What is the biggest lie about the US federal reserve?

The biggest misconception about the US Federal Reserve is that it's a private and independent entity, operating without government oversight. In reality, it's a blend of public and private elements, with substantial governmental supervision. The President nominates and the Senate confirms the Board of Governors. Also, its profits are remitted back to the Treasury. This myth has fueled many conspiracy theories, despite the Federal Reserve's transparency and accountability.

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