note?

If it's a collectible note you can sell it to a dealer or on eBay. You'll get less from a currency dealer but it would be less hassle unless you already have an eBay store. However, most FRN's issued over the last 40-50 years or so are either worth face value only, or just a small amount extra. Y (MORE)

Who owns the securities at the Federal Reserve?

The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States.The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a private, profit-mak (MORE)