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cs702

It's independently run, but part of it. Specifically, any money it makes (or loses) goes to the US Treasury:

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

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

> While the Board of Governors is an independent government agency…

OK, I mean, sure, focus on that part rather than:

>The Federal Reserve Banks are not a part of the federal government [...]

The board is 7 people, and yes those 7 people are government employees. However, the remaining many thousands of people that comprise the Federal Reserve system are not government employees. Quite the straw man.

“The Board of Governors of the Federal Reserve” is the name of the agency. It covers the governors themselves but also the agency staff, the police force, etc.

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