The Federal Reserve Board of Governors is absolutely part of the federal government, and under statute is the same kind of part of the federal government as the FTC is.

The Federal Reserve System is a bit more complicated than the Board of Governors (but is also effectively part of the federal government, but a sui generis, highly corporatist part of the federal government, with direct involvement in an unusual manner by powerful private entities.)

> THe FTC is part of the Federal Gov't whereas the Federal Reserve is not.

I think you know that blanket statements of this type are at best inaccurate and not helpful to the discussion. The Fed is an entity created by federal statute and staffed by presidential appointees, so it's at least a little misleading to say that it's not part of the federal government.

What does that have to do with the law?