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Federal Reserve Bank is a private entity.

The Federal Reserve Bank is not Federal, has no reserves, and is not really a bank. It is privately owned and it’s list of stock holders is a secret. Even the president and congress are forbidden to see it’s records.

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US Senator Jim DeMint tells why we need to audit the Federal Reserve. While the majority of the US Congress backed an amendment to audit the Federal reserve last year, Senate Democrats blocked the effort.

In the current session, Senator Rand Paul has introduced a new bill to audit the Federal Reserve. It has 17 co-sponsors. All of them Republicans. The bill is S. 202. His father, Congressman Ron Paul, has introduced HR. 459 in the House. It has 182 co-sponsors.

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