简单的来说，美国法律规定，每家商业银行如果要加入美联储系统，都必须购买美联储地区分行的股票。这些股票不能在银行之间交易，银行也没有投票权，他们没办法像开股东大会一样，表决一个“股东大会决议”来决定美联储的货币政策。这个股票只是加入中央银行系统的一个法律条件
其实从银行的视角上说，这个所谓的“股票”与其说是“股票”，不如说是强制性存储在中央银行一种特殊准备金，这根本不是所谓的股东和所有者啊。
美联储的权利来源于国会
以下内容来自美联储官网：Who owns the Federal Reserve?
Who owns the Federal Reserve?
The Federal Reserve System is not “owned” by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation’s central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress.
The Federal Reserve derives its authority from the Congress, which created the System in 1913 with the enactment of the Federal Reserve Act. This central banking “system” has three important features: (1) a central governing board—the Federal Reserve Board of Governors; (2) a decentralized operating structure of 12 Federal Reserve Banks; and (3) a blend of public and private characteristics.
The Board—appointed by the President and confirmed by the Senate—provides general guidance for the Federal Reserve System and oversees the 12 Reserve Banks. The Board reports to and is directly accountable to the Congress but, unlike many other public agencies, it is not funded by congressional appropriations. The Chair and other staff testify before Congress, and the Board submits an extensive report—the Monetary Policy Report—on recent economic developments and its plans for monetary policy twice a year. The Board also makes public the System’s independently audited financial statements, along with minutes from the FOMC meetings.
In addition, though the Congress sets the goals for monetary policy, decisions of the Board—and the Fed’s monetary policy-setting body, the Federal Open Market Committee—about how to reach those goals do not require approval by the President or anyone else in the executive or legislative branches of government.
Some observers mistakenly consider the Federal Reserve to be a private entity because the Reserve Banks are organized similarly to private corporations. For instance, each of the 12 Reserve Banks operates within its own particular geographic area, or District, of the United States, and each is separately incorporated and has its own board of directors. Commercial banks that are members of the Federal Reserve System hold stock in their District’s Reserve Bank.
However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System.
In fact, the Reserve Banks are required by law to transfer net earnings to the U.S. Treasury, after providing for all necessary expenses of the Reserve Banks, legally required dividend payments, and maintaining a limited balance in a surplus fund.
翻译一下：
联邦储备系统不为任何人“所有”。美联储于 1913 年根据联邦储备法成立，作为国家的中央银行。华盛顿特区的联邦储备委员会是联邦政府的一个机构，向国会报告并直接向国会负责。
美联储的权力来自国会，国会于 1913 年通过颁布《联邦储备法》创建了该系统。这个中央银行“系统”具有三个重要特征：
（1）中央管理委员会——联邦储备委员会；
（2）12 家分散在全国的地区性联邦储备银行；
（3）公共和私人特征的混合。
由总统任命并经参议院确认的委员会成员为联邦储备系统提供一般指导并监督 12 家储备银行。联邦储备委员会向国会报告并直接向国会负责，但与许多其他公共机构不同的是，它的资金来源不是国会拨款。
主席和其他工作人员接受国会的听证，联邦储备委员会每年两次提交一份关于近期经济发展及其货币政策计划的详尽报告——货币政策报告。联邦储备委员会还公开了该系统的独立审计财务报表，以及联邦公开市场委员会的会议记录。
此外，尽管货币政策的目标由国会制定，联邦储备委员会及其货币政策制定机关——联邦公开市场委员会(FOMC)为实现这些目标而做出的决定，不需要获得总统或是政府行政机构、立法机构的批准。
*一些观察人士错误地认为美联储是一个私人实体，因为储备银行的组织方式类似于私人公司。例如，12家储备银行中的每一家都在美国自己的特定地理区域或地区内运作，每一家都是单独成立的，并有自己的董事会。作为联邦储备系统成员的商业银行持有其地区储备银行的股票。
**然而，拥有储备银行的股票与拥有私人公司的股票有很大的不同。储备银行的运作不是为了盈利，根据法律规定，拥有一定数量的股票是加入储备银行系统的一个条件。
***事实上，根据法律规定，在为储备银行提供所有必要的开支、法定的股息支付和在盈余基金中保持有限的余额之后，储备银行必须将净利润转移到美国财政部。
以下内容来自美国银行业法第209部分的认购要求：
12 CFR Part 209 — Federal Reserve Bank Capital Stock (Regulation I)
联邦储备银行股本（规则 I）
§ 209.2 Banks desiring to become member banks.
(a) Application for stock or deposit. Each national bank in process of organization,[3] each nonmember state bank converting into a national bank, and each nonmember state bank applying for membership in the Federal Reserve System under Regulation H, 12 CFR part 208, shall file with the Federal Reserve Bank (Reserve Bank) in whose district it is located an application for stock (or deposit in the case of mutual savings banks not authorized to purchase Reserve Bank stock[4] ) in the Reserve Bank. This application for stock must state whether the applicant’s total consolidated assets exceed $12,124,000,000. The bank shall pay for the stock (or deposit) in accordance with § 209.4 of this part.
§209.2希望成为会员的银行。
(a)申请股票或存款。
每个处于组建过程中的国家银行，每个非成员州银行转换为国家银行，以及每个根据联邦法规H, 12 CFR第208部分申请加入联邦储备系统的非成员州银行，应向所在地区的联邦储备银行提出入股申请(互助储蓄银行不能购买储备银行的股票，应该办理存款)。此申请必须说明申请人的合并总资产是否超过12,124,000,000元。银行购买的股票(或办理的存款)应按照本部分§209.4的规定进行支付。
那么到底买多少呢？上面提到的§209.4说了购买金额：
§ 209.4 Amounts and payments for subscriptions and cancellations; timing and rate of dividends.
(a) Amount of subscription. The total subscription of a member bank (other than a mutual savings bank) shall equal six percent of its capital and surplus as shown on its most recent Call Report. After a member bank files a Call Report, the appropriate Reserve Bank will adjust the member bank’s Reserve Bank capital stock subscription to equal six percent of the member bank’s capital and surplus.
(a) 认购金额。
成员银行（互助储蓄银行除外）的认购总额应等于其最近一次Call Report中显示的股本和资本公积的百分之六。 在成员银行提交Call Report后，储备银行将调整成员银行的储备银行认购金额，使其等于成员银行股本和资本公积的 6%。
这里的call report应该指的是美国银行业专门向监管机构提交的季度财务报告。
这个认购金额就像我回答一开始说的，“特殊准备金”的性质反映的很明显，它是根据银行资本金的规模来调整认购金额的，越大的银行认购的越多。
暂无评论内容