Gary Richardson

There are 12 regional Federal Reserve Banks — which distribute currency of all denominations …. Each of the 12 regional Federal Reserve Banks is an independent corporation with its own corporate charter and board of directors, according to Gary Richardson, an economics professor at the University of California, Irvine, and a former historian with the Federal Reserve System. These entities are legally banks, and each piece of paper currency has to tell you which bank is liable for it.

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