If my privately owned company paid me a dividend of less than 1.7% of net earnings while the US Treasury received 98.3% of net earnings, I'd double check my definition of "privately owned".
The FRB is a privately-owned company that enjoys an extremely cosy relationship with the Government that it is a part of.......
The FRB makes a profit for its private owners and confers massive benefits upon them.
Anyone who isn’t one of those owners doesn’t get to enjoy those benefits. That’s a good working definition of ‘privately owned’.
FRB is a part of the Government in the same way that a tapeworm is part of a pig. The fact that the FRB is an obligatory parasite doesn’t make it any less of a parasite.