Federal Reserve Analyst: Fed Banks Are Private

I’ve documented numerous times that the 12 Federal Reserve Banks are private.

For example, I noted last month:

Given that the 12 Federal Reserve banks are private – see this, this, this and this– the giant banks have a huge amount of influence on what the Fed does. Indeed, the money-center banks in New York control the New York Fed, the most powerful Fed bank. Indeed, Jamie Dimon – the head of JP Morgan Chase – is a Director of the New York Fed.

San Francisco Fed research analyst David Lang has just confirmed this once again:

[Question]: “I had a really quick question, the Federal Reserve Bank of San Francisco specifically, is that formed as a private corporation itself?”

David Lang: “Ah yes it is actually. yes our state chartered banks, banks under a charter share that and we pay a dividend on those shares.”

Hat tip Intel Hub.

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