Sunday, December 16, 2007

1982 Federal Court Ruling that the Federal Reserve is Private Corporation

A 1982 court ruling regarding the Federal Reserve Bank (LEWIS v. UNITED STATES, 680 F.2d 1239) came to this conclusion.

“Examining the organization and function of the Federal Reserve Banks, and applying the relevant factors, we conclude that the Federal Reserve Banks are not federal instrumentalities for purpose of the FTCA, but are independent, privately owned
and locally controlled corporations.

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