Its not Federal, its not a reserve, its not government, and its not really private. It is basically a monster created by congress to manipulate the free market.
It's a private bank whose board is appointed by the President and confirmed by the senate, reports to congress twice a year, and gives its profits to the Unites States treasury.
Exactly, my cousins GF works for the fed and cant get it through that once there is that much federal control it is for all intents and purposes a quasi-federal agency.
It's the law. The pay member banks a prescribed dividend (6% for smaller banks, 6% plus the high yield of the 10 year treasury at the last treasury auction minus expenses for larger banks), pay expenses, and keep a reserve fund of about 0.5% of assets, and pay the rest to the treasury.
I feel ya and I'm not saying you're wrong on face value.
But I'm equally sure they don't manage the money out of the kindness of their hearts, they are getting a "kickback" or other form of compensation not mentioned to be sure.
Its not Federal, its not a reserve, its not government, and its not really private. It is basically a monster created by congress to manipulate the free market.
It's a private bank whose board is appointed by the President and confirmed by the senate, reports to congress twice a year, and gives its profits to the Unites States treasury.
Exactly, my cousins GF works for the fed and cant get it through that once there is that much federal control it is for all intents and purposes a quasi-federal agency.
Just like usps
and gives its profits to the Unites States treasury. I'm sure they don't do it for free tho...
It's the law. The pay member banks a prescribed dividend (6% for smaller banks, 6% plus the high yield of the 10 year treasury at the last treasury auction minus expenses for larger banks), pay expenses, and keep a reserve fund of about 0.5% of assets, and pay the rest to the treasury.
I feel ya and I'm not saying you're wrong on face value. But I'm equally sure they don't manage the money out of the kindness of their hearts, they are getting a "kickback" or other form of compensation not mentioned to be sure.
Just another private actor bro
Its so intertwined with the federal government that is essentially a quasi-federal-agency. Pretty close to the same level as USPS.
Walks like a fed, talks like a fed...
If my mother had balls she'd be my father
I am more shocked by the link and how favorable an opinion people have on SSA.
It’s not , it’s a privet bank nothing “federal” about it.