Has anyone ever tried to look for their local Federal Reserve Bank in the blue pages of the govt. section in your phone book? You won't find it because the Federal Reserve banks are as federal as Federal Express.
Do a little research and you'll find that the big wigs put that label on the banks to make it sound "federal." It's really amusing to me that the act was passed on December 23, 1913 when pretty much all of congress were at home chillin by the fireside sipping on egg nog.
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