I am aware of that. But even that feature is weak. To judge how democratic an institution is you must look at all features or characteristics of an institution.

I am aware of that. But even that feature is weak. To judge how democratic an institution is you must look at all features or characteristics of an institution. The appointment of its board of governors isn't the only democratic feature we should care about. The federal reserve has weak accountability, lack of citizen participation, lack of transparency, lack of representation, etc.