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What is Federal Reserve Bank?(US ECONOMY) One of the 12 district Federal Reserve Banks. Based in New York (2nd FR district). Along with members of the Federal Reserve Board, enjoys a permanent seat on the FOMC (other district banks only get to rotate). Prior to 1928, the President of the Federal Reserve Bank of New York was the de facto leader of the entire system. This was because of the powerful personality and connections of Benjamin Strong, a former J.P. Morgan partner. Federal Reserve Bank - videoFederal Reserve Bank - what is it?The private banks of the Federal Reserve. The Federal Reserve banks are no more federal than Federal Express. What does "Federal Reserve Bank" mean?(ECONOMICS) Any of the 12 constituent district banks of the Federal Reserve System. Federal Reserve Banks may be referred to either by the number of the district they serve (e.g., 12th FRB) or by the city in which they are headquartered (e.g., FRB of San Francisco). The Federal Reserve Bank of New York has historically supplied the secretaries of the Treasury or else the chairmen of the Federal Reserve Board. Federal Reserve Bank - what does it mean?Supposedly a bank started in 1913 by the USA govt for the people - this is a myth. It is estimated that around 30% of the average americans wages is taken out of their pay check every year to pay the IRS for taxes that go to pay "interest" on the national defecit owed to the Federal Reserve Bank, none of this money goes towards schools, hospitals, or infrastructure. |
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