Sherman J Maisel, former Federal Reserve Board governor,
Managing the Dollar (New York : W.W. Norton, 1973), p. 24.:
| Congress delegated its constitutional power to coin money and controll its value to the Federal Reserve through the Federal Reserve Act of 1913, thus giving the Fed considerable freedom to manage the dollar. |
Paul Meek, an officer at the Federal Reserve Bank of New York,
Open-Market Operations [Federal Reserve Bank
of New York, 1973], p. 7. :
| The Federal Reserve System derives this power to create bank reserves from the Congress, which has been given the power by the Constitution to “ coin money [and] regulate the value thereof ” (Article I, Section 8). |