General Discussion
In reply to the discussion: If the economy tanks now due to a worldwide crash, do not expect this to benefit [View all]GummyBearz
(2,931 posts)They can change their mandate at will, they wont open their books to congress, they don't care about who is president (R or D). They are out for themselves.. that's a private entity
edit: a little more info for you (wikipedia copy/paste, feel free to cite a source if it is incorrect):
In Lewis v. United States,[8] the United States Court of Appeals for the Ninth Circuit stated that: "The Reserve Banks are not federal instrumentalities for purposes of the FTCA [the Federal Tort Claims Act], but are independent, privately owned and locally controlled corporations." The opinion went on to say, however, that: "The Reserve Banks have properly been held to be federal instrumentalities for some purposes."
I expect crickets from here on out, but feel free to surprise me. I look forward to learning something new.