<P> The federal government sets the salaries of the board 's seven governors . The federal government receives all the system 's annual profits , after a statutory dividend of 6 % on member banks ' capital investment is paid , and an account surplus is maintained . In 2015 , the Federal Reserve made a profit of $100.2 billion and transferred $97.7 billion to the U.S. Treasury . Although an instrument of the US Government , the Federal Reserve System considers itself `` an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government , it does not receive funding appropriated by the Congress , and the terms of the members of the Board of Governors span multiple presidential and congressional terms . '' </P>
<P> The federal government sets the salaries of the board 's seven governors . The federal government receives all the system 's annual profits , after a statutory dividend of 6 % on member banks ' capital investment is paid , and an account surplus is maintained . In 2015 , the Federal Reserve made a profit of $100.2 billion and transferred $97.7 billion to the U.S. Treasury . Although an instrument of the US Government , the Federal Reserve System considers itself `` an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government , it does not receive funding appropriated by the Congress , and the terms of the members of the Board of Governors span multiple presidential and congressional terms . '' </P>
what type of agency is the federal reserve board
what type of agency is the federal reserve board
an independent central bank
an independent central bank