The Federal Reserve is not exactly a beloved American institution. Polls suggest that as much as half of the population doesn't understand what the central bank does, or what it is. And even among those who do have some Fed familiarity, many see it as an arcane, elite institution, far removed from most Americans, yet wielding immense power over the economy. Perhaps it's time to make some radical changes to the Fed — and turn it into a true people's bank.