Why does the privately owned Fed give almost all its profits to the DOT? http://www.washingtonpost.com/wp-dyn/content/article/2010/01/11/AR2010011103892.html
"The Fed doesn’t pay taxes; they remit excess seigniorage revenue to the Treasury, which they gather through punishment of savers.”
they’re not fully private. the NY Fed is quasi-private and quasi-public and falls under the Federal Reserve System that reports up to Congress.