The Federal Reserve System has faced various criticisms since its inception in 1913.

http://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-91

Criticism

The Federal Reserve System has faced various criticisms since its inception in 1913. These criticisms include the assertions that the Federal Reserve System violates the United States Constitution and that it impedes economic prosperity. Critic Miranda Fleschert contends that the twelve regional Federal Reserve banks (as opposed to the entire Federal Reserve System) consider themselves to be private corporations with private funding.