There is nothing in our Constitution that says we should have a Central Bank. It actually states that Congress and the Treasury are the ones who can mint coins. However, the Federal Reserve Act was essentially snuck into proclamation on Christmas Eve 1913, and now we have an unelected, private corporation creating money and maintaining more control over your life than the President of the United States. The Federal Reserve is the most powerful organization in the world, and it is headed by an unelected chairman who basically makes all of the economic decisions for our country.
So is the Central Bank Constitutional? Host Lou Scatigna, CFP® says no, and he explains why in this segment from The Financial Physician.