Mike Mitrosky
Member
- Oct 7, 2009
- 173
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Not at all... The point is the actual federal reserve banks have the power.. and the banks themselves are led from the new york bank...Yes I mean something different.. I dont mean the "Board of Governors" I mean "Banks"What do you mean? Are you meaning something different when you say chairman of the "Federal Reserve Banks?" If you mean "Chairman of the Federal Reserve Board of Governors," i.e. Ben Bernanke, he is chosen by the President.
There are 12 Federal Reserve Banks
And the Presidents, CEOs, etc. of these banks are NOT picked by POTUS. They are all private companies that elect their own officers like any other private corporation.
The real power in the Federal Reserve System is in these 12 banks.. not in the Board of Governors.
Hmm, so which is it?The New York Fed is the ultimate seat of power in the whole system. It always has been back to when Benjamin Strong was in charge.
In any case the NY Fed head is appointed by the board of directors with approval from the board of governors.
You seem to be not only failing to make your case that the Fed is not part of the Federal government, but morphing into a bizarre conspiracy theory.
Why else do you think competitors of the ny boys are allowed to go bankrupt whereas other "friends" are "too big to fail."
The board of governors sounds all fine and dandy but theyre just icing to look pretty.