Trump v. Cook · ¶17

What emerged from these debates is today’s central bank—called the Federal Reserve System—first created in 1913, and then restructured in 1933 and 1935. “[M]odelled upon our federal political system,” the Federal Reserve consists of two layers. C. Glass, An Adventure in Constructive Finance 173 (1927) (Glass). At its base sit 12 “independent but affiliated banks,” one for each region, with “their own responsibility in local affairs.” Ibid. These regional banks, called Federal Reserve Banks, are privately owned (and operated) by the commercial banks of the area. See 38 Stat. 254, 12 U. S. C. §341. Above those banks are two national bodies, the Federal Open Market Committee and the Board of Governors. The former sets monetary policy nationwide. See §263. And the latter supervises the system “from the national point of view,” Glass 173–174, with an eye to the economy’s “long run growth,”…

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