Sure, the board is a board of federally appointed individuals. But the board is a subsection of the federal reserve systems. And even the board is kind of odd in it's structure, because the governors have staggered appointments and serve a term.
The whole federal reserve is also privately funded, and doesn't get money from congress.
From the outside it may appear like a regular federal agency, but it is very different from the FTC, DEA, FDA, DOE, etc.
> Sure, the board is a board of federally appointed individuals.
No, its a federal agency. Explicitly.
> But the board is a subsection of the federal reserve systems.
Yes, the Federal Reserve System is a different thing from the Board with a sui generis relation to the government, which would maybe be relevant if the personnel action involved some part of the system which was not the Board, but we are talking about a personnel action pertaining to the Board.
> And even the board is kind of odd in it's structure, because the governors have staggered appointments and serve a term.
That’s not at all special (particularly when comparing to the FTC), but typical of “independent” federal agencies (including the FTC), which tend to have fixed terms that are longer than a Presidential term (7 years for the FTC, 14 for the Fed Board), staggered terms, and an explicit statutory limits on the number of members of the body that can be from one political party.
And the fed has a $0 federal budget...