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Originally Posted by shakran
Only 40% or so of the debt is owned to the fed. The rest is owed to foreign investors, banks, insurance companies, and others.
No, it is a government organization. Its 7 member board of directors is appointed by the president, and confirmed by the senate, to 14 year terms.
the fed IS part of the US government, and it does not print money. The US Bureau of Engraving and Printing prints the money. The US Mint makes the coins. Both are part of the Treasury department.
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Cool I'm glad someone with more knowledge is here to post
In searching around for more information about this I found this:
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The Federal Reserve System is an independent entity , 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 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 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."
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So it Is both goverment and indepandent
I stand corrected thank you.
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Last edited by alpha phi; 01-30-2006 at 09:26 PM..
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