Gov't or Banking Dollars?
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LEWIS v. UNITED STATES, 680 F.2d 1239 (1982)
'John L. Lewis, Plaintiff/Appellant,
v.
United States of America, Defendant/Appellee.
No. 80-5905
United States Court of Appeals, Ninth Circuit.
Submitted March 2, 1982.
Decided April 19, 1982.
As Amended June 24, 1982.
Plaintiff, who was injured by vehicle owned and operated by a Federal Reserve Bank, brought action alleging jurisdiction under the Federal Tort Claims Act.
The United States District Court for the Central District of California, David W. Williams, J., dismissed holding that Federal Reserve Bank was not a federal agency within meaning of Act and that the court therefore lacked subject-matter
jurisdiction. Appeal was taken. The Court of Appeals, Poole, Circuit Judge,
held that Federal Reserve Banks are not federal instrumentalities for purposes
of the Act, but are independent, privately owned and locally controlled corporations.
Affirmed.
1. United States
There are no sharp criteria for determining whether an entity is a federal agency within meaning of the Federal Tort Claims Act, but critical factor is existence of federal government control over 'detailed physical performance' and 'day to day operation' of an entity. . . .
2. United States
Federal Reserve Banks are not federal instrumentalities for purposes of a Federal Tort Claims Act, but are independent, privately owned and locally controlled corporations in light of fact that direct supervision and control of each bank is exercised by board of directors, Federal Reserve Banks, though heavily regulated, are locally controlled by their member banks, banks are listed neither as 'wholly owned' government corporations nor as 'mixed ownership' corporations; Federal Reserve Banks receive no appropriated funds from Congress and the banks are empowered to sue and be sued in their own names. . . .
One Federal Reserve official is appointed by the President. that officials name is taken from a list given to him by the Federal Reserve i understand.
Zero public/federal Audits since inception 1913
Zero oversight... You heard Greenspan... ZERO.
The primary dealers currently that are allowed to trade directly with the Federal Reserve thus being in a somewhat controlling position are:
Bank of America Securities LLC, Barclays Capital Inc., Cantor Fitzgerald & Co. , Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Daiwa Securities America Inc., Dresdner Kleinwort Securities LLC., BNP Paribas Securities Corp., Deutsche Bank Securities Inc.,
Goldman, Sachs & Co., HSBC Securities (USA) Inc., J. P. Morgan Securities Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. Incorporated, UBS Securities LLC. Greenwich Capital Markets Inc., Merrill Lynch Government Securities Inc.,.