Well, an independent Fed is a very important institution. And that debate, I personally believe, was settled in 1913 with the creation of the Act. And by the way, The Federal Reserve System is not owned by the federal government. It is owned by the banks. Another issue that was clearly decided in 1913 in the original Act. So on the task force that Chairman Hill created as we began this session of Congress and gave … (02:19–02:25)
CLAIM
Asserts that the Federal Reserve System is owned by banks, not the federal government.
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