Why and When was Federal Reserve Created

First Section from Government Website is as follows:

When was the Federal Reserve created?
The Federal Reserve was created on December 23, 1913, with the signing of the Federal Reserve Act by President Woodrow Wilson. The act had been drafted as House Resolution 7837 by Representative Carter Glass (D-VA), incoming chairman of the House Banking and Currency Committee.

What are the Federal Reserve's responsibilities?
Today, the Federal Reserve's responsibilities fall into four general areas:

• conducting the nation's monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices
• supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers (They did not do their job. No wounder the people are calling for an audit. In fact many are calling for an Audit of the Federal Reserve for this reason and evidence they have been bed fellows with the banking system that created the banking crises...fraud {see below})
• maintaining the stability of the financial system and containing systemic risk that may arise in financial markets
• providing certain financial services to the U.S. government, to the public, to financial institutions, and to foreign official institutions, including playing a major role in operating the nation's payments systems
  

Who owns the Federal Reserve?
The Federal Reserve System is not "owned" by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.

As the nation's central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as "independent within the government."

The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation's central banking system, are organized much like private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.

It is self-financed and therefore is not subject to the congressional budgetary process.

Note: This site also says they are audited, while others say: yes, but not a true audit that requires them to report all activities to congress. (see more explanation below). I personally wounder if there was full disclosure to congress that revealed corruption would they reward it as they have with Bailouts to banks. I am for a full audit that reports findings to the American people

http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#5

This second part was taken from various websites:

Though the Federal Reserve policy harms the average American, it benefits those in a position to take advantage of the cycles in monetary policy. The main beneficiaries are those who receive access to artificially inflated money and/or credit before the inflationary effects of the policy impact the entire economy. Federal Reserve policies also benefit big spending politicians who use the inflated currency created by the Fed to hide the true costs of the welfare-warfare state. It is time for Congress to put the interests of the American people ahead of the special interests and their own appetite for big government. (This article further explains why the creation of the Federal Reserve is unconstitutional) http://www.lewrockwell.com/paul/paul53.html

Ron Paul speaking to the Congress http://www.youtube.com/watch?v=A4kxTkhwR_Q

Audits of the Federal Reserve are not Audits in the true sense of the word;The U.S. Federal Reserve has refused to publicize a list of AIG's derivative counterparties and what they have been paid since the bailout, riling the U.S. Senate Banking Committee.

Federal Reserve Vice Chairman Donald Kohn testified before that committee on Thursday that revealing names risked jeopardizing AIG's continuing business. Kohn said there were millions of counterparties around the globe, including pension funds and U.S. households.http://www.reuters.com/article/BANKSL/idUSN0725372820090307

“The Fed has so far resisted attempts to provide information on how it is spending the bailout money and currently dictates how accountable it will be to Congress. Since its creation in 1913, the Fed’s control of money and credit in this country has resulted in a 95% devaluation of our dollar and the piling up, just in the last year, of almost $10 trillion in bailouts and loans http://www.freedomworks.org/blog/joseph-onorati/ron-paul-bill-to-audit-the-fed

Two years ago would you have doubted the wide spread banking corruption now being revealed? Corrupt institutions often throw out a fall guy to take attention off of the real crime lord. It is time for complete transparency as President Obama has promised.

Bill HR 1207 to audit Federal Reserve http://www.opencongress.org/bill/111-h1207/show

Who to Contact:

To find your Senator, click here. To find your Representative, click here.

To contact Obama: http://www.whitehouse.gov/CONTACT/

To contact the financial services committee: http://www.house.gov/financialservices/contact.html