It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
The Bank of North America was a private bank first adopted on May 26, 1781, by the Continental Congress, and opened in Philadelphia on January 7, 1782.
It was based upon a plan presented by US Superintendent of Finance Robert Morris on May 17, 1781 that created the Nation's first de facto central bank.
While Hamilton's rebuttals were many and varied, chief among them were these two:
And the First Bank of the United States is privately owned and not a government agency, was a business.
A private corporation with public duties, the bank handled all fiscal transactions for the U.S. Government, and was accountable to Congress and the U.S. Treasury.
The Federal Reserve Act created a system of private and public entities.
Nationally chartered commercial banks are required to hold stock in, and can elect some of the board members of, the Federal Reserve Bank of their region.
originally posted by: gladtobehere
Sure the "Fed" has injected its tentacles into almost every aspect of our financial system but it does not change the fact that the Fed is a for profit private bank which needs to be dissolved and systematically dismantled.
The subsidy comes in the form of a 6 percent dividend, paid on stock that over 2,900 banks purchase to participate in the Federal Reserve system. Very few places where ordinary Americans park their money offer such a risk-free benefit. In 2012 (the last year with available data), the Fed gave away $1.637 billion in dividends to banks, tax-free in the majority of cases. And the Fed has been doing this for the last 100 years. It’s one of the many unknown ways the Fed extends special benefits to Wall Street.
The dividend is hardly the biggest benefit bestowed by the Federal Reserve on member banks. They get access to ultra-cheap loans through the discount window, various liquidity programs to ensure cash flow, and an array of services like check clearing, wire transfers, servicing of savings bonds, physical inventory of currency, and more. The Congressionally-approved TARP program was a drop in the ocean compared to the support the Fed gave banks during the financial crisis. Since 2008, banks have even received interest on their excess cash reserves, to the tune of close to $5 billion a year, without taking any risk.