Professional Documents
Culture Documents
Reserve is Privately
Owned
Case Reveals Fed's Status as a
Private Institution
Affirmed.
1. United States
2. United States
3. United States
4. Taxation
5. States Taxation
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Lafayette L. Blair, Compton, Cal., for plaintiff/appellant.
For these reasons we hold that the Reserve Banks are not
federal agencies for purposes of the Federal Tort Claims
Act and we affirm the judgement of the district court.
AFFIRMED.
The only area where one might disagree with the judge's
decision is where he states that the Fed furthers the
federal government's fiscal policy, and therefore
performs an important governmental function. While we
would like to think that the federal government and the
Fed work cooperatively with each other, and they may on
occasion, the Fed is by no means required to do so. One
example is where Rep. Wright Patman, Chairman of the
House Banking Committee, said in the Congressional
Record back in the '60s, that depending on the
temperament of the Fed's Chairman, sometimes the Fed
worked with the government's fiscal policy, and other
times either went in the complete opposite direction, or
threatens to do so in order to influence policy.
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