Ralph Young, Adviser to the Federal Reserve Board of Governors (a Federal agency) that oversees the privately owned Federal Reserve System of (central) Banks, in a letter to President Wilbur D. Fulton, of the Federal Reserve (central) Bank of Cleveland (Federal enclave of Ohio), expresses his concerns that the FRSBs might lose their independence if they begin to engage in foreign currency swaps: “There is a danger that if the System takes on the functions of the executive, it will end up as a captive of the executive branch of the government.”

       [restored 10/1/2022] Thanks to Jim Lorenz for this entry.