In the 1930's America's finest economists realized there was a major flaw in the new Federal Reserve Banking system - the necessary annual increase in the money supply was created by private banks.  Their proposal to fix this flaw was called the Chicago Plan. ​
An IMF economist was humbled by the insight of those economists: https://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf

A KPMG study reviewed many studies which supported the IMF​. The KPMG also reviewed the official interest by several countries including England. https://assets.kpmg.com/content/dam/kpmg/is/pdf/2016/09/KPMG-MoneyIssuance-2016.pdf

The overall conclusion is that the proposed changed to our banking system would promote a full employment, low debt, low inflation economy. It could ultimately lead to lower taxes as well.

Milton Friedman  repeated this proposal in 1948 - A Monetary and Fiscal Framework for Economic Stability. He said federal spending should be aided by money creation, not debt. (p4)