The Fed is a private organization that makes its own rules.
Owners of the 12 Central banks:
Rothschild Bank of London
Warburg Bank of Hamburg
Rothschild Bank of Berlin
Lehman Brothers of New York
Lazard Brothers of Paris
Kuhn Loeb Bank of New York
Israel Moses Seif Banks of Italy
Goldman, Sachs of New York
Warburg Bank of Amsterdam
Chase Manhattan Bank of New York
I think it's safe to say that the Fed is impossible to do away with.
The US Government has granted great powers to them, and the few presidents who have tried to change that status have been assassinated (a coincidence, of course), with the exception of Andrew Jackson.
More info on the Fed
Unbelievable but true tidbit: the Fed creates money out of thin air.
Whenever you borrow from a bank, the bank creates the money -- just as if you went to your basement copy machine and printed it up (with the exception that if you do it, it's called counterfeiting and is a felony) -- then makes a journal entry that is offset by your promissory note. (Study the European Banking System for more info.)
