This power was granted to the fed when Congress enacted the Federal Reserve Act on December 23rd 1913. With the passing of the Federal Reserve Act, Congress required that all nationally chartered banks become members of the Federal Reserve System. And in one night, Congress handed over their Constitutional responsibility to coin money to a private, secretly owned banking cartel. They continue to maintain that power today.
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
The Truth about The Federal Reserve
10 Facts about the Federal Reserve that every American citizen must know.