Originally Posted by
The Chow
Sharkair,
the fed is a private entity that will testify before congress from time to time but actually answers to no one. I liken the fed to federal judges. Once appointed they're there for as long as they want.
I wouldn't cal it private, but more of an autonomous part of the government. Members of the Board of Governors are almost akin to Supreme Court Judges...They are appointed by the President and have no term limits, they either die or get tired of being called stupid by the press.