You also posted this, from the Federal Reserve site itself, which you apparently regarded as the last and definitive word on the matter: For native speakers of English unfamiliar with the wordsmithing of modern American politics, that is a claim that a Federal Reserve bank is not financed by sale of "shares" to a collection of private investors who provide its entire working capital and its entire executive management, contract for all infrastructural support, and receive dividends from the profits based on their investment. Which would be of course a false claim, so that can't be what is meant. A clue, or warning to the naive, is found in the term "independent entity within government", which although it avoids the direct lie of "agency" is still clearly oxymoronic. Suspicions aroused, one can investigate the context of the odd assertion and - as the bluecollar folks put it - get a clue. The Federal Reserve banks are not "within" the government in any ordinary sense of the term. They are not even audited by the GAO - the US government does not have access to their account books. But it is not clear what you think it meant, since you were posting it in an apparent attempt to contradict (not support) the observation that the Federal Reserve banking system is a consortium of private banks earning a handsome profit from their investments in a heavily government-regulated and overseen monopoly of a peculiar kind. If you take a look, you will find direct denials - by the US Government - that the Post Office is owned by the Federal Government, as (say) Amtrak is. Instead, you will find that it is an oddly set up agency of the Government, organized under the Executive Branch (there are three branches: Executive, Legislative, Judicial). The FDIC, on the other hand, is explicitly described as not a Government agency but instead a Government owned corporation, like Amtrak. One way to tell is by the name: https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation The Federal Reserve system is neither of those: is not organized as an agency under one of the three Branches, and it is not a corporation owned by the Federal Government as a whole. And I vote for Tubman over Parks, on the money - she was there at the beginning, critically involved in the most significant economic issue facing the United States in its history.