Would the Federal Reserve Bank object if Congress decided that United States Notes should replace th

Would the Federal Reserve Bank object if Congress decided that United States Notes should replace their notes?

The Fed has expressed that they are not as concerned with the paper money supply as they are with the electronic money supply, because the paper money supply is only 600 billion dollars, but the electronic supply is almost 7 trillion dollars. So as long as we leave them with the power to electronically create money, paper shouldn't be that important. However, as the majority of our printed currency circulates outside the United States, providing an interest free loan to the Federal Reserve, most likely they would raise objections to the issuance of US notes.

 

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