During the second circuit court of appeals case for FOX News & Bloomberg v. Board of Governors lawyers in defense of the Fed make some revealing statements during the arguments. At about 13:45, the Fed lawyer stated:
"We do not believe the Federal Reserve Board is an agency, the Board of Governors, . . . the Federal Reserve Bank excuse me." (He made the mistake of saying the Federal Reserve Board when he meant the Federal Reserve Bank.)
Notice how he said "believe." Here is a lawyer that is representing the Federal Reserve, and he has to use the word "believe" about a fundamental issue.
He admitted the Federal Reserve Banks were not Federal Agencies in a court of law. Watch the lawyer's statement: here.
Another Federal Reserve lawyer goes further at 44:22 to state:
the Federal Reserve Banks are "independent corporations."
Watch the lawyer's statement: here.
At 46:23, the lawyer blatantly stated:
the Federal Reserve Banks are "not agencies" and have "private board of directors."
The clip is: here.