Does United States Need A Central Banking System?

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Does United States need a central banking system?
The answer is in negation. Especially for the economy like that of United States, presence of a central banking system in place makes very less sense. There have been researches done on the subject ever since US became the superpower during early 20th century (investopedia). Most of these favor the existence of the central banking policy based on worldwide perspective and the motive with which Federal banking laws are implied. However, on the practical front, there is not much that can be proved on having the central banking system in a highly diverse economy like US.
As the subject is being delved into, the best way to discuss over it is by commencing with the definition of central banks,
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These banks should ideally be divested of any sort of commercial interest, and must act in the best interest of its nation’s economic stability. A lot of meaning is carried out in being identified as ‘independent’ authority, where the bank possess powers to take its own decisions, approve its own legislature, follow its own policies and offer stability to the nation’s economy.
Rise of Central Banking System in United States
The first Central bank in United States was incepted in 1913, as the Federal Reserve Bank, with an outlook to improvise on nation’s economy (Davies and David). The initiation was inspired by the growing central banking system across Europe and Britain, which was immensely successful and had proved to be the last resort during lean periods. Federal Bank was then seen as the powerful independent body which seemed to promise financial stability and funding adequacy in times suffering economic fluctuations worldwide.
The initiative was welcomed with great applause as the developed nations recognized it as a great step towards assuring economic stability. US had been a progressive and highly powerful nation even then, with an influence on other developed and developing economies invariably. Inception of Federal Bank appeared to be another lead in price stability, especially
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