"The Federal Reserve System has not lived up to its original promise."

The Fed had no promise. It is the demonic spoor of the conspiracy of a globalist, elitist, mercantilist banksta cabal.  At its rotten and fetid core you will ultimately find the same malevolent network of one worlders.  This cabal is responsible for the infection of many of the nations of the world with UN fellow travelers.  These are attempting to co-opt and supplant political leadership of whatever political structure the nation utilizes, social democracies are a natural, so to integrate the nation as a state, province or whatever into an undiverse globalist political borg with a lite fascist bent and blue helmet enforcement (a new mission for NATO?).  Oddly enough, the only nations recognizing this power play for what it is are communist.  You can't have a fascist globalism intruding when you are already totalitarian marxists.  The USA is infected with its agents and useful idiots and vulnerable via UN sanctioned politically active NGOs, but has a lot more drag in conversion due to some latent libertarian inclinations incident to its founding and founders.  The bankstas are their bankrollers.  They seek global taxation powers and control over much of the world's natural resources.  They may soon get them.
The neocon Cato Institute is worse than useless and comes dragged kicking and screaming late to the table.  Its language implies the need for a "new and improved" Fed capable of "living up to its promise."  It's just another con job.  While you are out killing the Fed, save some energy for the UN.  Just calling a spade a spade.  Rant mode off.