The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress.
This central banking "system" has three important features:
(1) central governing board—the Federal Reserve Board of Governors;
(2) a decentralized operating structure of 12 Federal Reserve Banks throughout the united states
(3) a mixture of public polocies
The Board: which is appointed by the President and confirmed by the Senate—provides general guidance for the Federal Reserve System and oversees the 12 Reserve Banks. The Board reports to and is directly accountable to the Congress but, unlike many other public agencies, it is not funded by congressional appropriations.
The issue is the president cant tell them what to do. If the Chairman of the Fed and the board decides to increase interest rates, they can! as well as lower them. They are totally independent. Even though it states above otherwise. They control the national debt as well. The name is very misleading……
You may want to read the book: The Creature From Jekyll Island