It's you who needs to review your history...The "regional" Fed banks were and are mere window dressing.[
No, it gives ONE central bank control over the money supply.
It's totally communistic.
I think you need to review your history. Initially the power of the Federal Reserve system was predominantly in the regional banks who had locally elected boards. The Board of Governors had very little power. This resulted in the bad performance of the Fed 1928--1934.