The Federal Reserve system is quite complex, but the 12 banks are not owned by the banks. They are chartered and organized by the US government, so they can't

The Federal Reserve system is quite complex, but the 12 banks are not owned by the banks. They are chartered and organized by the US government, so they can't change their mission without convincing the government to change the laws around them. Nationally chartered banks are required to be members of one of the Federal Reserve Banks, and have to own "stock" equal to 3% of their capital and surplus. State chartered banks are not required to be members, but may do so under different rules. The banks receive a 6% divided of their stake, with the remaining profits going back to the government. The numbers aren't clear, but it looks like the system made over $92 billion for their 2016 year, and over $91 billion of that went to the government.