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About: Structure of the Federal Reserve System     Goto   Sponge   NotDistinct   Permalink

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The Structure of the Federal Reserve System is unique among all the assets within central banks, with private aspects. It is described as "independent within the government" rather than "independent of government". The Federal Reserve does not require public funding, instead it remits its profits to no one. It derives its authority and purpose from the Federal Reserve Act, which was passed by Congress in 1913 and is subject to Congressional modification or repeal.