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The Federal Reserve (which, despite its name, is not a part of the US Government) is the de facto institution that controls money in the United States. All US Dollars are created by the Federal Reserve.
It was created "for central control of the monetary system in order to alleviate financial crises".
It is owned by member banks - "A member bank is a private institution and owns stock in its regional Federal Reserve Bank. All nationally chartered banks hold stock in one of the Federal Reserve Banks... The amount of stock a member bank must own is equal to 3% of its combined capital and surplus"
https://www.institutionalinvestor.com/article/2bsx0wq4jdzo82... -
"Now, thanks to a Freedom of Information Act request filed late last year by Institutional Investor, we know the truth.
II asked the New York Fed for the capital stock holdings of its members as of year-end 2018, as well as for each year going back to 2007. The bank responded with copies of what it calls its Capital Stock Master Report, a compendium of shareholdings of member banks, for each of those years.
The big reveal for year-end 2018: Citibank, the No. 1 institution on the roster, held 87.9 million New York Federal Reserve Bank shares – or 42.8 percent of the total.
The No. 2 holder stockholder was JPMorgan Chase Bank, with 60.6 million shares, equal to 29.5 percent of the total. In other words, the two banks together control nearly three-quarters of the regional bank’s capital shares."
The Federal Reserve banks pay 6% dividend to member banks holding shares.
The big banks effectively own the Federal Reserve.
The Federal Reserve (which, despite its name, is not a part of the US Government) is the de facto institution that controls money in the United States. All US Dollars are created by the Federal Reserve.
It was created "for central control of the monetary system in order to alleviate financial crises".
It is owned by member banks - "A member bank is a private institution and owns stock in its regional Federal Reserve Bank. All nationally chartered banks hold stock in one of the Federal Reserve Banks... The amount of stock a member bank must own is equal to 3% of its combined capital and surplus"
https://www.institutionalinvestor.com/article/2bsx0wq4jdzo82... -
"Now, thanks to a Freedom of Information Act request filed late last year by Institutional Investor, we know the truth.
II asked the New York Fed for the capital stock holdings of its members as of year-end 2018, as well as for each year going back to 2007. The bank responded with copies of what it calls its Capital Stock Master Report, a compendium of shareholdings of member banks, for each of those years.
The big reveal for year-end 2018: Citibank, the No. 1 institution on the roster, held 87.9 million New York Federal Reserve Bank shares – or 42.8 percent of the total.
The No. 2 holder stockholder was JPMorgan Chase Bank, with 60.6 million shares, equal to 29.5 percent of the total. In other words, the two banks together control nearly three-quarters of the regional bank’s capital shares."
The Federal Reserve banks pay 6% dividend to member banks holding shares.
The big banks effectively own the Federal Reserve.