Final answer:
The Federal Reserve Banks are not owned by private commercial banks in its district, contrary to the statement.
Step-by-step explanation:
The statement that each Federal Reserve Bank is owned by the private commercial banks in its district is false. The Federal Reserve System consists of 12 regional Federal Reserve banks, which are responsible for supporting the commercial banks and the economy in their respective districts. While these banks have a role in choosing the president and electing a board of directors for the regional bank, they are not the outright owners of the banks.