The ownership structure of the Federal Reserve's 12 constituent reserve banks makes the Fed a mix of private and public banking. Commercial banks hold shares in

The ownership structure of the Federal Reserve's 12 constituent reserve banks makes the Fed a mix of private and public banking. Commercial banks hold shares in each of the reserve banks. As shareholders, they elect 6 of the 9 regional directors. So while it's largely a governmental organization, ownership and influence from private banking is certainly present.