The Federal Reserve (Fed) Under Fire

This is being called "The Black Hole In American Democracy". I am not sure if we will ever get the Federal Reserves books open. This is the entity that controls our interest rates, 'lends' money to the US Treasury and prints every US monetary instrument in circulation. Where are the checks and balances for this system? Do we really want to be giving them MORE power?



Some Federal Reserve Facts
The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act (signed by Woodrow Wilson), it is a quasi-public and quasi-private (government entity with private components) banking system that comprises:

1. The presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C.;
2. The Federal Open Market Committee;
3. Twelve regional Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the United States Department of the Treasury, each with its own nine-member board of directors;
4. Numerous other private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks;
5. Various advisory councils.