Is the federal reserve a government agency?

The Federal Reserve or Federal Reserve System is part of the U.S. Government and acts as the country's central bank. However, it operates independent of the President, the rest of the Executive Branch, and the Legislative Branch. The Federal Reserve gets its authority from Congress and is subject to congressional oversight. It is compose of 12 Federal Reserve Banks, as well as numerous private banks, a Board of Governors and the Federal Open Market Committee (FOMC). The FOMC establishes monetary policy. There are numerous other functions and responsibilities. See Sources and related links for a detailed description including the duties and responsibilities of the Federal Reserve.