The U.S. Federal Reserve has created plenty of controversy over the years. The office has the power to change the federal interest rate and influence many private banks. People on both sides of the aisle have moved to diminish the power of the Federal Reserve. That would prevent the Federal Reserve from interfering with the U.S. economy today. The supporters of that motion have introduced a lot of motions to prevent the Fed from conducting their own initiatives. Learn more about how the U.S. can end the federal reserve. That could change opinions and make the initiative a lot more popular with citizens today.
President Donald Trump made headlines when he claimed to have authority over the Federal Reserve. He issued a statement claiming that he could remove Chairman Jerome Powell from his office. Chairman Powell is scheduled to stay in office until 2022. But President Trump says that the Executive Office has the power to demote a sitting chairman. That would show that the U.S. Government still has authority over the Federal Reserve as of today. Critics are derailing the idea and questioning whether it is true. But President Trump is standing by his word and wants to make a move soon.
The Federal Reserve has changed the interest rate nine times since 2015. That includes seven rate hikes since 2017 as well. Chairman Powell has been responsible for four of these rate hikes during his tenure. Eliminating the Federal Reserve could be the next smart move for citizens to take. The Dow Jones has recently plunged by over 9000 points in the past month. That is an alarm bell for investors who want to see some economic progress. The Dow Jones is important and might signal a new economic era very soon. The Great Recession of 2008 could just be the first sign of problems too.
The Federal Reserve Act of 1913 has recently come under attack. That Act enabled the Federal Reserve to assume power over monetary growth in America. It gave the Federal Reserve the authority to create new money and increase inflation along the way. Some critics want to overturn that Act and return power to everyday citizens like us. That would restore power to the people and help change the way money is handled. A new Congressional Act or Supreme Court decision might be required for that to happen. But it also takes a lot of effort among those in the know as well.
Finally, citizens should think about the end of the Gold Standard. The Gold Standard ended on August 15th, 1971 in the United States. That removed ties between American dollars and the existing gold supply of the United States. Economists warn that the Gold Standard once kept inflation at bay in the United States. Restoring the Gold Standard would prevent the Fed from mishandling the dollar. It would eliminate Fiat currency and keep the Fed from just printing more money. The Gold Standard once protected the dollar and could be used again.