Originally Posted by Socks

Congress hard at work for you people again. They get their cake and eat it too, then claim it wasn't cake at all, but rather a sweet tart, which happens to be exempt. ;)

Most of the cases in which a Federal Reserve Bank has been found to be an
agency of the United States concern the tax-exempt status of the Federal Reserve
Banks. Scott asserts that this status, as a tax-exempt federal instrumentality, makes
the Bank a federal agency. This argument is diminished by the fact that Congress
codified this tax-exempt status without any statement that the Federal Reserve Banks
are federal agencies. 12 U.S.C. § 531 (exempting Federal Reserve Banks from
federal, state, and local taxes except real estate taxes without referring to banks as
federal agents)