What is one power specifically held by the federal government?

The ability to print money is a power specifically reserved for the federal government, which falls under the authority of the U.S. Department of the Treasury and the Federal Reserve. This power is crucial for maintaining a stable economy and controlling inflation, as it allows the federal government to manage the nation’s currency supply.

Conducting elections is a responsibility primarily managed by state governments, while establishing local governments is also a state-level function. Forex regulation, related to foreign exchange, involves financial markets and could be overseen by entities like the Federal Reserve and the Treasury but does not encompass the core powers vested in the federal government as distinctly as printing money does. Therefore, printing money is a fundamental power that demonstrates the federal government's role in monetary policy and economic management.