There are 12 Federal Reserve Banks. They have an intermediate legal status, with some features of private corporations and some features of public federal agencies. In particular, profits belong to the federal government, but this interest is not proprietary.<br />
It is a private bank that clears/holds money for the federal government. It dispenses funds to other banks within a specified area.
I have very good knowledge of it. I don't get into the specifics of what people do with their money. I am wise with mine.