Why does the Federal Reserve (central bank) have so much power over the economy?

Question

Why does the Federal Reserve (central bank) have so much power over the economy?

Answer 1

Because the United States Congress gave the Federal Reserve that power in 1913 under the Federal Reserve Act. And Congress got its power from the Constitution under Article 1, Section 8.

U.S. Constitution - Article 1 Section 8

Article 1 - The Legislative Branch

Section 8 - Powers of Congress

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

Answer 2

Money is power and they have just about 1/2 the peoples money in the world.