Board of governors != Federal Reserve

Fed is owned by member banks, private corporations .

"While the Board of Governors is an independent government agency, the Federal Reserve Banks are set up like private corporations. Member banks hold stock in the Federal Reserve Banks and earn dividends. Holding this stock does not carry with it the control and financial interest given to holders of common stock in for-profit organizations. The stock may not be sold or pledged as collateral for loans. Member banks also elect six of the nine members of each Bank's board of directors."

https://www.stlouisfed.org/in-plain-english/who-owns-the-federal-reserve-banks

Exercise for the reader (yes, YOU!):

1. Find out the interest rate from Fed to private banks

2. Find out the list of private banks that own stock in member banks

Why? You will learn more.

Board of governors != Federal Reserve

Fed ia is owned by member banks, private corporations .

"While the Board of Governors is an independent government agency, the Federal Reserve Banks are set up like private corporations. Member banks hold stock in the Federal Reserve Banks and earn dividends. Holding this stock does not carry with it the control and financial interest given to holders of common stock in for-profit organizations. The stock may not be sold or pledged as collateral for loans. Member banks also elect six of the nine members of each Bank's board of directors."

https://www.stlouisfed.org/in-plain-english/who-owns-the-federal-reserve-banks

Exercise for the reader (yes, YOU!):

1. Find out the interest rate from Fed to private banks

2. Find out the list of private banks that own stock in member banks

Why? You will learn more.