It is not a Federal agency, and does not operate as one. There is no oversight, laws governing it employees are not Federal, and it is accountable to no one but itself. Our government makes arm gestures that it has oversight, but it does not. The Federal Reserve claimed a profit of about $90 Billion last year, but I don’t believe that number. And since the last independent, outside audit of the Fed was, well.......never, neither should you. Our interest payments on the debt are in the six figures of Billions per year.
Yes it is.
There is no oversight
Congress has oversight of the Fed.
The Federal Reserve claimed a profit of about $90 Billion last year,
And they gave about $89 billion of that to the US Treasury. Strange thing to do, if they aren't part of the government.
And since the last independent, outside audit of the Fed was, well.......never
They're audited every year. Recent audits were by Deloitte.
Our interest payments on the debt are in the six figures of Billions per year.
The highest interest paid on the US debt was $454 billion in 2011. That's only 3 figures, not six.
And the Fed only holds $2.3 trillion of the nearly $17.6 trillion in debt.