Federal Reserve Admits: Fed Banks Are "Not Agencies" But "Independent Corporations" With "Private Boards of Directors"

Washington's Blog

Federal Reserve has admitted that its 12 member banks are private - not governmental - entities.

Reader Siesta00000 sent me the following post with links to C-Span video of two of the Federal Reserve's senior counsel stating in court that this is true [I've edited for readability]:

During the second circuit court of appeals case for FOX News & Bloomberg v. Board of Governors lawyers in defense of the Fed make some revealing statements during the arguments. At about 13:45, the Fed lawyer stated:

"We do not believe the Federal Reserve Board is an agency, the Board of Governors, . . . the Federal Reserve Bank excuse me." (He made the mistake of saying the Federal Reserve Board when he meant the Federal Reserve Bank.)