Talk about y2k arrogance - fed. res. brd.greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Stephen R. Malphrus STAFF DIRECTOR FOR MANAGEMENT
June 2, 1999 Mr. Jacob J. Lew Director OMB Docket Library New Executive Office Building 725 - 17th Street, N.W. Suite 10102 Washington, D.C. 20503 Dear Mr. Lew:
The purpose of this correspondence is to respond to your letter dated May 13, 1999, requesting agencies including the Federal Reserve System to provide a high level description of the strategy and process for their Year 2000 business continuity and contingency planning activities.
The Board believes that it is not subject to the Presidents February 4, 1998, Executive Order on the Year 2000 Conversion (E.O. 13073) or to the Office of Management and Budgets (OMB) memorandum because of the Boards independence mandated by express provisions of the Federal Reserve Act. The Board, however, is keenly aware of the need to achieve an effective Year 2000 conversion program throughout the federal government and Federal Reserve System and has implemented a substantial effort to prepare for the Year 2000. The Board is also participating on the Presidents Council on Year 2000 Conversion and I serve as Chair of the Councils Financial Sector Group.
We recognize that Board participation, in the form of a submission of the requested information, may be useful to the Council. Therefore, in the interest of assisting the Council in the important task of ensuring that the public and private sectors successfully address Year 2000 issues, the Board voluntarily submits the enclosed report. You should note that the Federal Reserve Banks, which are not agencies of the United States, are also undertaking extensive Year 2000 efforts, subject to the Boards "general supervision." As with the Board, the Reserve Banks are developing business continuity and contingency plans in conjunction with the framework described in the enclosed report. In the interest of providing assistance to the Council, information on the Reserve Banks programs is voluntarily included as an adjunct to the Boards report.
Should you have any questions, please contact me.
Sincerely, [Stephen R. Malphrus]
-------------------------------------------------------------------------------- Y2K Home
To comment on this site, please fill out our feedback form.
-- James Chancellor, PE. (email@example.com), July 23, 1999
Will someone please educate me in that I am admittedly ignorant about the Federal Reserve Boards' status in this country except that it is the single most influence on the stock market and interest rate.
This letter says that the FRB does not answer to the President, the OMB, and that the F.R.Banks are not agencies of the United States. That really ticks me off!!
-- James Chancellor, PE. (firstname.lastname@example.org), July 23, 1999.
uh oh, maybe, just maybe, Nikoli, Andy, E. Coli, Runway Cat, et al, are right ... now that niggling possibility would turn things topsy turvy in the outlook dept ... explosive thoughts shattering the sheeple pasture ... enuff ta make ya stick head back down and graze in a daze ... uh oh
-- stretch the rubber band (email@example.com), July 23, 1999.
For a quick down and dirty education on the Fed go to;
Nikoli, Andy, E. Coli, Runway Cat, Invar etc.... are all doomers and they have to be wrong, right? Every newscast, newspaper, and radio news report I've ever recieved, was more full of doom then all of the above combined.
-- R. Wright (firstname.lastname@example.org), July 23, 1999.
The Board is also participating on the Presidents Council on Year 2000 Conversion and I serve as Chair of the Councils Financial Sector Group.
-- (email@example.com), July 23, 1999.
The Board believes that it is not subject to the Presidents February 4, 1998, Executive Order on the Year 2000 Conversion (E.O. 13073) or to the Office of Management and Budgets (OMB) memorandum because of the Boards independence mandated by express provisions of the Federal Reserve Act.
The Structure of the Federal Reserve System
Or go to www.info.gov and search on Federal Reserve Act of 1913 or Federal Reserve Board...
... the Federal Reserve Banks, which are not agencies of the United States...
Well *some* of us KNEW that, but most Americans assume theyre not privately owned.
Additional FRB pointers (courtesy of oanother poster for another reason)...
Federal Reserve Locations
Board of Governors of the Federal Reserve System
20th & Constitution Avenue N.W.
Washington, D.C. 20551
[Look at U.S. Federal Reserve District map at bottom of above link]
FRB public Web-site...
Look at where the December 1998 meeting of Koskinen's group got together (hint: 20th & C):
ON YEAR 2000
Meeting Minutes December 16, 1998
John Koskinen, Assistant to the President and Chair of the President's Council on Year 2000 Conversion Council, opened the meeting at 205p.m. in Meeting Room E of the Federal Reserve Building, 20th and C Streets, NW, Washington, DC.
Federal Computer Week
1999 Federal 100 Winners
Stephen R. Malphrus
Director, Information Resources Management
Federal Reserve System
For running a Year 2000 working group representing financial institutions.
"Steve has probably created the most organized working group that we have. They have regular monthly meetings; they have detailed agenda packages; they have now had two or three industry summits. He has a great air of authority and enthusiasm for what he does, [and] he has engendered respect from other agencies."
- John Koskinen, President's Council on Year 2000 Conversion
-- Diane J. Squire (firstname.lastname@example.org), July 23, 1999.
The only understanding I have been able to achieve of the Federal Reserve system is pretty sketchy. The only thing certain is that the U. S. Treasury prints our currency. From that point on the story is unclear.
Apparently this currency is conveyed to the Federal Reserve system, which (as noted) is not a governmental agency. This NGO then lends the money back to the Government at a rate of interest set by themselves. This loan is called the National Debt. The larger it is, the more interest income is earned by --- who knows?
From that point on everybody else borrows what they need at an even higher interest rate.
Yes indeed, I'm confused.
-- Dumber (thandirt@thispoint~.com), July 23, 1999.
Good grief. I had no idea that the Fed reserve was not a govt. agency. Talk about the Emperor having no clothes!!!! He doesn't even have a treasury!!!!
Just when I think I had heard it all I get shocked with a piece of info like this.
So let me get this straight.
1. Most money is not currency.
2. The Federal Reserve is not Federal.
Ok Dokey. I'll just scrape together some of my Monopoly money and see if I can find some poor slob to take it in exchange for a tangible item like hot chocolate.
-- R (email@example.com), July 23, 1999.
Not only is it not Federal, the stock is owned mostly by foreigners.
-- dave (firstname.lastname@example.org), July 23, 1999.
I think the confusion comes in when differentiating between the "Federal Reserve Board" enacted by Congress and the "Federal Reserve Banks" which, as I understand it (without a lot of research) is privately and investor owned.
-- Diane J. Squire (email@example.com), July 23, 1999.