The Fed board members are appointed by the US President and approved by the Senate. That is the only control the US government has over the Fed. Otherwise it is a private, unaudited bank that has the unique ability to print money.
The Fed was created in secret (or for a shorter article) on Jekyll Island by a bunch of bankers who disguised their identities so no one would know what they were meeting about. That seems like a great way to start a central bank.
The Fed was created by bankers for bankers. The citizens of the US were not clamoring for a central bank. The bankers were the ones who desired a central bank since all fractional reserve banks are always teetering on the verge of bankruptcy.
List of participants at the meeting on Jekyll Island:
- Senator Nelson W. Aldrich, Rockefeller in-law
- Henry P.Davison, Morgan partner (banker)
- Paul M.Warburg, Kuhn, Loeb & Co. partner (banker)
- Frank A. Vanderlip, vice-president of Rockefeller's National City Bank (banker)
- Charles D. Norton, president of Morgan's First National Bank of New York (banker)
- A. Piatt Andrew, Harvard economist and staff assistant to Aldrich on the Monetary Commission.