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| Topic: |
Business
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| Number of pages / Number of words: |
5 / 1155 |
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Since it was designed to be independent while also remaining within the government of the United States, it is often said to be "independent within the government". The Federal Reserve explains the independence within government in the Federal Reserve System FAQ.
The Federal Reserve System is not "owned" by anyone and is not a private, profit-making institution...
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Instead, it is an independent entity within the government, having both public purposes and private aspects. As the nation's central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms...
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