can someone comment on this for me please

The Federal Reserve System was created through the 1913 Federal Reserve Act in the United States. Congress passed the Federal Reserve Act to establish economic stability in the United States by creating a central bank to oversee monetary policy.This law sets out the purpose, structure, and function of the Federal Reserve System. The law was signed by President Woodrow Wilsoon and gave the Fed the ability to print money and policy tools to ensure economic stability. In addition, The Fed received the power to adjust the discount rate and the Fed funds rate and to buy and sell U.S Treasuries. The Federal Reserve strives to smoothen the booms and busts of the economic cycle and also maintain adequate bases of money and credit for current production levels. While these actions have benefits towards the US economy, there is also the potential for some harmful actions. The central bank is privately owned, this gives it the powers to exceed lawfully elected officials in the United states. With that, the central bank has issued bailouts to not only US banking giants at significant risk, but to overseas banks too. This kept big banks out of danger while millions of Americans lost their jobs and homes. This may also result in recessions as well. In conclusion, The great power given to the Fed in 1913, gave the Fed power to engage in potential harmful actions