On: Why U.S. Public Debt Matters [audio]

[throwaway0asd]

The federal reserve is not a part of the federal government in any form or capacity. They are a nonprofit business operating under a government charter defined by the Federal Reserve Act of 1913 and are completely separated from the US Treasury Department and the US Department of Commerce.

[cs702 → throwaway0asd]

The Fed is independently run, but part of the federal government. Specifically, any money it makes or loses goes to the US Treasury:

https://www.wsj.com/articles/higher-interest-rates-fuel-loss...

[throwaway0asd → cs702]

According to the FED they are not part of the government: The Federal Reserve Banks are not a part of the federal government.

https://www.stlouisfed.org/in-plain-english/who-owns-the-fed...

[snowwrestler → throwaway0asd]

The Board of Governors of the Federal Reserve is a independent federal agency with regulatory powers. They even have a federal police force.

You are correct it is completely separated from the Treasury Department and the Department of Commerce.

[throwaway0asd → snowwrestler]

https://www.federalreserve.gov/aboutthefed/bios/board/defaul...

So, those 7 people are government employees, but the remaining thousands that comprise the entirety of the Federal Reserve system are not.