A class-action lawsuit appears possible. Fraud is alleged and I think can be clearly proven. Based on my analysis, I think a conservative ruling would be to force the Fed to only lend what they have with a monetary judgement of $100-500 billion. As the numbers are large, I suggest a 1% contingency to the lawyer so $1-5 billion. Each American would receive around $1,000. Forcing the Fed to only lend what they have would place enormous pressure on Congress to balance their budget.
When the Federal Reserve Act was written, there was collateral. That collateral was confiscated in 1933 domestically, and 1971 internationally.
Under basic contract law, a contract can be declared null and void if there is insufficient consideration conveyed. So, if the Fed is purchasing $100,000 T-bonds for essentially creating digits in an account or writing a check, the Fed is not conveying consideration. While the Treasury receives something of value, the Fed does not take risk or convey anything that would be considered valuable from their perspective. Therefore, the T-bond contract can be declared null and void under contract law. (Legislation cannot supersede basic contract law.)
Open market operations have two separate parts. 1. Is the initial bond purchase from the treasury. That is a purchase with no risk with a marginal cost of zero. 2. Is sitting on the bid and ask to adjust interest rates via buying and selling existing bonds in their portfolio.
I am referring to part one above. That is the origin of the creation or manufacture of money. Government spends it through various contracts. It does not get into the hands of the population until many have marked up the cost. It is an ineffective distribution mechanism. I also submit that it is illegal lending to the government and the fed assumes no risk.
Treasury bonds were designed in the mid-1860s during the Civil War. Bankers on both sides of the pond exchanged a series of letters. They were trying to figure out how to keep the population (white and black) as slaves without them knowing they were slaves. Thus, they invented T-bonds. It took them 50 years to get it through Congress with the Federal Reserve and income tax system installed in 1913. Why 50 years? Because many people at that time understood money and gold, so it was difficult to push through. See the 1890s and The Yellow Brick Road and the Cross of Gold. Subsequent generations carried through on the bankers' slavery system. (FYI, I have been unable to locate copies of those letters on the internet recently. I read them about 8-10 years ago.)