The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises.
“The Federal Reserve Banks are not part of the government itself, but rather are ‘independent, privately owned and locally controlled corporations.'” Fasano v. Federal Reserve Bank of New York (2006)
“The Federal Reserve System is considered to be an independent central bank.” – Federal Reserve Bank of San Francisco
“The stockholders in the 12 regional Federal Reserve Banks are the privately owned banks that fall under the Federal Reserve System. Employees are not civil service.” – The Federal Reserve Bank of Atlanta
“The Federal Reserve System doesn’t require public funding. Member banks hold stock in the Federal Reserve Banks and earn dividends.”
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