Quote:
Originally Posted by PornMD
Why does everyone assume the Fed is the government? They aren't. They're privately owned and can do whatever they want.
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It derives its authority from federal statutes, it is subject to congressional oversight and GAO audits... and has its board of governors appointed by the President of the United States and confirmed by the Senate for staggered 14-year terms. If the federal government wants the fed to do something... the fed does it.