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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
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Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I see where the US Treasury was given to the Federal Reserve

Customer Question

I see where the US Treasury was given to the Federal Reserve in 1920 41 statue at large page 654 . Has the US Treasury ever been returned to congress or does the Federal Reserve Bank still own it? The IRS is a branch of the US Treasury and both claim to represent the US Government. https://www.loc.gov/law/help/statutes-at-large/66th-congress/c66.pdf
Submitted: 8 months ago.
Category: Legal
Expert:  Law Educator, Esq. replied 8 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
This information comes from sites operated by "sovereign citizens" who believe government has no right to control anything, that money is a fallacy and that banking is corrupt. Quite honestly, during the market crash, the US Department of Treasury was assigned to work with and monitor the Federal Reserve system, they were not put "Under the federal reserve" or "owned by" the federal reserve. The US Department of Treasury is under the Executive Branch of government and the Secretary of Treasury is a Presidential Cabinet member. The IRS is a part of the US Department of Treasury, they are not a separate entity. The Department of Treasury works TOGETHER with the Federal Reserve, but it is not owned by it as the sovereign citizens try to claim by using the ancient statutes at large.
See also: http://www.investopedia.com/articles/economics/08/treasury-fed-reserve.asp
Customer: replied 8 months ago.
I attach a link to the library of Congress page 654 https://www.loc.gov/law/help/statutes-at-large/66th-congress/c66.pdf and you rely something "sovereign citizens" . The link you attached to ypur reply looks like something from such a "sovereign citizens" site.
Expert:  Law Educator, Esq. replied 8 months ago.
Thank you for your reply.
I read the page you attached. It is no longer true. I also gave you another link explaining it to you as well. The information at the link you provided is outdated is what I was trying to tell you.
Customer: replied 8 months ago.
If it's no longer true then where in law was the US Treasury returned to Congress? That was my original question anyway.. I see where the US Treasury was given to the Federal Reserve in 1920. If the Federal Reserve no longer own the US Treasury like you claim. Then you should know when and where "in law" it was returned to Congress? My Aunt Susie retired from the IRS in Fresno 1985. I remember my aunt and her friends who also worked at the IRS were at her retirement party in 1985. They were all talking about how surprised they were to find out the IRS is owned by the federal Reserve. I did my own research and found where the US Treasury was given to the Federal Reserve in 1920 41 Statue at Large page 654. But no sigh of the US Treasury ever changing owners after that. So was it sold or given back ? Where in law did you find this?
Expert:  Law Educator, Esq. replied 8 months ago.
Thank you for your reply.
INDEPENDENT TREASURY. [41 Stat. at L. 654] Section 3595 of the Revised Statutes of the United States, as amended, providing for the appointment of an Assistant Treasurer of the United States at Boston, New York, Philadelphia, Baltimore, New Orleans, Saint Louis, San Francisco, Cincinnati, and Chicago, and all laws or parts of laws so far as they authorize the establishment or maintenance of offices of such Assistant Treasurers or of Sub-treasuries of the United States are hereby repealed from and after July 1, 1921; and the Secretary of the Treasury is authorized and directed to discontinue from and after such date or at such earlier date or dates as he may deem advisable, such subtreasuries and the exercise of all duties and functions by such assistant treasurers or their offices. The office of each assistant treasurer specified above and the services of any officers or other employees assigned to duty [41 Stat. at L. 655] at his office shall terminate upon the discontinuance of the functions of that office by the Secretary of the Treasury.
Transfer of duties.Utilization of Federal reserve banks authorized.
Vol. 38, p. 265.
Provisos
Joint custody of trust funds.
Use of member banks as depositaries not affected.
The Secretary of the Treasury is hereby authorized, in his discretion, to transfer any or all of the duties and functions performed or authorized to be performed by the assistant treasurers above enumerated, or their offices, to the Treasurer of the United States or the mints or assay offices of the United States, under such rules and regulations as he may prescribe, or to utilize any of the Federal reserve banks acting as depositaries or fiscal agents of the United States, for the purpose of performing any or all of such duties and functions, notwithstanding the limitations of section 15 of the Federal reserve Act, as amended, or any other provisions of law: Provided, That if any moneys or bullion, constituting part of the trust funds or other special funds heretofore required by law to be kept in Treasury offices, shall be deposited with any Federal reserve bank, then such moneys or bullion shall by such bank be kept separate and distinct from the assets, funds, and securities of the Federal reserve bank and be held in the joint custody of the Federal reserve agent and the Federal reserve bank: Provided further, That nothing in this section shall be construed to deny the right of the Secretary of the Treasury to use member banks as depositaries as heretofore authorized by law.
Use of subtreasury buildings, equipment, etc. The Secretary of the Treasury is hereby authorized to assign any or all the rooms, vaults, equipment, and safes or space in the buildings used by the subtreasuries to any Federal reserve bank acting as fiscal agent of the United States.
Transfer of eligible civil service employees.Preferences.
All employees in the subtreasuries in the classified civil service of the United States, who may so desire, shall be eligible for transfer to classified civil service positions under the control of the Treasury Department, or if their services are not required in such department they may be transferred to fill vacancies in any other executive department with the consent of such department. To the extent that such employees possess required qualifications, they shall be given preference over new appointments in the classified civil service wider the control of the Treasury Department in the cities in which they are now employed.

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