Only the Federal Reserve banks, not the Federal Reserve Board, are private corporations and then they are unlike any other in existence. Yes every member bank gets to purchase a share of the FED upon joining.
"The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation's central banking system, are organized much like private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year."
Federal Reserve Banks management is different too than any other corporation.
The Federal Reserve Board of Governors is not privately owned. It's a government agency with the goverors all appointed by the President.
The seven members of the Board of Governors are nominated by the President of the United States and confirmed by the U.S. Senate. By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country," and no two Governors may come from the same Federal Reserve District.
The Constitution requires that the congress will regulate the value of the currency
Claiming that Congress setting up the Federal Reserve Board by law to manage the value of the currency is not "Congress regulating the value of the currency" is disingenious. It's in the same line of thinking that only elected congressional officers can make tax collection calls and they can't delegate it to the IRS. It's kooky.
I see you have defended the integrity of their Federal Reserve Board of Governors. I agree. it might be wise to keep this Board of Governors in place. And the venerable Princeton professor Mr Ben Bernanke can remain as trusted chairman.
But as you said: the federal reserve banks themselves are private corporations.
I propose that we SEIZE only the Federal Reserve Bank of New York. and install it as a Bureau of the United States Department of Treasury. Where it can be subject to the kind oversight of the GAO.
I propose their offices should be placed alongside the Bureau of Engraving and Printing. Where our currency is issued.
How you like them apples?