The Fed and Its Impact on Our Economy

The idea was that the fed would be the so called lender of last resort. It would print money and loan it to banks that were otherwise healthy to stop financial i so that's why we created the fed. And overtime power became more and more centralized in the feds leadership team in washington, d c. So do i have that history a correct or? Am i missing anything there? You have that history 100 % correct.