Since the Federal Reserve is privately owned and operated, can the IRS audit the bank?

Has the IRS ever audited the Federal Reserve? If the IRS is the tax authority and responsible for tax law compliance, aren't they responsible for overseeing the compliance of financial institutions as well?
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People, get past the semantics and answer the question. Ok, it is subject to audit. HAS IT BEEN AUDITED?

- Re: the Federal Reserve is privately owned

To say that the Federal Reserve is privately owned would be mostly untrue.

The Federal Reserve is a unique legal entity that can be described as an independent government agency with member bank participation. It is organized with a 100% government agency at the top (the Board of Governors), and branches beneath them that are organized like corporations with member banks as shareholders.(Ref: http://www.federalreserveeducation.org/fed101/structure/ , http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#4 )

The Board of Governors are all appointed for 14-year terms by the president and confirmed by congress. It operates per it's charter and laws set by congress. it is overseen by congress. There is no structure or mechanism for private ownership at this level; it is a government agency. You can confirm this from a number of government sites that list it as a government agency (e.g. http://www.whitehouse.gov/government/independent-agencies.html) Board members are forbidden by law to have any economic interest in a private bank. (Ref: Title 12 chapter 3 of the U.S. Legal Code). The Board determines monetary policy and provides high level oversight of the branches.

The 12 branches can be considered highly regulated private corporations. Member banks are required to buy shares in their branch. Each bank has one vote. They can vote for 6 of their 9 board members, the other 3 are appointed by the Board of Governors. Though the branches are called non-profit, the member banks get a standard 6% dividend on their shares. The remaining 'profit' is turned over to the Treasury at the end of the year.

For confirmation on this, check out how Hoovers classifies them:
http://www.hoovers.com/free/search/simple/xmillion/index.xhtml?query_string=Federal+Reserve&which=company&page=1&x=91&y=2#HooversCompanyNameMatchesH2

And those shares that the member banks own? Some say there are so many restrictions that it falls short of true ownership

From Edward Griffin, noted anti-fed intellect (http://www.bigeye.com/griffin.htm)

"It's a hybrid, part corporation and part government, part private, part government.
..
Every bank that's in the system is an owner of the Federal Reserve... But that's as far as it goes because those stock certificates do not carry with them any of the attributes of private ownership. For example, the holders of these certificates cannot sell them. If you can't sell something then you don't really own it, that's one of the tests of ownership, your ability to dispose of it. You cannot sell it. Furthermore the larger banks put up more money than the smaller banks, it's a ratio to their assets, so the larger banks have more stock certificates in the system than the small ones and yet regardless of the number that they hold, every bank has just one vote. There's another violation of the principle of private ownership. Furthermore that vote doesn't buy them anything. They can't vote for anything of substance; they cannot vote for their national management which is the most important thing, isn't it? The board of directors and chairman of the Federal Reserve System are appointed by the President, they're not elected by the banks that are part of the system, the President does that."

- Re: HAS IT BEEN AUDITED?

Yes, in fact, by law, every Fed bank must have an independent audit every year which is sent to congress( http://www4.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000248---b000-.html )

- "The Board of Governors of the Federal Reserve System shall annually make a full report of its operations to (congress)..."

- "..(Board of Governors) report to the Congress a full account of the (FMOC) action so taken during the preceding year with respect to open-market policies and operations ..."

- " The Board shall order an annual independent audit of the financial statements of each Federal reserve bank and the Board."

A sample audit: http://www.federalreserve.gov/boarddocs/rptcongress/annual06/sec6/c1.htm

More...

http://www.publiceye.org/conspire/flaherty/flaherty6.html

http://www.newyorkfed.org/aboutthefed/fedpoint/fed35.html

http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#9

I don't know but suspect the answer is no.

After all that has happened in the past 2 months, I certainly wouldn't be trusting the Federal Reserve itself to advise you on that, lol!

Anyone here claiming the Federal Reserve is not private is either completely uninformed on the topic or intentionally spreading propaganda.

How the Federal Reserve is documented to operate is not reflected by the reality. How do you think the Fed has managed to commit more than 7 trillion of public money in the past 2 months without debate and vote in Congress?

I read a news article a short while ago that President Bush had agreed to an audit of the Fed, but not until after he leaves office! That was fairly recent (within the past couple of months). If you Google independent and possibly mainstream media news sites, you should find it.

Connect the dots ...

I think they do their own audit. IRS is their tool to terrorize and scare people whoâ€™d dare to insist on their constitutional rights.

Guys, you really need to watch INTERVIEW WITH AARON RUSSO and his movie FROM FREEDOM TO FASCISM to find out whatâ€™s going on. Also Sherry Peel Jackson is a great Freedom Fighter.
I lived in socialism for 18 years. I was 18 when it broke down in Czechoslovakia. I listened to Czech broadcast of Voice of America, Radio Free Europe, BBC etc since I was 13, so I knew the truth while lies were all around you - in media, at school - everywhere. When I told a friend just a piece of what I knew, he thought I got crazy. You would call it â€œa conspiracy theoristâ€. And yet, I was right, and all who believed I got crazy believe in the same things today which they found mad at that time. You would believe in this because it is someone else, another country, socialism etc. You canâ€™t believe it is happening to you in EU, USA, everywhere - you canâ€™t believe you are being lied every single today from all mainstream media and the truth is carefully hidden and all those people who have the courage to see and say whatâ€™s going on are being ridiculed to make you believe they got crazy and you are smart. Yes, when you believe everything youâ€™re told at school, by mainstream media and by your government - you are â€œsmartâ€ - or really? - you are the normal dim sheep that will be praised. Slave who believes everything heâ€™s told is a good slave, isnâ€™t he? The problem actually is - that the problem is too big for people to think with it. You take everything from them and they get confused and scared - by telling them the full scope of truth. Also, people just cannot face the fact there are evil people who will not hesitate to kill millions for their own profit. They may have US passport but they donâ€™t care who gets killed - they care for billions coming in. Itâ€™s not US government, who pulled off 9/11, of course. Itâ€™s people above them - the international bankers - the same people who owe your private central bank Federal Reserve issuing all American currency that is lent to US government on interest that is paid by your income tax - both of which is actually in violence with your original US Constitution - central bank and income tax. EU and USA are heading to socialism not by a revolution - not by a sudden change - but by the small steps. Youâ€™d better wake up.

Of course, there are some mad theories but if you wanted to discredit some accusations against you, wouldnâ€™t it be clever to mix the truth about you with some OBVIOUS nonsense and spread it? You mix the truth with OBVIOUS nonsense and spread it and people laugh at it. Job done.

No it hasnt been audited since the 40's and in this documentary http://www.youtube.com/watch?v=3ueEfRXZCVA the IRS commissioner states it as a fact: as if they are above the law: well i guess if they can print mony, cant be audited and privately owned they are above the law. It is like a russian mafia but with a Harvard degree hehe

You need to correct your facts

Federal Reserve is NOT privately owned. It is the Central Bank of the United States.

Federal Reserve is subject to different levels of audit and review

http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#9
--------------------------------------...
Under the Federal Banking Agency Audit Act (enacted in 1978 as Public Law 95-320), which authorizes the Comptroller General of the United States to audit the Federal Reserve System, the Government Accountability Office (GAO) has conducted numerous reviews of Federal Reserve activities. In addition, the Board's Office of Inspector General (OIG) audits and investigates Board programs and operations as well as those Board functions delegated to the Reserve Banks. Completed and active GAO reviews and completed OIG audits, reviews, and assessments are listed in the Boardâ€™s Annual Report (before 2002, the reviews were listed in the Board's Annual Report: Budget Review).

Since the Federal Reserve *isn't* privately owned and operated, your question makes no sense.

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