Before anybody says no they should look at the Jekyll Island agreement. The Fed was created by a group of private bankers so they could make more money. Most of the Fed workers are not government workers, they are private. The thing that runs the Fed is greed and corruption. They were the ones that caused the bubble to burst in 2008. The US Treasury should take over the duties of the Fed and it should be abolished.
The Federal Reserve was created in 1914 to provide loans to banks during "bank runs". Essentially it was created to soften the cyclical boom&bust periods in the American economy. It still serves this role today. Imagine if we allowed Congress to control the money supply like they do with Government budgets...Ugh. The way the Fed is designed insulates them from political pressure, and the member banks of the Fed play a smaller role (only elected 6 out of 9 members in the 12 regional fed banks). Because of all this we have managed to maintain a lower rate of inflation than we would have otherwise.
While I understand that there may be a number of people who think that the Federal Reserve is not exactly beneficial to our economic health. I think that at this point it has become a pretty integrated part of our economy, I'm not saying it's great or bad just that I think it's important at this point.