Some of the critics of the Fed like this book, but I haven't read it myself: http://www.amazon.com/The-Creature-Jekyll-Island-Federal/dp/...

Note I'm not expressing an opinion on the grandparent post's claims one way or another.

Some of it is remitted to the "owning" banks, as a kind of rebate for the token capital they pay. But "ownership" here is not the same as beneficial ownership.

In other words, the Federal Reserve is designed to be not directly linked to the Executive Branch. But it is also designed not to be a profit-making private enterprise.

Of course, I could be completely wrong. I'd actually be interested if someone had proof for either argument.

http://www.federalreserve.gov/faqs/about_12799.htm

http://www.federalreserve.gov/faqs/about_14986.htm

Seriously, if it involves the U.S. federal government, information about it will be easy to find. You don't need to guess or assume, just do a few simple searches.

edit: Well, not all of it, but the structure of the Fed isn't exactly a national secret.

Longer explanation (and citation) needed.