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This was a surprise to me to learn that the federal reserve is not part of the government and is privately owned. It seems like they are wanting to deceive U.S. citizens by picking a name that makes it sound like it is a government agency. Why is something like this in the hands of private individuals?

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The Federal Reserve Web site says that the Federal Reserve is not owned by anyone, but that it is independent within the government. It is subject to oversight by Congress.

http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#5

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The presidentially appointed Board of Governors is independent within the government. Other parts of it are 12 regional, privately-owned Federal Reserve Banks and other private U.S. member banks. en.wikipedia.org/wiki/Federal_Reserve_System – David Smith♦ Oct 21 at 23:14

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