The Federal Reserve System is the central banking authority of the United States. It is a fiscal agency for the U.S. Government and custodian of the reserve accounts of commercial banks; it makes loans to the commercial banks; and is authorized to issue Federal Reserve notes — that is, the hand-to-hand currency with which we run our daily economic lives.

Those commercial banks which are members of the "Fed" are required by law to purchase stock in their district Federal Reserve banks in order to supply them with a capital resource. These banks do not have .any "control" over the Federal Reserve. Control is exercised only by a Board of Governors, each member of which is a public servant appointed to his or her position by the President of the United States and confirmed by the U.S. Senate.

The Federal Reserve System: Purposes and Functions; a book published by the Fed’s Board of Governors, states:

Each of the twelve Federal Reserve banks is a corporation organized and operated for public service. The Federal Reserve Banks differ essentially from privately managed banks in that profits are not’ the object of their operations, and their stockholders, which are the member banks of the Federal Reserve System, do not have the powers and privileges that customarily belong to stockholders of privately managed corporations.

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