The better question is, are the employees of the Fed under the employ of the US government. Nationally chartered commercial banks are required to hold stock in

The better question is, are the employees of the Fed under the employ of the US government. Nationally chartered commercial banks are required to hold stock in the Federal Reserve Bank of their region; this entitles them to elect some of the members of the board of the regional Federal Reserve Bank. Thus the Federal Reserve system has both public and private aspects.[18][19][20][21] The U.S. Government receives all of the system's annual profits, after a statutory dividend of 6% on member banks' capital investment is paid, and an account surplus is maintained.