The Federal Reserve Act of 1913 says it will back each Federal Reserve Note in circulation with forty cents of gold.
They don't do this.
The Federal Reserve Act of 1913 says that bankers are to be held personally responsible if they fail.
They are not.
The Federal Reserve Act of 1913 says if a Fed bank is insolvent, it is to become the property of the US.
It doesn’t.
The Federal Reserve Act of 1913 says that insolvent Fed banks shall forfeit their shares in their Regional Fed.
They don’t.
The Federal Reserve Act of 1913 says that it will use its profits to supplement the gold reserve and pay down any US debt.
It definitely doesn’t do this. lol
The Federal Reserve has 3 mandates —people now only talk about the dual mandates, which are stable prices and low unemployment—the third mandate is to keep long term interest rates constant.
They don't do this.
The Federal Reserve Act of 1913 says that the Fed will maintain parity of all forms of legal money issued by the US and strengthen the gold reserve.
They don’t do this.
The Federal Reserve Act of 1913 says the Fed Board will audit Fed banks at will.
They don’t do this.
The Federal Reserve Act of 1913 says its by-laws are not to violate US law.
They do.
The Federal Reserve Act of 1913 says that Fed banks cannot discount stocks or commercial paper.
They do.
The Federal Reserve Act of 1913 says each Fed bank will maintain a surplus fund from its profits, up to 40% of its paid-in capital stock.
They don’t do this.
The Federal Reserve Act of 1913 says the Fed Board will supervise Fed banks.
They don’t.
The Federal Reserve Act of 1913 says Fed banks will publish complete details weekly of their assets and liabilities, as well as the nature of their transactions.
They don’t do this.
The Federal Reserve Act of 1913 says the Fed is required to write off worthless assets on its books.
It doesn’t do this.
The Federal Reserve Act of 1913 says it is to have reserves in gold equal to 35% of its deposits.
It doesn’t do this.
The Federal Reserve Act of 1913 says it will maintain a gold account at the Treasury.
It doesn’t do this.
The Federal Reserve Act of 1913 says the Fed’s franchise will be forfeited if they violate law.
It is not.
The Federal Reserve Act of 1913 says that Federal Reserve Notes will be redeemed for gold.
They’re not.
The Federal Reserve Act of 1913 says Fed bank owners will be held responsible for all Fed bank debts and contracts.
They aren’t.
The Federal Reserve Act of 1913 says US Treasury yields are to be paid in tax-free gold.
They aren’t.
Gold is mentioned 53 times and on 11/25 pages. The word gold is littered throughout the Federal Reserve Act of 1913, basing one promise after another on GOLD. It was the ONLY reason the legislation passed.
The Federal Reserve Act of 1913 says the Federal Reserve will not pay any income tax, its shareholders will receive a 6% dividend and also have all their expenses paid.
They did manage to uphold these parts of the Federal Reserve Act of 1913.
Why do we have a Federal Reserve again?
A thread for the above:
https://archive.4plebs.org/pol/thread/378535945/#q378535945
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