No, that's incorrect. The Federal Reserve System is an unusual hybrid unlike NASA or any other government agency I can think of. NASA doesn't have Boeing or Raytheon as "member agencies" or as owners of regional space administrations that take their marching orders from a Board of Space Governors appointed by the president.

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.