The semantics of things often does make a big difference in their perception by the public, helped frequently by the press that has the capacity to spin stories in the desired way for those that operate big media companies, to which, a case in point, is the portrayal of our Federal Reserve. To the general public they mainly see paper currency, as dollar bills, and are somewhat ignorant of why their money in their wallet, states on it, that it is a Federal Reserve Note, which almost seems like a contradiction, as never in your life, will you find one person asking to borrow from another, a $20 Federal Reserve Note, which probably would confuse the other person. That is to say, why are our dollar bills, all noted as being Federal Reserve Notes? They are noted as such, because our money is not backed by specie, or anything of material worth, other than the supposed full credit and faith of the United States Government, and thereby in order for there to be any value in the notes that are issued by the Federal Reserve, bonds are created and sold to various institutions, and the proceeds of these, form the basis of the money that is circulated to the general public, known as Federal Reserve Notes.
The most basic fundamental problem with Federal Reserve notes isn't the fact that the Federal Reserve is a consortium of privately held banks that the U.S. Government has to pay monetary interest to, on the basis of the bonds created, that result in monies being issued for circulation, but the fact that the U.S. Government, the greatest empire the world has ever known, is paying interest to private banking companies in order to create circulating money. This might make sense, if America was a new nation, without credit, without resources, without much of anything, other than potential, but America is not that nation, its GDP is the highest of any nation in the world, and it is in aggregate the richest nation in the world, second to none.
This would imply strongly, that America should be able to create its own national money, prudently backed by something or value, such as gold, or silver, or oil, or land, or any of many different items or mixed goods, to which, money generated from these would be symbolic representations of these goods monetized. This money, unlike our present money, would be both interest-free as well as debt-free, because in practicality, they would be mere representations of the goods themselves. Not only would this eliminate the present Federal Reserve Bank it would also eliminate the current interest debt that the citizens and taxpayers have to pay to a consortium of private banking companies as tribute for the privilege of living in America.
It is absolutely senseless that billions upon billions of dollars are paid in monetary interest each and every year to the banking members of the Federal Reserve, as if America, its population and people, must bend their knees to these money-interests in order to exist. Paper money as a medium of exchange has as its most basic purpose the enabling of free flow of goods, labor, and services conducted in a mutually beneficial way so as to not be bogged down into the minutiae of interminable bartering. The United States doesn't need to pass a law eliminating the Federal Reserve, it only needs to circulate new money backed by a formulation of real goods, and to wit, good money will invariably drive out bad.