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It's weirder than that. The Board of Governors of the Federal Reserve is an agency of the US federal government. The system as a whole has "a combination of public and private characteristics".

See the section "The U.S. Approach to Central Banking" of https://www.federalreserve.gov/aboutthefed/structure-federal... .

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Thanks for this clarification. I had a hunch it was a weird mix of the two. In reality I'm glad congresspeople don't have a lens into the money printing business.

But they do. They control the Treasury and US Mint, who are the real money printers. The Fed controls the price of money for everyone else.

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