Of course it’s not federal (it’s a corporation registered in delaware in 1914, its corporate charter was due to expire in 2014 until congress and obama made it immortal) and there is no reserve. None. Not even vault cash. Everything is smoke and mirrors with these people.
Anyway, it turns out Glenn Beck spent an hour interviewing two knowledgeable guests about the scam shortly before he was fired from Fox. It’s a good show, maybe the only honest one he ever did, since he appears to be a deep state hack. Anyway, you should check it out, and check out my explanation at the end for how money functions as a digestive enzyme in the economy, and the mathematics of how banks create money out of thin air: