Sat Mar 23, 2024 11:33 pm by globalturbo
THE SO-CALLED "STOCK" OF THE FEDERAL RESERVE SYSTEM IS "PRIVATELY OWNED." BUT, THE "PROFITS" OF THE FEDERAL RESERVE SYSTEM ARE "PUBLICLY OWNED."
The so-called "stock" in the Regional Reserve Banks is owned by private member banks. But, this so-called "stock" DOES NOT entitle the "stockholder" to "profits" of the Federal Reserve System or "control" of the Federal Reserve System. Indeed, this so-called "stock" is actually a FINANCIAL BURDEN on the member banks, not the other way around.
[ltr]
SUMMARY OF THE FEDERAL RESERVE ACT ON THIS SUBJECT:
1). The Federal Reserve System has 12 Regional Reserve Banks throughout the United States.
2). All "National" banks are required to become members of the Federal Reserve System. State banks are permitted, but not required, to become members of the Federal Reserve System.
3). Every applicant bank is required to buy so-called "stock" in its own Regional Reserve Bank.
4). The so-called "stock" in these Regional Reserve Banks is divided into shares of $100.00 each.
5). The amount of this so-called "stock" that an applicant bank is required to buy in its own Regional Reserve bank is a dollar amount equal to 6% of that applicant bank's own "paid-up capital stock [in the applicant bank] and [the] surplus of [the] applicant bank...." So, the more wealthy the applicant bank is, the more of this so-called "stock" they are required to buy.
6). The cash generated by the Regional Reserve Banks from the sale of this so-called "stock" constitutes the "reserves" for the Federal Reserve System. But, the Federal Reserve System also has other reserves, such as gold and the deposits of the U.S. government.
7). But, this so-called "stock" DOES NOT entitle a "stockholder" member bank to "profits" of the Federal Reserve System or "control" of the Federal Reserve System.
8. Instead, a member bank only receives a so-called "dividend" (actually a tiny "partial refund") EQUAL TO 6% OF THE AMOUNT THE MEMBER BANK ACTUALLY SPENT ON THE SO-CALLED "STOCK" IT WAS FORCED TO BUY IN ITS REGIONAL RESERVE BANK (not 6% of the "profits").
9). In 2015, Congress reduced the amount of these "dividends" for member banks with assets of more than $10 billion. Today, these larger member banks receive a dividend of 6% of the amount they actually spent on buying "stock" in their own Regional Reserve bank OR the current rate of return on a 10-year treasury note WHICHEVER IS LESS.
10). After paying their operating costs, all of the Regional Reserve Banks TRANSFER ALL REMAINING FUNDS (regardless of how they were generated) TO THE UNITED STATES TREASURY for the benefit of the American People.
PROOF AT THE FINAL SIX PARAGRAPHS HERE.
https://www.law.cornell.edu/uscode/text/12/289.
11). The entire system is overseen by a seven member Board Of Governors, all of whom are appointed by the President, confirmed by the Senate and who must answer directly to Congress. https://www.federalreserve.gov/aboutthefed/bios/board/default.htm.
THE LAW:
1). Bloomberg v. Board of Governors Of The Federal Reserve System, 649 F.Supp.2d 262 (S.D. N.Y. 2009)
"THE FRBs [FEDERAL RESERVE BANKS] GIVE ALL REVENUE IN EXCESS OF EXPENSES TO THE U.S. TREASURY. 12 U.S.C. § 289."
AT THE FIFTH PARAGRAPH HERE.
https://scholar.google.com/scholar_case?case=5536099103375832085&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006.
2). EM LTD. v. Republic of Argentina, 473 F.3d 463 (2nd Cir. 2007).
"... THE UNITED STATES HAS EXERCISED THE POWER TO DIRECT THE FEDERAL RESERVE BANKS TO TRANSFER THEIR 'SURPLUS FUNDS' TO THE U.S. TREASURY FOR USE BY THE FEDERAL GOVERNMENT. See, e.g., 12 U.S.C. § 289(b)(1) ('THE FEDERAL RESERVE BANKS SHALL TRANSFER FROM THE SURPLUS FUNDS OF SUCH BANKS TO THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FOR TRANSFER TO THE SECRETARY OF THE TREASURY FOR DEPOSIT INTO THE GENERAL FUND OF THE TREASURY... .')."
AT FOOTNOTE 12 HERE.
https://scholar.google.com/scholar_case?case=10954661680454365405&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006.
3). United States v. Wells Fargo & Co., 943 F. 3d 588 (2nd Cir. 2019).
"TODAY, THE UNITED STATES, NOT THE NOMINAL STOCKHOLDERS, ARE THE ECONOMIC OWNERS OF THE FRBs [THE FEDERAL RESERVE BANKS]. Among other things, CONGRESS HAS PROVIDED THAT THE NET EARNINGS OF THE FRBs BE 'RECORDED AS REVENUE BY THE DEPARTMENT OF THE TREASURY.' ... THE FRBs ARE REQUIRED TO REMIT ALL THEIR EXCESS EARNINGS TO THE UNITED STATES TREASURY... THE BOARD OF GOVERNORS REQUIRE[S] FEDERAL RESERVE BANKS TO TRANSFER EXCESS EARNINGS TO THE UNITED STATES TREASURY.') .[19] Thus, the "capital" contributions made by member banks [in their Regional Reserve Bank] FUNCTION AS DEBT INTERESTS owned by the member banks, NOT EQUITY INTERESTS... ('Commercial banks acquire Federal Reserve Bank stock NOT FOR OWNERSHIP OR CONTROL, BUT BECAUSE IT IS A CONDITION OF MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM. See 12 U.S.C §§ 282, 321.'); id. ('The stockholders of Federal Reserve Banks receive semiannual, statutorily capped dividends on their holdings, see 12 U.S.C. § 289, BUT, [THESE STOCKHOLDERS] DO NOT POSSESS A RESIDUAL EQUITY INTEREST IN THE FEDERAL RESERVE BANKS' ASSETS, see 12 U.S.C. § 290');"
BEGIN HALFWAY THROUGH PAGE 604 (SEE LEFT HAND MARGIN OF PAGE FOR PAGE NUMBERS HERE).
https://scholar.google.com/scholar_case?case=8876891467676855970&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006.
4). Starr International Co, Inc. v. Federal Reserve Bank Of New York, 742 F.3d 37 (2nd Cir. 2014).
"FRBNY [The Federal Reserve Bank of New York], as one of the twelve regional federal reserve banks, is a "fiscal agent of the United States." 12 U.S.C. § 391 (other citations omitted). Federal reserve banks have shareholders: NATIONAL BANKS MUST BUY STOCK IN THE FEDERAL RESERVE BANK OF THEIR... [REGION}, and state banks may also apply for membership. 12 U.S.C. §§ 222, 321. BUT FEDERAL RESERVE BANKS 'ARE NOT OPERATED FOR THE PROFIT OF THE SHAREHOLDERS'; rather, they "were created and are operated in furtherance of the national fiscal policy.' Fed. Reserve Bank of Bos. v. Comm'r of Corps. & Taxation of the Commonwealth of Mass., 499 F.2d 60, 62 (1st Cir. 1974); see 12 U.S.C. § 289 (REQUIRING THE FEDERAL RESERVE BANKS TO TRANSFER NET EARNINGS TO THE U.S. TREASURY)."
AT THE NINTH PARAGRAPH HERE.
https://scholar.google.com/scholar_case?case=15243663056463664091&q=%22No.+12-5022-cv.%22&hl=en&as_sdt=40006.
5. Jet Courier Services v. Federal. Reserve Bank of Atlanta, 713 F. 2d 1221 (6th Cir. 1983).
"The court in Federal Reserve Bank of Boston v. Commissioner of Corporations and Taxation, 499 F.2d 60, 62-63 (1st Cir.1972), described this role [of the Federal Reserve System] as follows:
'While savings and loan associations may in many ways be analogized to private corporations, FEDERAL RESERVE BANKS, BY CONTRAST, ARE PLAINLY AND PREDOMINANTLY FISCAL ARMS OF THE FEDERAL GOVERNMENT. THEIR INTERESTS ARE INDISTINGUISHABLE FROM THOSE OF THE SOVEREIGN [The United States]....'
There are twelve such banks in the nation, of which the plaintiff is one [referring to The Federal Reserve Bank Of Atlanta]. They were created and are operated in furtherance of the national fiscal policy. THEY ARE NOT OPERATED FOR THE PROFIT OF SHAREHOLDERS, and do not provide ordinary commercial banking services; THEIR STOCKHOLDERS, THE MEMBER BANKS, LACK THE POWERS AND RIGHTS CUSTOMARILY VESTED IN SHAREHOLDERS OF A PRIVATE CORPORATION. Federal reserve banks act as depositories for money held in the United States Treasury and as fiscal and monetary agents of the United States. 12 U.S.C. § 391. THEY [THE REGIONAL RESERVE REGIONAL BANKS] HOLD THE LEGAL RESERVES OF [THEIR] MEMBER BANKS, issue currency, facilitate check clearance and collection, and have supervisory duties as to member banks. THEY ALSO PROVIDE IMPORTANT SERVICES FOR THE TREASURY WITH RESPECT TO PUBLIC DEBT AND THE ISSUANCE, HANDLING AND REDEMPTION OF GOVERNMENT SECURITIES. The limited income generated is used to pay expenses and dividends limited to 6 percent [of the amount the member bank actually spent on buying so-called "stock" in its Regional Reserve Regional Bank]. ANY REMAINING EARNINGS ARE PAID INTO THE SURPLUS FUND, 12 U.S.C. § 289, WHERE THEY MAY BE USED BY THE UNITED STATES TREASURY TO SUPPLEMENT THE GOLD RESERVE. Should a federal reserve bank go into liquidation, ANY SURPLUS BECOMES PROPERTY OF THE UNITED STATES, 12 U.S.C. § 290." (other citations omitted)."
AT THE SECOND TO LAST PARAGRAPH BEFORE THE FOOTNOTES HERE.
https://scholar.google.com/scholar_case?case=7789299662946684560&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006.
6). Scott v. Federal Reserve Bank of Kansas City, 406 F.3d 532 (8th Cir. 2005)
"Second, although THE GOVERNMENT MAY BE THE CREATOR AND BENEFICIARY OF THE FEDERAL RESERVE SYSTEM BANKS' OPERATING PROFITS, it is not the "proprietor"[2] of the banks. See In Re Hoag Ranches, 846 F.2d at 1227."
AT THE NINTH PARAGRAPH IN THE LINK BELOW.
...
THE FEDERAL RESERVE BANKS DO... GIVE ALL REVENUE IN EXCESS OF [THEIR] EXPENSES TO THE U.S TREASURY. 12 U.S.C. § 289. THE GOVERNMENT ALSO RECEIVES BENEFITS FROM THE FEDERAL RESERVE BANKS THROUGH A SURPLUS ACCOUNT THAT IS CONTROLLED BY THE TREASURY DEPARTMENT AND MAY BE USED TO SUPPLEMENT TO GOLD RESERVE OR 'APPLIED TO THE REDUCTION OF THE OUTSTANDING BOND INDEBTEDNESS [THE NATIONAL DEBT] OF THE UNITED STATES.' 12 U.S.C. §§ 289-290. Accordingly, although entities other than the federal government have a proprietary interest in the Federal Reserve Banks, THIS FACTOR ALSO DEMONSTRATES THE GOVERNMENT'S INTEREST IN THE FEDERAL RESERVE BANKS."
AT THE SECOND TO LAST PARAGRAPH HERE.
https://scholar.google.com/scholar_case?case=16616254712834612253&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006
7). Fasano v. Federal Reserve Bank of New York, 457 F.3d 274 (3rd Cir. 2006).
"ULTIMATELY, THE FEDERAL RESERVE BANKS ARE 'NOT PRIVATE BUSINESS. THE POLICY OF THE FEDERAL RESERVE BANKS IS GOVERNED BY THE POLICY OF THE UNITED STATES WITH REGARD TO THEM." Am. Bank & Trust Co. v. Fed. Reserve Bank of Atlanta, 256 U.S. 350, 359 (1921)."
AT SECOND TO LAST PARAGRAPH BEFORE SECTION "V" HERE.
https://scholar.google.com/scholar_case?case=96032563736809123&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006.
8). Community Financial Ass'n of America, Ltd v. Community Financial Protection Bureau, 51 F.4th 616 (5th Cir. 2022).
"... THE FEDERAL RESERVE IS REQUIRED TO REMIT [TO THE U.S. TREASURY] SURPLUS FUNDS IN EXCESS OF A LIMIT SET BY CONGRESS. See 12 U.S.C. § 289(a)(3)(B)."
AT THE END OF THE SECOND PARAGRAPH AFTER SECTION "D" "2" AT ABOUT 70-75 THROUGH THE TEXT HERE.
https://scholar.google.com/scholar_case?case=10705294411988676288&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006.
9). Federal Reserve Bank of Boston v. Massachusett Comm'r of Corporations, et al, 382 F. Supp. 207 (D. Mass. 1974).
"ALL MONIES DERIVED FROM... [THE FEDERAL RESERVE BANK OF BOSTON] after payment of expenses and a six percent dividend [which it pays to its its member banks in an amount equal to 6% of what those member banks actually spent buying stock from the Federal Reserve Bank of Boston] (12 U.S.C. § 289) ARE PAID INTO THE BANK'S SURPLUS FUND, WHICH MAY BE USED TO SUPPLEMENT THE UNITED STATES GOLD RESERVE OR TO REDUCE THE OUTSTANDING BONDED INDEBTEDNESS [THE NATIONAL DEBT] OF THE UNITED STATES. (12 U. S.C. § 290)."
AT THE FIFTH PARAGRAPH HERE.
https://scholar.google.com/scholar_case?case=16142182321816801326&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006.
10). American Bankers Association v. US, No. 17-194 (Ct. Fed. Claims 2017).
"The Federal Reserve Act also provides that '[a]fter all necessary expenses of a Federal [R]eserve ank have been paid or provided for, the stockholders shall be entitled to receive an annual dividend of six [percent] on the paid-in capital [of their own] stock [NOT ON THE "PROFITS" OF THE BANK ITSELF], which dividend shall be cumulative.' [12 U.S.C.] § 7, 38 Stat. at 258 (codified as amended at 12 U.S.C. § 289)."
AT THE SIXTH PARAGRAPH IN THE LINK BELOW.
"[6] The policy underlying the initial six percent dividend rate is found in the Report of the Senate Committee on Banking and Currency:
'The policy of limiting the dividends . . . is based upon the theory that THESE GREAT PUBLIC UTILITY BANKS [THE REGIONAL RESERVE BANKS] ARE NOT INTENDED TO BE MERELY MONEY-MAKING BANKS, BUT THEY ARE GUARDIANS OF THE PUBLIC WELFARE . . . [they] will also be charged with the duty of protecting the national gold reserve, protecting the national commerce, and transportation enterprises of the United States. FOR THIS REASON, THESE BANKS OUGHT TO HAVE NO OTHER MOTIVE THAN THE PUBLIC WELFARE, AND THE ... POLICY OF THE BANKS SHOULD NOT BE TO EARN AS MUCH DIVIDENDS AS THE COMMERCE OF THE COUNTRY COULD ENDURE, BUT TO PROTECT OUR NATIONAL COMMERCE AND OUR NATIONAL-BANKING SYSTEM AT A FAIR PROFIT [EQUAL TO 6% OF THE AMOUNT MEMBERS BANKS ACTUALLY SPENT ON BUYING SO-CALLED "STOCK" IN THEIR REGIONAL RESERVE BANK]" S. Rep. No. 63-133, at 10-11 (1913).'"
AT FOOTNOTE 6 HERE.
https://scholar.google.com/scholar_case?case=906160694107194133&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006.
11). Lee Const. Co. v. Fed. Reserve Bank of Richmond, 558 F. Supp. 165 (Dist. Md. 1982).
"THE NET EARNINGS OF EACH FEDERAL RESERVE [REGIONAL] BANK, after all necessary expenses have been paid or provided for, are allotted first to the payment of a statutorily-prescribed dividend of 6%[17] and second to the surplus fund of such Federal Reserve Bank. 12 U.S.C. § 289. After "the surplus of each Federal Reserve Bank is increased by the amount needed to maintain its surplus equal to its paid-in capital stock, ALL REMAINING EARNINGS ARE PAID TO THE UNITED STATES TREASURY AS INTEREST ON FEDERAL RESERVE NOTES... . 12 U.S.C. § 414; Board of Governors of the Federal Reserve System, (other citations omitted). If a Federal Reserve Bank is liquidated, "ANY NET SURPLUS REMAINING, after the payment of all debts, dividend requirements ... and the par value of the stock" IS PAID INTO THE U.S. TREASURY. 12 U.S.C. § 290."
IN THE TEXT OF THE CASE WHICH CORRESPONDS TO FOOTNOTE 17. (LOOK FOR THIS BLUE SYMBOL IN THE TEXT, "[17]". BUT, DETAILS OF THE FEDERAL RESERVE CONTINUE THROUGH THE TEXT WHICH CORRESPONDS TO FOOTNOTE "[20]".
https://scholar.google.com/scholar_case?case=1398356243835063835&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006.
ALSO AT FOOTNOTE 17 REFERRED TO IN THE QUOTE ABOVE.
"[17] Because of this low statutory dividend and, more importantly, because banks which are members of the Federal Reserve System are required to subscribe to the stock of the Federal Reserve Bank in whose district they are located, it appears that THE STOCK OF THE FEDERAL RESERVE BANKS, ULIKE THE STOCK IN A PRIVATE CORPORATION, IS NOT ACQUIRED FOR INVESTMENT PURPOSES. Further, because member banks are required to subscribe and because the Board has ultimate control over the operations of each Federal Reserve Bank, STOCK IN THE FEDERAL RESERVE BANKS, UNLIKE STOCK IN A PRIVATE CORPORATION, IS SEEMINGLY NO ACQUIRED FOR PURPOSES OF CONTROL. Rather, such stock is acquired because its "ownership" is "a condition of membership in the Federal Reserve System." See 4 F. Solomon, W. Schlicting, T. Rice & J. Cooper, Banking Law § 77.02, at 77-6 to 77-7 (1982) [hereinafter cited as Banking Law]."
AT FOOTNOTE 17 HERE.
https://scholar.google.com/scholar_case?case=1398356243835063835&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006.
12). United States v. Hollingshead, 672 F. 2d 751 (9th Cir. 1982).
"ADDITIONALLY, FEDERAL RESERVE BANKS ARE NOT OPERATED FOR THE PROFIT OF THEIR MEMBER BANK STOCKHOLDERS. Any dividends paid to the member bank stockholders are limited to six percent... . ALL REMAINI(NG FUNDS ARE PAID INTO A UNITED STATES TREASURY FUND. 12 U.S.C. § 289 (1976). Upon liquidation of a federal reserve bank ANY SURPLUS BECOMES PROPERTY OF THE UNITED STATES. Id. § 290." AT THE TENTH PARAGRAPH IN THE LINK BELOW. "As the Government points out, NET EARNINGS OF THE FRB ARE RETURNED TO THE UNITED STATES TREASURY AS A MATTER OF LAW. 12 U.S.C. § 290 (1976)."
AT THE EIGHTEENTH PARAGRAPH HERE.
https://scholar.google.com/scholar_case?case=1807861293710953265&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006
13). United States v. Wells Fargo & Co., 943 F. 3d 588 (2nd Cir. 2019).
"Although, in the intervening decades [since 1913], CONGRESS HAS TRANSFERRED FUNCTIONAL OWNERSHIP AND CONTROL OF THE FRBs TO THE TREASURY AND TO THE BOARD, (citations omitted). CONGRESS HAS CAREFULLY RETAINED THE FORMAL SEPARATION OF THE FRBs FROM THE EXECUTIVE BRANCH. Indeed, ...Congress has considered the status of the FRBs on multiple occasions AND DECIDED NOT TO CONVERT THEM FORMALLY INTO GOVERNMENT AGENCIES."
AT LAST PARAGRAPH BEFORE SECTION "II B" AT 50% THROUGH THE TEXT.
https://scholar.google.com/scholar_case?case=8876891467676855970&q=%22943+F.+3d+588%22&hl=en&as_sdt=40006.
WHY CONGRESS SET UP THE REGIONAL RESERVE BANKS AS "CORPORATIONS"
1). Fasano v. Fed. Reserve Bank of N.Y., 457 F.3d 274, 277 (3d Cir. 2006).
"TO AID IN CONGRESS'S GOAL OF INSULATING THEM FROM POLITICAL PRESSURE, the Federal Reserve Banks are formed as corporations. 12 USC § 341... ."
AT THE SECOND PARAGRAPH HERE.
https://scholar.google.com/scholar_case?case=7329180452677093596&q=%22457+F.+3d+274%22+insulate+%22political+pressure%22&hl=en&as_sdt=40006.
2). United States v. Wells Fargo & Co., 943 F. 3d 588 (2nd Cir. 2019).
"(FRBs are formed as private corporations '[T]O AID IN CONGRESS'S GOAL OF INSULATING THEM FROM POLITICAL PRESSURE')."
AT THE THIRD PARAGRAPH OF SECTION "II A" HERE.
https://scholar.google.com/scholar_case?case=8876891467676855970&q=%22457+F.+3d+274%22+insulate+%22political+pressure%22&hl=en&as_sdt=40006.
3). In re Novosielski, 992 A. 2d 89 (Pa. 2010).
"The [twelve regional] Federal Reserve Banks were established by Congress in 1913 to be the monetary and fiscal agents of the United States. TO AID IN ACHIEVING CONGRESS'S GOAL OF INSULATING THEM FROM POLITICAL PRESSURE, the Federal Reserve Banks are formed as corporations. Within their respective designated territories [regions], the Federal Reserve Banks supervise and maintain the nation's banking system, examine the national and state banks THAT HAVE PURCHASED MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, and clear checks and deposits between depository institutions."
AT THE 24th PARAGRAPH, NOT INCLUDING BLOCK INDENTATIONS AT ABOUT 50% THROUGH THE TEXT HERE.
https://scholar.google.com/scholar_case?case=16024448110918165758&q=%22insulating%22+%22political+pressure%22+fasano&hl=en&as_sdt=40006.
THE STRUCTURE AND FORM OF THE FEDERAL RESERVE SYSTEM SYSTEM WAS NOT THE RESULT OF A RASH DECISION OR DURESS.
1). Melcher v. Federal Open Market Committee, 644 F. Supp. 510 (Dist. D.C. 1986).
"FEW ISSUES IN THE HISTORY OF THIS NATION HAVE BEEN AS THOROUGHLY CONSIDERED AND DEBATED AS CENTRAL BANKING AND THE REGULATION OF THE MONEY SUPPLY. The current system is also the product of an unusual degree of debate and reflection within the Legislative Branch, with the participation from time to time of the Executive, and IT REPRESENTS AN EXQUISITELY BALANCED APPROACH TO AN EXTREMELY DIFFICULT PROBLEM."
AT THE FINAL PARAGRAPH BEFORE FOOTNOTES HERE.
https://scholar.google.com/scholar_case?case=11534354134569800471&q=%22Melcher+v.+Federal+Open+Market+Committee%22&hl=en&as_sdt=40006.
2). United States v. Wells Fargo & Co., 943 F. 3d 588 (2nd Cir. 2019).
"FEW ISSUES IN THE HISTORY OF THIS NATION HAVE BEEN AS THOROUGHLY CONSIDERED AND DEBATED AS CENTRAL BANKING AND THE REGULATION OF THE MONEY SUPPLY. Melcher, 644 F. Supp. at 524. The current system... REPRESENTS AN EXQUISITELY BALANCED APPROACH TO AN EXTREMELY DIFFICULT PROBLEM."
AT THE FINAL PARAGRAPH AT THE "CONCLUSION" HERE.
https://scholar.google.com/scholar_case?case=1720662775024919660&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006.
A MUST READ! EXCELLENT OVERVIEWS OF THE FEDERAL RESERVE SYSTEM.
1). Fasano v. Federal Reserve Bank of New York, 457 F.3d 274 (3rd Cir. 2006).
SEE ALL OF SECTION ENTITLED "A. Federal Reserve Banks" HERE.
https://scholar.google.com/scholar_case?case=96032563736809123&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006.
2). American Bankers Ass'n v. US, No. 17-194 (Ct. Fed. Claims 2017).
SEE ALL OF SECTION ENTITLED "A. The Federal Reserve Act" HERE.
https://scholar.google.com/scholar_case?case=906160694107194133&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006.
3). American Bankers Ass'n v. US, 932 F. 3d 1375 (Fed. Cir. 2019).
AT THE SECOND FULL PARAGRAPH TO THE FIFTH PARAGRAPH HERE.
https://scholar.google.com/scholar_case?case=4370877790779770648&q=%2212+USC+%C2%A7+289%22+%22federal+reserve%22&hl=en&as_sdt=40006.
4). Berini v. Federal Reserve Bank of St. Louis, 420 F. Supp. 2d 1021 (ED Mo.2005).
BEGIN AT THE TENTH PARAGRAPH, NOT INCLUDING BLOCK INDENTATIONS HERE.
https://scholar.google.com/scholar_case?case=2809364638269950196&q=%22420+F.+Supp.+2d+1021%22&hl=en&as_sdt=40006.
CONCLUSION:
THE SO-CALLED "STOCK" OF THE FEDERAL RESERVE SYSTEM IS "PRIVATELY OWNED." BUT, THE "PROFITS" OF THE FEDERAL RESERVE SYSTEM ARE "PUBLICLY OWNED."
The so-called "stock" in the Regional Reserve Banks is owned by private member banks. But, this so-called "stock" DOES NOT entitle the "stockholder" to "profits" of the Federal Reserve System or "control" of the Federal Reserve System. Indeed, this so-called "stock" is actually a FINANCIAL BURDEN the member banks, not the other way around.
THE MOST IMPORTANT QUOTE IN HISTORY:
"Those who can make you believe absurdities can make you commit atrocities." ---Voltaire (famous French philosopher of the 17th century).
ABOUT SNOOP4TRUTH:
Snoop4truth is an attorney and an investigative journalist who exposes online disinformation.[/ltr]
