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Post by Kevind53 Mon Oct 01, 2012 11:50 pm

I cruised through recaps and once again I saw a couple articles stating that the Fed's charter was expiring. I did a little digging as this seems to consistently pop up. On initial reading of the original act passed in 1913, I saw nothing to indicate any sort of 99 or 100 year limit on the charter. It was amended in 1927. This amendment states:

Upon the filing of the organization certificate with the
Comptroller of the Currency a Federal reserve bank shall become a
body corporate and as such, and in the name designated in such
organization certificate, shall have power -
First. To adopt and use a corporate seal.
Second. To have succession after February 25, 1927, until
dissolved by Act of Congress or until forfeiture of franchise for
violation of law.

Some try to say they violated the law with income taxes. Well first of all, the Fed does not collect or impose taxes. They are a quasi-governmental corporation formed by statute and owned by it's shareholders (banks). Therefore they did not violate that law. (On a side note, some try and make a case that taxes are unconstitutional, yet the 16th Amendment clearly states that "
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."
)

So unless someone can show me IN THE LAW where there is such a limitation, I will file such claims under the category of balderdash. Rolling Eyes

*****************
Trust but Verify --- R Reagan Suspect

"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

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Kevind53
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