Upgrade to access all content for this subject
According to the Constitution, the power to coin money and set its value is a power of Congress.
Why is it that the FED (Federal Reserve System) can do it?
What the FED does is not related to that specific power of Congress.
The FED asks Congress for permission whenever it wants to change Money Supply.
The power has been delegated by Congress to the FED so it no longer has any authority over money creation.
The power was delegated by Congress and the FED must agree to Congressional oversight.
The leaders of the FED are all members of Congress so it really is still in charge.