the federal reserve act of 1913 says it will back each $1 federal reserve note in circulation with forty cents of gold. they don't do this. the federal reserve act of 1913 says that bankers are to be held personally responsible if they fail. they are not. the federal reserve act of 1913 says if a fed bank is insolvent, it is to become the property of the us. it doesnt. the federal reserve act of 1913 says that insolvent fed banks shall forfeit their shares in their regional fed. they dont. the federal reserve act of 1913 says that it will use its profits to supplement the gold reserve and pay down any us debt. it definitely doesnt do this. lol pic related the federal reserve has 3 mandates people now only talk about the dual mandates, which are stable prices and low unemploymentthe third mandate is to keep long term interest rates constant. they don't do this.  the federal reserve act of 1913 says that the fed will maintain parity of all forms of legal money issued by the us and strengthen the gold reserve. they dont do this. the federal reserve act of 1913 says the fed board will audit fed banks at will. they dont do this. the federal reserve act of 1913 says its by-laws are not to violate us law. they do. the federal reserve act of 1913 says that fed banks cannot discount stocks or commercial paper. they do. the federal reserve act of 1913 says each fed bank will maintain a surplus fund from its profits, up to 40% of its paid-in capital stock. they dont do this. the federal reserve act of 1913 says the fed board will supervise fed banks. they dont. the federal reserve act of 1913 says fed banks will publish complete details weekly of their assets and liabilities, as well as the nature of their transactions. they dont do this. the federal reserve act of 1913 says the fed is required to write off worthless assets on its books. it doesnt do this. and
United States