How would you? Would you go to the 'Fed' Office and try to buy some stock? Do central banks have stock? If so, what are the powers of that stock? To elect the board? To control the entire Reserve? Explain in full detail.
individuals cannot create a federal bank
They don't have stock. They are controlled by a board of governors who are appointed by the President. You would go to the White House and have him appoint you. The main power is setting interest rates. You don't control the entire reserve, or any of the reserve. Congress controls what money gets spent and how it is spent.
Generally speaking, a federal reserve is run buy the government. To be appointed to the Fed, you generally have to be a distinguished economist and be appointed by the president. Private ownership of a fed would be chaos as they would have a monopoly on controlling the market.
Once upon a time some central banks were privately owned. However, all central banks of the major developed nations are NOT private. So, a private individual cannot own or control a central bank. In regards to the Federal Reserve, the controlling portion of the system is the Board of Governors. The Board of Governors does not issue stock and is not owned. It is 100% a government agency. All members of the Board of Governors are appointed by the President and confirmed by the Senate. Additionally, the Board is responsible for presenting the Federal Reserve's Annual Report to Congress. There are also additional requirements for the Board of Governors concerning reporting to Congress. The Federal Reserve System also consists of 12 district banks. These district banks do have stock, but that stock is different from standard corporate stock. First, in accordance with law, the only entities that are permitted to hold that stock are banks with U.S. national charters and some banks with state charters. The national banks are required by law to subscribe to the stock of the district bank that is responsible for the district they are located in. The amount of stock the national bank must subscribe to is set by law. The bank may hold no more and no less than the required amount. The stock does not confer any rights of ownership either. It is nothing more than a requirement of membership in the system.
