The Act

The Fed is a contractor, not 'part of' government, and certainly not a branch of government. It supplies a private product that serves as legal tender ( the Federal Reserve Note ). They are in the same category with a defense contractor. Lockheed Martin is a government contractor that supplies F-16 jets. It is not part of government.

If our money was government-issued ( as some people erroneously claim ), the government could never fall into debt through use of a fiat system, because obviously, you can't charge interest to yourself, and you can't be on both ends of a loan simultaneously, as debtor and creditor. If the government retained the exclusive right to originate legal tender into the economy via loans with interest, the government could generate a revenue stream for itself, but instead, this profit mechanism has been captured by the banking cartel.

The disappearance of lawful money in America:

Language on a Federal Reserve Note in the 1930's: "This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank."

Language on a Federal Reserve Note today: "This note is legal tender for all debts, public and private."

On the older bills, the FRN was clearly identified as distinct from lawful money. Now it is neither identified properly or redeemable in lawful money.