Our editorial today asks, "If the Fed is not executive, what is it?" Principally, it is a system composed of twelve chartered corporations, the Federal Reserve Banks. Such corporations were understood as a basic facet of law during and well before the American founding.
A corporation — as summarized by James Wilson, the most frequent speaker at the Constitutional Convention — was understood as "a person in a political capacity created by the law, to endure in perpetual succession." Created and tasked by a legislature, such corporations were subject to all the same laws as individual citizens. They could make contracts, ...
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