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?
That is still a bad idea. For one it violates the separation of powers. You'd have a bank capable of performing open market transactions with the Treasury that is now part of the Executive instead of a quasi-public or private (whatever you want to call it) corporation set up by Congress. Obama couldn't just order the Treasury to issue debt, up to the limits imposed by congress, he could order the NY Federal Reserve Bank to buy that debt at whatever price Obama designated.
"But as you said: the federal reserve banks themselves are private corporations. "
They can be called that because the member banks do own the private corporation. But because of the following differences with normal private corporations, I don't really consider them to be private.