Is the Federal Reserve a federal agency?
The Federal Reserve is not a federal agency, but an independent central bank created by Congress to serve as the nation’s monetary authority. It is responsible for setting monetary policy, supervising and regulating financial institutions, and providing financial services to the U.S. government and the public. The Federal Reserve is composed of the Board of Governors, 12 regional Federal Reserve Banks, and the Federal Open Market Committee. While the Federal Reserve is subject to oversight and audit by Congress, it is not a part of the federal government and does not receive appropriations from Congress. Instead, it is funded primarily through the profits from its operations and from fees assessed on member banks.
