Notes

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The Federal Reserve is rife with conflicts of interest. Heads of big banks sit on the boards of the Federal Reserve, giving themselves bailouts and cut-rate loans at the expense of the taxpayer.

The Federal Reserve is also, in fact, not entirely a federal agency. In 1982 the United States Court of Appeals, Ninth Circuit, found[1] that the Federal Reserve banks are actually “independent, privately owned and locally controlled corporations” and “for purposes of the FTCA [Federal Tort Claims Act]”.

The GAO was able to uncover 18 former and current individuals sitting on the Federal Reserve’s board who were affiliated with the financial institutions and corporations that received the so-called emergency loans, better known as “bailouts” from the Federal Reserve during the financial crisis in the United States. This includes major companies like JP Morgan Chase, General Electric and Lehman Brothers.[4]

On top of this, many of the members of the Federal Reserve’s board of directors actually own stocks or even work directly by the banks that are supervised and regulated by the Federal Reserve, meaning that essentially the regulators are regulating themselves. These same board members have power over many of the Federal Reserve’s operations, even matters of salaries and personnel.[5]