Should we replace the Federal Reserve with a Congressional central bank ?

Question

My source is the Ludwig Von Mises Institute .No one can tell
me that the Federal Reserve is not a private bank .Furthermore ,the people who have criticized me in the
past for asking a similar question have only cited the Federal
Reserve as their source .People tell me that I am uninformed
regarding the Federal Reserve .Those people ought to get
a clue !!!!!!

Grayshadow said that the Federal
Reserve is not a private bank .

Answer 1

the FEDERAL RESERVE has always admitted that it is a private corporation , who questioned that? Woodrow Wilson was tricked into selling the FEDERAL RESERVE IN 1913 and he went to his death bed begging the people of America to forgive him for his stupid and evil doings, and against our constitution, read our constitution,

Answer 2

God no the Liberals would devalue or currency to near year, they'd figure we can print more money for all our dream progams but then the money would be worthless for having to much money in print.

Look at Germany after WWII as a reference.

Answer 3

Why would we want the biggest crooks in the world to get their hands on the bank to the bank.

Iam talking about the men and women in the fed. They would rob it blind.

Answer 4

Not when Senators like Diane Bouncer (Boxer) bounce checks at taxpayer expense.

Answer 5

Congress cannot be a bank. In the US we have a constitution. It limits the powers of government.

The system we have is working. I do not see any reason to change it.

Answer 6

The fed IS a private bank system and NOT a gov't organization. PERIOD. They print the bills, the gov't buys em.
Who's kiddin who?

Answer 7

Are you kidding?! Replace even a pseudo-private organization with a blatant bureaucracy? No thanks!

Answer 8

To answer your question, no. Do you truly believe a bank run by politicians will be better than the Federal Reserve?

Let me point you to law. Title 12 of the U.S. Code, Chapter 3 covers the Federal Reserve system.
http://www.law.cornell.edu/uscode/html/uscode12/usc_sup_01_12_10_3.html

§ 283 - Public subscription to capital stock
http://www.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000283----000-.html
No individual, copartnership, or corporation other than a member bank of its district shall be permitted to subscribe for or to hold at any time more than $25,000 par value of stock in any Federal reserve bank. Such stock shall be known as public stock and may be transferred on the books of the Federal reserve bank by the chairman of the board of directors of such bank.

§ 282. Subscription to capital stock by national banking association
http://www.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000282----000-.html
Every national banking association within each Federal reserve district shall be required to subscribe to the capital stock of the Federal reserve bank for that district in a sum equal to 6 per centum of the paid-up capital stock and surplus of such bank, one-sixth of the subscription to be payable on call of the Board of Governors of the Federal Reserve System, one-sixth within three months and one-sixth within six months thereafter, and the remainder of the subscription, or any part thereof, shall be subject to call when deemed necessary by the Board, said payments to be in gold or gold certificates.

§ 287. Value of shares of stock; increase and decrease of stock; member banks as shareholders; surrender of shares
http://www.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000287----000-.html
When a member bank reduces its capital stock or surplus it shall surrender a proportionate amount of its holdings in the capital stock of said Federal Reserve bank. Any member bank which holds capital stock of a Federal Reserve bank in excess of the amount required on the basis of 6 per centum of its paid-up capital stock and surplus shall surrender such excess stock. When a member bank voluntarily liquidates it shall surrender all of its holdings of the capital stock of said Federal Reserve bank and be released from its stock subscription not previously called. In any such case the shares surrendered shall be canceled and the member bank shall receive in payment therefor, under regulations to be prescribed by the Board of Governors of the Federal Reserve System, a sum equal to its cash-paid subscriptions on the shares surrendered and one-half of 1 per centum a month from the period of the last dividend not to exceed the book value thereof, less any liability of such member bank to the Federal Reserve bank.

As I have pointed out, the public cannot buy shares of the Federal Reserve banks and they cannot hold more than a small amount. Member banks of the Federal Reserve system are required to subscribe to an amount of Federal Reserve stock equal to a percentage of their paid-in capital. If the member bank reduces their paid-in capital, they have to surrender the extra amount of shares to the Federal Reserve. These shares serve no purpose other than to require member banks to deposit a certain amount of money with the Federal Reserve banks. The shares do not confer any rights of ownership beyond the amount of the original purchase price of the shares. If the Federal Reserve was dissolved today, the member banks would only get back their paid-in amounts. All excess assets would revert to the U.S. Government.

§ 225b. Appearances before and reports to the Congress
http://www.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000225---b000-.html

Do you know what an independent audit is?
http://www.federalreserve.gov/boarddocs/rptcongress/annual06/pdf/audits.pdf
Look on page 21 of the above document. PriceWaterhouseCoopers happens to be one of the largest public accounting firms in the world. The audit plan and procedures they develop and follow provides reasonable assurance that the financial statements are accurate. Look on page 23 under "Distribution of net income". Do you see the $29.1 billion payment to the U.S. Treasury? Do you really believe a private bank would do that?

BTW, are you still going to believe the video put out by the LVM Institute when I have shown you that the Federal Reserve not only is audited, but reports to Congress every year?

EDIT: A lot of conspiracy theorists claim Woodrow Wilson made a statement about the Federal Reserve. The only problem is, that statement appears nowhere except conspiracy theory websites. In fact, in looking at the statement and reading some books by President Woodrow Wilson, you will find that the "quote" is actually pieced together from several different speeches he gave in 1911 and 1912. You can read them for yourself in President Wilson's book "The New Freedom". http://www.gutenberg.org/etext/14811
If you read them, you will find that he was making those statements about corporations becoming monopolies in a few key industries and he was not talking about banking.