President Thomas Woodrow Wilson then signed this bill into law within one hour of being passed by Congress. The Federal Reserve System is an independent central bank comprised of twelve privately owned district banks. Although the President of the United States appoints the chairman of the Federal Reserve Bank (the Fed), and this appointment is approved by the United States Senate, the decisions of the Fed do not have to be ratified by the President, or anyone else in the Federal Government...
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One of the primary powers awarded to the Federal Reserve Bank is the ability to print paper money. According to The United States Constitution this power was originally reserved only to the United States Congress, “To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures” (Article I Section 7)...
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