The "Federal Reserve Board" is not a federal agency, that is, an agency of the federal government. It is a private business. Its competition includes . . .
... nobody.
The Federal Reserve creates our money. It has no competition. As a result, the value of the Fed's money has gone steadily down. The Fed is an evil monopoly which ought to be abolished.
The government requires everybody to use money created by the Federal Reserve through "legal tender" laws.
The Constitution says:
No State shall ... make any thing but gold and silver a legal tender in payment of debts;James Madison, explained this clause of the Constitution in the Federalist Papers. He said paper money (currency not backed by gold or silver) has "pestilent effects" "on the industry and morals of the people." That means paper money causes economic productivity to go down, and crime to go up.
That's exactly where we are today.
Just like businesses are allowed to compete against "Federal Express," entrepreneurs should be allowed to set up currency businesses to compete against the Federal Reserve, and create currencies which are more moral, and more in line with the Constitution.
The Post Office was a needless monopoly. The Federal Reserve is a needless monopoly.
From The Monetary Future:
The Free Competition in Currency Act of 2011
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