Your description of the system is accurate to a point but you have to ignore some of the research to believe it. Also, there is, as intended, some confusion around the Fed. It has a public function as you note but it is owned by big private banks who ARE the main donors working through the corporations they own. Look at the network of ownership and you find that even JP Morgan Chase, the largest owner of the NYFed is owned by BlackRock/Vanguard. You can imagine that they have no interest in public policy or control of governments but you would be deluding yourself. The Princeton Study on money and political influence proved that. So indeed, Congress is supposed to have the final say but they are there to serve their donors, the corporate industrial complex.

What I/we propose is not some new idea, if you think that you are bereft of history. Typical of middle-aged men you see themselves as financially savvy. 10 centuries before CE the Greeks recognized that the most vital prerogative of democratic self-governance is to issue the money directly to the people. The American Revolution was fought over the idea, won militarily but lost monetarily in the post war power struggle. It saved the nation from dissolution during the Civil War, it was at the top of every progressive populist party platform of the late 19th century and it was proposed in 1933, 1939, 2010, 2011. Perhaps you missed it somehow.

If we want to eliminate corporate personhood and money as speech we must put the public back into public policy. We must have a Congress willing to exercise its power in the interest of the general welfare instead of personal gain, a Congress willing to take back its responsibility to issue the money, not as interest bearing debt, an evil ideal called usury, but create all the money as a permanently circulating asset issued for the general welfare as its first use.

The current system is institutionalized usury; the abuse of monetary authority for personal gain, or as Dante described it, an extraordinarily efficient form of violence by which one does the most damage with the least effort. That is why he sent usurers to the lowest circle of hell.