Calls to “end the Fed” have been raging for some time now, with most supporters of this movement being part of grassroots movements like The Tea Party and the now infamous Occupy Wall Street. Some elected officials, from both the Democratic Party and the Republican Party, have also questioned the existence of the Federal Reserve, most notably Ron Paul. Most arguments regarding scrapping the Federal Reserve system revolve around constitutional legality, transparency issues, and monetary policy of the Federal Reserve. Most arguments are based on misconceptions, grossly erroneous facts, and literal neglect of history, as if the banking and financial system did not exist before 1913. The Federal Reserve System is the central bank of the United States and a crucial part of the system banking, since well, the government as a whole. Each proposed solution has numerous flaws and also fails to take into account the duties and responsibilities of the Federal Reserve and how it is vital to the overall well-being of our nation. Biased information, opinions masquerading as facts, and distorted economic views have led to the belief that the Federal Reserve system is an uncontrollable and irresponsible printing press, and neither is true. To see how the Federal Reserve system came into being, one must look to the past, namely banking before 1913. The First Bank of the United States was founded in 1791. It was a private institution, of which approximately 20% was owned by the US government, while the remainder was owned by foreign investors and governments. The Second Bank of the United States was granted a charter by Congress in 1816 and expired in 1836. In the absence of a central banking system, state banks grew in number and influence, in the middle of paper. ...these so-called "entities" own land, natural resources and jobs, the end of the Fed will not make a difference in distributing existing resources more equitably without political reform or radical policy changes. Playing the blame game instead of recognizing that slow and ineffective fiscal policy by local, city, state and national governments has been the cause of a growing inequality gap and an unregulated financial system. Both political parties even engage in political witch hunts from time to time, instead of recognizing the effectiveness of an efficient fiscal policy. The Fed should continue to be audited and make progress in making it more transparent. The Fed concept has its purpose to stabilize our failing economic system, regulate the banking system and ensure the efficient functioning of the payments system.