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It is still a private entity which is independent of government.
Since 1978 the Government Accountability Office (GAO) has conducted regular audits of the banks' operations. The GAO audits are reported to the public, but they may not review a bank's monetary policy decisions or disclose them to the public
It's far from independent of the Government. The Federal Reserve is empowered by and answerable to Congress, while it's board of Governor's are appointed by the President and must be confirmed by the Senate. Last time I checked, that's all three branches of our Government.