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THE FEDERAL RESERVE SYSTEM...WHO, WHAT, WHERE, WHEN AND WHY! Welcome
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 THE FEDERAL RESERVE SYSTEM...WHO, WHAT, WHERE, WHEN AND WHY!

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Abracadabra
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THE FEDERAL RESERVE SYSTEM...WHO, WHAT, WHERE, WHEN AND WHY! Usaca10 Male Aries Posts : 1325
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PostSubject: THE FEDERAL RESERVE SYSTEM...WHO, WHAT, WHERE, WHEN AND WHY!   THE FEDERAL RESERVE SYSTEM...WHO, WHAT, WHERE, WHEN AND WHY! EmptySat 14 May 2011, 6:59 am

A short introduction to Federal Reserve System.....

The Federal Reserve is an agency of U.S. Government created by Congress in 1913.

The twelve Federal Reserve Banks form a major part of the Federal Reserve System, the central banking system of the United States. The twelve federal reserve banks together divide the nation into twelve Federal Reserve Districts, the twelve banking districts created by the Federal Reserve Act of 1913. The twelve Federal Reserve Banks are jointly responsible for implementing the monetary policy set by the Federal Open Market Committee. Each federal reserve bank is also responsible for the regulation of the commercial banks within its own particular district.

THE FEDERAL RESERVE SYSTEM...WHO, WHAT, WHERE, WHEN AND WHY! 350px-10

The member banks under Federal Reserve are actually private corporations and all the stocks of Federal Reserve are owned by member banks. Federal reserve notes are in theory backed by the assets of the Federal Reserve, but primarily by the power of Congress to lay taxes on people.

The Federal Reserve is "independent" in its policy-making. The Federal Reserve neither requires nor seeks the approval of any branch of Government for its policies.

The assumption that control of a Federal Reserve Bank is the same as control of the whole Federal Reserve System is mistaken.

The Federal Reserve is not a private corporation. It is part private and part public, with the Board of Governors an agency of the United States government. The regional Federal Reserve Banks are private corporations acting as agents of the government, owned by their member banks. No individuals hold stock in the Fed. Corporate and control of the regional Federal Reserve Banks is limited and based on one vote per stockholding bank (so that big banks cannot control the system).

Myths on the internet concerning...the control of a Federal Reserve Bank. Year 1997 there abouts, more or less, plus or minus....you get the idea, right?

Each of the twelve Federal Reserve Banks is organized as a corporation in much the same way as many other firms. According to some on the internet, those own a controlling interest in the shares of the New York Fed were......

Rothschild Banks of London and Berlin
Lazard Brothers Banks of Paris
Israel Moses Seif Banks of Italy
Warburg Bank of Hamburg and Amsterdam
Lehman Brothers of New York
Kuhn, Loeb Bank of New York
Chase Manhatten Bank, and
Goldman, Sachs of New York

Also, they described these groups as the bank’s “Class A shareholders”. The Federal Reserve stock is not classified in this manner. It can be either “member stock” or “public stock,” but there are no such things as ‘Class A’ shares.

As to the question of ownership of the New York Fed......the New York Fed reports that its eight largest member banks on June 30, 1997 were:

Chase Manhatten Bank
Citibank
Morgan Guaranty Trust Company
Fleet Bank
Bankers Trust
Bank of New York
Marine Midland Bank, and
Summit Bank.3

All of the major shareholders seen here and all of the banks on the complete list are either nationally- or state-charted banks. All of them are American-owned.


State Member Banks in the 1st District...Federal Reserve Bank of Boston
The most recent changes to this list occurred on March 4, 2011.

.

Abington Bank
6 Harrison Avenue
Abington, Massachusetts
Avon Co-operative Bank
1 East Main Street
Avon, Massachusetts
Bank of Easton
275 Washington Street
North Easton, Massachusetts
Bankers Bank Northeast
300 Winding Brook Drive
Glastonbury, Connecticut
Charles River Bank
70 Main Street
Medway, Massachusetts
Chelsea-Provident Co-operative Bank
360 Broadway
Chelsea, Massachusetts
Community Guaranty Savings Bank
28 South Main Street
Plymouth, New Hampshire
Connecticut Bank & Trust Company
58 State House Square
Hartford, Connecticut
Franklin Savings Bank
197 Main Street
Farmington, Maine
Marblehead Bank
21 Atlantic Avenue
Marblehead, Massachusetts
Mercantile Bank & Trust Company
61 Brookline Avenue
Boston, Massachusetts
Needham Bank
1063 Great Plain Avenue
Needham, Massachusetts
Northampton Co-operative Bank
67 King Street
Northampton, Massachusetts
Northeast Bank
232 Center Street
Auburn, Maine
Reading Co-operative Bank
180 Haven Street
Reading, Massachusetts
Start Community Bank
299 Whalley Avenue
New Haven, Connecticut
State Street Bank & Trust Company
State Street Financial Center
One Lincoln Street
Boston, Massachusetts


Due to the length of the list...State Member Banks in the 1st District...Federal Reserve Bank of Boston ..will be the only one posted here! If you would like to see ..State Member Banks in other Districts...than do a internet search using a question like/similar to .....Who are member banks of the Federal Reserve _?_ District?


Links you may be interested in......
http://home.hiwaay.net/~becraft/FRS-myth.htm

http://www.publiceye.org/conspire/flaherty/flaherty5.html

http://en.wikipedia.org/wiki/Federal_Reserve_Bank
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