From the Rediff article:
Readers may be surprised to note that the US Fed system is neither controlled by the US government nor is it a private body, subject to oversight by a Regulator. Rather, as some analyst put it so succinctly, it is a cartel of private banks. And it is structured in such a manner that its functioning is absolutely independent and secret -- even the US President or the US Congress cannot interfere in its working.
Now the crucial question: who owns or controls these private banks that, in turn, control the US Federal system? Different studies, conducted at various periods of time, have repeatedly pointed out that the owners of these banks include some of the best and well-known global financial giants controlled by a few families.
Since these are private banks, ownership details are not disclosed to the public, there is considerable speculation about the ownership of Fed. This is part of historical arrangement within the US.
But why should these private bankers be interested in controlling an interest rate regime? The final piece in this global jigsaw puzzle: Approximately 75 per cent of the shares (another 10-15 per cent are with the pension funds) of Fortune 500 companies are with these investment bankers, who in turn own/control the Fed. No wonder, the Wall Street is interested in the Fed and the Fed is interested in Wall Street. It does take two to tango.