Exhibit 802

Federal Reserve Board FAQ: Who owns the Federal Reserve?

Exhibit 802 · Agency web page

Federal Reserve Board FAQ: Who owns the Federal Reserve?

The Federal Reserve System is not "owned" by anyone.

The Board's statement of its position: the System is not owned by anyone; the Board is a federal agency accountable to Congress; member banks hold Reserve Bank stock as a condition of membership; the Reserve Banks are not operated for profit and must transfer net earnings to the Treasury.

Source: Board of Governors of the Federal Reserve System
Date: Page opened 10 November 2026
Quoted from: First sentence of answer
Grade: Primary record
Document: https://www.federalreserve.gov/faqs/about_14986.htm
Accessed: 2026-11-09
Cited by: Findings citing this exhibit

Cited by

Finding POL-8.3: Primary record A member bank must subscribe Reserve Bank stock equal to 6 percent of its paid-up capital and surplus, half paid in, and may not transfer or pledge it. Since 1 January 2016 a member bank above an inflation-adjusted $10 billion in assets (the Fed reports $12.8 billion for 2025) receives a cumulative dividend of the lesser of 6 percent and the 10-year Treasury high yield, and smaller banks receive 6 percent.