stop trying to rationalize the current system the fucking fed has to go can't go soon enough the fed reserves board of governors are nominated by the president and confirmed by the senate. the feds board of governors is a neutered and ineffective regulatory body, and under regulatory capture by the nyfed. the 12 federal reserve regional branches are the public franchisors, public franchisors which sell private franchisee stock to private banks in their region. the private banks buy stock in their regional fed franchise, private stock which earns dividends of 6% annually.  the nyfed is the largest and most powerful regional federal reserve branch franchise. it conducts all trading for the federal reserve and is custodian for its assets. its biggest shareholders are the private big banks, aka the primary dealers, that issue our currency in the form of bond debt, who are the market makers for these us treasuries and are now using those treasuries and qe to counterfeit our currency. the fed likes to confuse the publicly-appointed fed board of governors with the privately-incorporated shareholders of each regional fed, so people dont realize we are paying private banks to issue our currency.  pic related
United States