The Federal Reserve, or the Fed, is the Central Bank of the US. As like another Central Bank its own conception has been under discussion. Nevertheless, the Fed has is founded by known procedures or proper legal basis on the sovereignty of a National State; the ECB is not. That circumstance makes them unmatched. Certainly the Fed expel the Executive from its governance in 1936, obtaining at the same time a status «whiting the government» and a federal and representative structure that set up its legal-constitutional basis. During the recent economic and financial crisis the Fed, expanding his competences and legal status to its last possibility, has proven to be an essential body for the governance of the National States and the global economic policy of the 21th Century.