I really hate this meme. The federal reserve is very much under the purview of the legislature. If the legislature isn't choosing to act in the way you would like, well, then that's a completely separate complaint. Implying that the federal reserve is somehow independent from the government is dishonest.

You think the Board of Governors is meaningless? Do you realize the Fed turns over interest it earns to the US Treasury? What an odd thing to bring up in this context.

Now that we know that you have a dislike of the Federal Reserve system, you didn't actually answer the question by stating a reason. What would "the same reason" be?

How can you seriously believe the Fed isn't a government entity? I'm legitimately struggling to understand how you came to such a misguided conclusion.

The ownership structure of the Federal Reserve's 12 constituent reserve banks makes the Fed a mix of private and public banking. Commercial banks hold shares in each of the reserve banks. As shareholders, they elect 6 of the 9 regional directors. So while it's largely a governmental organization, ownership and influence from private banking is certainly present.

How can you believe it is? I'm legitimately struggling to understand how you came to such a misguided conclusion.

Because it:

- was created by the US government

- is ran by US government appointees, who are nominated by the President and confirmed by the Senate

- has to make annual reports to Congress

- returns all its profits to the US government

- describes itself as a government agency. [0]

Does the Fed have more independence than, say, the Department of Agriculture? Yes, but an independent government agency is still a government entity.

[0] "The Federal Reserve, like many other central banks, is an independent government agency..." https://www.federalreserve.gov/faqs/about_12799.htm

Because beliefs tend to emerge from ideology as opposed to the other way around. Then those beliefs become the api for interacting with information