The Fed's Role in the American Economy

The Fed is basically the central bank of the US, its ownership is still a matter of debate. Some sources claim that Fed is a private entity owned by its member of banks or wealthy individuals and large corporations. Is it making its moves in the interest of the public, meaning most people? Or is it taking actions in the interests of the banks, private owners? I don't have answers now, but things are not looking good for the masses, for the people.