Article: 10 Reasons why the Federal Reserve is not a Government Agency | OpEdNews
There is considerable ambiguity over whether the Federal Reserve is a
government agency, a private institution, or something in between. The
Fed itself says:
The Federal Reserve System fulfills its public mission as an
independent entity within government. It is not "owned" by anyone and
is not a private, profit-making institution.
As the nation's central bank, the Federal Reserve derives its
authority from the Congress of the United States. It is considered an
independent central bank because its monetary policy decisions do not
have to be approved by the President or anyone else in the executive or
legislative branches of government, it does not receive funding
appropriated by the Congress, and the terms of the members of the Board
of Governors span multiple presidential and congressional terms.
However, the Federal Reserve is subject to oversight by the
Congress, which often reviews the Federal Reserve's activities and can
alter its responsibilities by statute. Therefore, the Federal Reserve
can be more accurately described as "independent within the government"
rather than "independent of government."
