Question:
Who is in charge of the Federal Reserve Bank?
It's the bank who prints dollars out of thin air to lend to Americans and the world!
Biggest rip-off?
Best Answer - Chosen by Asker:
Ben Bernanke, Chairman of the Federal Reserve Board of Governors
The Federal Reserve System is controlled by the Board of Governors. They are appointed for 14-year terms by the president and confirmed by congress. The current chair is Ben Bernanke. Other members can be found at http://www.federalreserve.gov/bios/... . You will find some conspiracy theories espouse foreign or private ownership of the system. However, there is absolutely no structure or mechanism for private ownership at this level. (If someone disagrees, please explain how someone could take legal title to own and control the Board of Governors). The branches are organized like corporations and member banks are required to buy shares.
- Your comment about creating money out of thin air is correct. It is Fiat money, backed only by the full faith of the U.S. Government.
The Fed adds money to circulation by purchasing T-Bills on the open market. Technically, this is not a new loan because the T-Bill was already issued.
- Is it a rip-off? Consider this: When the Fed buys a T-Bill, about 98% of the interest is returned to the Treasury making the loan virtually interest-free. As a taxpayer, that does not sound like a rip-off.