Federal reserve charter expires

[John_doe]

Next year. What does congress do?


thoughts?

[John_doe]

the second bank of the united states plunged the united states into depression intentionally last go around in order to keep power.

fiscal cliff, too ironic for me.

[Engineer]

Bernacke will go out the door with pats on the back for a job well done.

[uthminsta]

Key words: out the door.

[John_doe]

hopefully replaced with nothing.

goodbye income tax too.

[barrytrot]

You guys are just joking right?

They will just renew it, end of story. Or something far worse.

Also, income tax is staying and rising, period.

[Rosco]

Ron Paul out of Office may do things differently than before
Neither Party may like the the Actions IDC
Hard Core may stand UP

[barrytrot]

Who cares if the dozen or so hard core good guys stand up? The "hard core bad guys" area already up and they rule the day.

[John_doe]

You guys are just joking right?

They will just renew it, end of story. Or something far worse.

Also, income tax is staying and rising, period.

You are probably right. The fiscal cliff is being churned up as a warning to congress and the clueless. I'm guessing congress does what they do best, and folds.

[Kurr]

I can't believe it, this was not even on my radar!

Thanks for bringing it up.

[IdahoCopper]

I recently google'd this topic. I think it was in 1927 when Congress altered the Fed's charter and made it perpetual. The 2013 end date is an urban myth.

[henrysmedford]

From the Federal Reserve website-- http://www.federalreserve.gov/faqs/is-the-federal-reserve-act-going-to-expire.htm

Is the Federal Reserve Act going to expire?

No. The Federal Reserve Act of 1913--which established the Federal Reserve as the central bank of the United States--has been amended or altered by the Congress numerous times over the years, but the act has never included an "expiration date" or repeal date. As stated in the law itself, the Federal Reserve Act can only be repealed, amended, or altered by the Congress.

And from --http://www.federalreserve.gov/aboutthefed/section31.htm

Federal Reserve Act

Section 31. Reservation of Right to Amend
1. Reservation of Right to Amend
The right to amend, alter, or repeal this Act is hereby expressly reserved.
[Omitted from U.S. Code. Part of original Federal Reserve Act; not amended.]

[Copper Catcher]

There is no expiration date, or contract! It was voted in, and it's permanent until it's voted out.....This rumor has been circulating around the internet for years....

[Mossy]

Not that is matters. The fedgov, banking industry, etc, would just keep going as is, without any legal basis.

Who is going to call them on it?

[John_doe]

the wall street journal reported on it. i know not to trust most mass media outlets, but this is a pretty big error on their behalf if it isnt true.