I'm always surprised how little anyone know about how the Fed actually operates. Bessent thinks that taxpayers pay for how the fed operates, but they don't take a dime of actual federal money. The Federal Reserve System, while it is a part of the federal government, is self-funded and does not rely on congressional appropriations. It covers its operating and capital expenses primarily through the interest earned on the government securities it holds.
The Federal Reserve is an entirely privately owned bank. It is not part of the federal government. They don't take a dime of federal money because they're the ones creating it out of thin air.
I'm always surprised how little anyone know about how the Fed actually operates. Bessent thinks that taxpayers pay for how the fed operates, but they don't take a dime of actual federal money. The Federal Reserve System, while it is a part of the federal government, is self-funded and does not rely on congressional appropriations. It covers its operating and capital expenses primarily through the interest earned on the government securities it holds.
Except, apparently, for their buildings.
Except, apparently, not, because they are funding that themselves.
The Federal Reserve is an entirely privately owned bank. It is not part of the federal government. They don't take a dime of federal money because they're the ones creating it out of thin air.