Comment on Where does the revenue gathered from taxes go and what is national debt?
AfterNova@lemmy.world [bot] 3 days agoDoesn’t the government of the UK own the Bank of England?
Comment on Where does the revenue gathered from taxes go and what is national debt?
AfterNova@lemmy.world [bot] 3 days agoDoesn’t the government of the UK own the Bank of England?
booly@sh.itjust.works 2 days ago
Kinda. The board of governors is chosen by the president to 14-year terms, theoretically making them independent of any specific President’s specific priorities. But there’s a Supreme Court case heading when the President can fire the governors, which might effectively end or limit Fed independence.
The individual federal reserve banks also operate in their regions with a lot of leeway to meet local needs, and those are public/private partnerships where nationally chartered banks also have a voice in their operations.