The Federal Reserve is not privately owned. Parts of the Federal Reserve System are privately owned. The most important part, the Federal Reserve Board, is an independent federal agency like the FAA and SEC. The board members are appointed by President and confirmed by Congress.
The Federal Open Market Committee controls monetary policy. It is composed of seven Board members and five regional bank presidents.
The regional Federal Reserve Banks implemented monetary policy. They are privately owned by member banks, but legally considered both government and private.
The important thing is that the Board is at the top and controls the lower levels.
The Federal Open Market Committee controls monetary policy. It is composed of seven Board members and five regional bank presidents.
The regional Federal Reserve Banks implemented monetary policy. They are privately owned by member banks, but legally considered both government and private.
The important thing is that the Board is at the top and controls the lower levels.