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Reply #7: You are correct, sir or madam [View All]

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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-06-12 06:51 AM
Response to Reply #6
7. You are correct, sir or madam
Edited on Mon Feb-06-12 06:53 AM by No Elephants
"It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907.<2><3><4> "

The website of the Fed is a .gov website

The President nominates its head and its board of governors, subject to Senate confirmation, just like any other agency of the Executive Branch of the federal government.

There is, however, some confusion about whether individual member banks of the governmental federal reserve system are government agencies or not.

And that is where some folks get confused. Or try to confuse others.

(edited to add the wiki link.)

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