"Don't forget, our Federal Reserve is not at all a part of our Constitution. It's a creature of the U.S. Congress, created by the Federal Reserve Act 1913."

Trump has used the renovation project as both a literal and symbolic example of what he has often described as government waste. Speaking to reporters last week, Trump called the construction effort “a disgrace,” and accused Fed officials of overspending at a time when inflation remains high and interest rates are biting into household budgets.

There have been many calls for reform. None of them have actually done wholesale reform, though many of them have applied band-aids," Lisa Harrington said.

On Dec. 23, 1913, President Woodrow Wilson signed the Owen-Glass Act, creating the Federal Reserve System, an independent agency of the U.S. Government. Before Federal Reserve began its operation ...

Congress established the Federal Reserve System through a 1913 law to bring more stability to America’s financial system. At that time, the U.S. was reeling from a series of financial crises ...

Result: The Federal Reserve System is now sitting on $2.6 trillion of securities with an average maturity between four and five years. The Fed has a few other assets, such as gold.

President Donald Trump on Wednesday demanded the resignation of Lisa Cook, a member of the Federal Reserve Board of Governors, in his latest effort to bend the independent central bank to his will.

The minutes of the rate-setting Federal Open Market Committee, published on Wednesday, showed that “some [members] noted that it would not be feasible or appropriate to wait for complete clarity on the tariffs’ effects on inflation before adjusting the stance of monetary policy”.