1) In the 1819 case of "McCulloch vs Maryland" the US Supreme Court ruled that Congress DOES have the power to establish a central bank. The ruling was based on the "necessary and proper" clause of Article I, Section 8.
2) How is Congress doing with fiscal policy (budget) ? And you think the economy will improve if Congress reclaims control of monetary policy from the Fed?
3) The Fed was established to prevent the bank panics that were a regular feature of the economy. If you end the Fed, how will you deal with those issues ?
Stop worrying about the ‘fiscal cliff.’ Spending cuts would feel therapeutic after watching Standard & Poor's and Egan-Jones downgrade our credit rating and seeing President Obama add $6 trillion to the national debt. The way to avert another recession and massive inflation is to eliminate the unconstitutional Federal Reserve.
There are two ways for politicians to “pay” for their spending. They can be transparent and raise taxes extremely high across all income levels. (This is not happening because politicians know Americans would riot.) Or, they can be sneaky and “monetize the debt,” which means allowing the Federal Reserve to print money...
2) Congress is elected by the people, the federal reserve is not. At least there would be some accountability.
3) The whole system would have to be reset, this thing is on a freight train to dissaster anyway. Competing currencies based on real assets, not fiat money printed out of thin air.