2007-09-14 06:07:20 · 11 answers · asked by Ethan M 5 in Politics & Government ➔ Politics
Where is the Constitutional argument that it is not?
It's been around for decades. No one has seen fit to challenge its constitutionality.
2007-09-14 06:10:37 · answer #1 · answered by Anonymous · 2⤊ 2⤋
Yes, it is. The issue of a national bank was resolved in McCulloch v. Maryland in 1819. The authority for a national bank was held supported by the "necessary and proper" clause of the Constitution so that the government could carry out its revenue and taxation powers.
2007-09-14 13:39:49 · answer #2 · answered by Dutch 6 · 3⤊ 0⤋
To strict interpretation of the Constitution, no. There is no specific mention of such an institution. As an implied power of Congress, there is some room, however. Congress is given the "power of the purse" to originate laws relating to money.
2007-09-14 13:14:10 · answer #3 · answered by riderpops 2 · 1⤊ 1⤋
FR is part of an administration which is based on the Constitution of the country and so it is indeed constitutional, and logically it can't exist if otherwise!
2007-09-14 13:11:49 · answer #4 · answered by Sami V 7 · 2⤊ 0⤋
In truth no!! but so are millions of the programs that the government runs.
The Constitutional arguement against it is that only Congress/government has the right to print money. The Fed is in reality not federal at all. The "Fed" is made up of private banks.
2007-09-14 13:13:10 · answer #5 · answered by TyranusXX 6 · 3⤊ 4⤋
Yes. It acts as the central bank for the US--and is simply a successor to previous such agencies. I don't know where people keep getting the idea it's somehodw "unconstitutional"--otherthan reading too many websites run by nutcases.
2007-09-14 13:11:54 · answer #6 · answered by Anonymous · 5⤊ 1⤋
NO it is not
It bails out big corporations and enlarges the federal govenment. 2 things that are bad.
2007-09-14 13:23:05 · answer #7 · answered by Anonymous · 1⤊ 2⤋
There are alot of things that aren't mentioned in the constitution.
Without the Fed, our monitary system would be screwed.
2007-09-14 13:12:19 · answer #8 · answered by Anonymous · 0⤊ 2⤋
No it isn't, one of the main reason for Independence from England was to get away from such a currency system and not go in debt with monopoly money.
2007-09-14 13:11:26 · answer #9 · answered by Edge Caliber 6 · 1⤊ 5⤋
Yes it is!
2007-09-14 13:10:08 · answer #10 · answered by ♥ Mel 7 · 2⤊ 0⤋