The name is very misleading. It is not Federal it has no Reserves. The Federal Reserve is an entity that sets interest rates and controls the money supply of the United States. (And, ipso facto the World)
The Federal Reserve was conceived on Jekyll island off the coast of Georgia. It was the birth of a banking cartel to protect its members from competition. Six men that were very influential in the world of finance met and the birth of the Federal Reserve resulted.
These six men were Senator Nelson W. Aldrich, Abram P Andrew Jr. (assistant secretary of the treasury), Frank Vanderlip (President of National City Bank of New York), Henry P Davidson (senior partner of J.P. Morgan and Co.), Charles D Norton (President of First National Bank of New York), Paul Warburg (Director of Wells Fargo) and Benjamin Strong (The emissary for J.P. Morgan and the first president of the Federal Reserve).
These six men were able to successfully engineer the greatest robbery of the people the world has ever seen.
The result of this meeting was the Federal Reserve act of 1913 with which they were able to take control of the worlds money supply.
The Fed is completely separate from the government it is one of the only entities that even the President of the United States can’t inspect closely. It has little oversight from the government and the government can’t make them do anything