Thomas hoenig, former president of the federal reserve bank of kansas city, remarked about the federal reserve system that: open double quote[i]t was designed as a public-private partnership, accountable to, and yet independent of, the government. close double quote source: thomas m. hoenig, open double quotetwelve banks: the strength of the federal reserve system, close double quote speech delivered at copper mountain, colorado, september 15, 2006. in what sense is the federal reserve system a open double quotepublic-private partnershipclose double quote?
a. while owned by the government, private banks have a legal claim on the profits of the district banks.
b. while authorized by the government, it is owned by private banks.
c. it is a partnership made up of both government and private entities.
d. while formed by private banks, it is owned by the government.