Does the Federal Reserve have the same power that the Bank of the US had in the early 1800s (the bank that Andrew Jackson vetoed)?If not, what power did the Bank of the US have that the Federal Reserve does not have?
Yes - the only thing that has changed is the name.
Not the same, not almost the same, not related at all. After the BOTUS charter expired in 1836 there was no federal banking institution, period. The government kept its accounts in state banks and precious metals for the next 10 years, then created the Independent Treasury system. That system continued until the Fed was created in 1913. Some differences: - The BOTUS was a single bank. The Fed has 12 banks covering areas of the country. - The BOTUS issued stock that could be traded by domestic and foreign individuals. The Fed issues stock only to domestic banks and it is not tradable. - The BOTUS required renewal by Congress. The Fed will exist until Congress dissolves it. - The BOTUS retained its earnings. The Fed deposits them back to the Treasury.
As far as I'm concerned, the bank in the early 1800's had an honest approach towards the people, whereas the Fed today has taken over the economy in an illicit way, deceiving americans and making them slaves to the system.
no money was backed in gold back then
