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Scam, Plan, Mystery, Misery, or Nothing to B Stressin' Over?

What do you guys suppose is behind door 284? It's our money after all...maybe it'd be fair if these people weren't stealing it with "dividends" "inflation" and multiple sweat taxes (IRS/multnomah county, etc)? 282 is:
"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...said payments to be in gold or gold certificates."
 http://www4.law.cornell.edu/uscode/html/uscode12/usc_sup_01_12_10_3_20_VI.html

282. Subscription to capital stock by national banking association

Release date: 2005-07-21

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.

 http://www4.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000284----000-.html
284. Omitted

289. Dividends and surplus funds of reserve banks

Release date: 2005-07-21

(a) Dividends and surplus funds of reserve banks
(1) Stockholder dividends
(A) In general
After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders of the bank shall be entitled to receive an annual dividend of 6 percent on paid-in capital stock.
(B) Dividend cumulative
The entitlement to dividends under subparagraph (A) shall be cumulative.
(2) Deposit of net earnings in surplus fund
That portion of net earnings of each Federal reserve bank which remains after dividend claims under paragraph (1)(A) have been fully met shall be deposited in the surplus fund of the bank.

Public subscription to capital stock

Release date: 2005-07-21

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.


287. Value of shares of stock; increase and decrease of stock; member banks as shareholders; surrender of shares

Release date: 2005-07-21

The capital stock of each Federal reserve bank shall be divided into shares of $100 each. The outstanding capital stock shall be increased from time to time as member banks increase their capital stock and surplus or as additional banks become members, and may be decreased as member banks reduce their capital stock or surplus or cease to be members. Shares of the capital stock of Federal reserve banks owned by member banks shall not be transferred or hypothecated. When a member bank increases its capital stock or surplus, it shall thereupon subscribe for an additional amount of capital stock of the Federal reserve bank of its district equal to 6 per centum of the said increase, one-half of said subscription to be paid in the manner hereinbefore provided for original subscription, and one-half subject to call of the Board of Governors of the Federal Reserve System. A bank applying for stock in a Federal reserve bank at any time after the organization thereof must subscribe for an amount of the capital stock of the Federal reserve bank equal to 6 per centum of the paid-up capital stock and surplus of said applicant bank, paying therefor its par value plus one-half of 1 per centum a month from the period of the last dividend. 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.
Nothin' to stress over 11.Aug.2005 15:53

Mr. Groovy

It just means that the regional branches of the Federal Reserve (around here, the San Francisco branch) are owned by the federally-chartered commercial banks---not exactly a news flash.