▲ 71 ▼ Where does the revenue gathered from taxes go and what is national debt? (lemmy.world) submitted 7 months ago by AfterNova@lemmy.world to c/nostupidquestions@lemmy.world 41 comments fedilink hide all child comments
[–] AfterNova@lemmy.world [S] 2 points 7 months ago* (last edited 7 months ago) (1 child) The Federal Reserve system is independant of the US federal government. Doesn't the government of the UK own the Bank of England? permalink fedilink source parent hideshow 2 child comments replies: [–] booly@sh.itjust.works 1 point 7 months ago The Federal Reserve system is independant of the US federal government. Kinda. The board of governors is chosen by the president to 14-year terms, theoretically making them independent of any specific President's specific priorities. But there's a Supreme Court case heading when the President can fire the governors, which might effectively end or limit Fed independence. The individual federal reserve banks also operate in their regions with a lot of leeway to meet local needs, and those are public/private partnerships where nationally chartered banks also have a voice in their operations. permalink fedilink source parent
[–] booly@sh.itjust.works 1 point 7 months ago The Federal Reserve system is independant of the US federal government. Kinda. The board of governors is chosen by the president to 14-year terms, theoretically making them independent of any specific President's specific priorities. But there's a Supreme Court case heading when the President can fire the governors, which might effectively end or limit Fed independence. The individual federal reserve banks also operate in their regions with a lot of leeway to meet local needs, and those are public/private partnerships where nationally chartered banks also have a voice in their operations. permalink fedilink source parent