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Talk:Federal Reserve System (view source)
Revision as of 18:42, February 10, 2011
, 18:42, February 10, 2011→Is it part of the government, or what?
::*The Federal Reserve System is controlled ... by the Board of Governors (the Board) and the Federal Open Market Committee (FOMC). The Board is a seven-member panel appointed by the President and approved by the Senate. [http://www.publiceye.org/conspire/flaherty/flaherty5.html]
::*The Federal Reserve System is controlled ... by the Board of Governors (the Board) and the Federal Open Market Committee (FOMC). The Board is a seven-member panel appointed by the President and approved by the Senate. [http://www.publiceye.org/conspire/flaherty/flaherty5.html]
::The quote cited above would seem to indicate that the president and the Senate jointly control the Fed, via their power to appoint its Board of Governors. Right or wrong? --[[User:Ed Poor|Ed Poor]] <sup>[[User talk:Ed Poor|Talk]]</sup> 15:19, 1 February 2011 (EST)
::The quote cited above would seem to indicate that the president and the Senate jointly control the Fed, via their power to appoint its Board of Governors. Right or wrong? --[[User:Ed Poor|Ed Poor]] <sup>[[User talk:Ed Poor|Talk]]</sup> 15:19, 1 February 2011 (EST)
:::According to the Fed's website it is "an independent entity within the government, having both public purposes and private aspects" [http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#5], and it would be extremely misleading, if not factually incorrect, to say the President and the Senate jointly control the Fed. Supreme Court Justices are appointed by the President and confirmed by the Senate, but you wouldn't reasonably argue that the Supreme Court is jointly controlled by the President and the Senate. The terms of 4 years for the Fed Chairman and 14 years for a member of the Board of Governors are supposed to insulate them from politics while still giving them accountability. By the way, that was an interesting choice of website for your reference above. --[[User:Toadaron|Toadaron]] 13:42, 10 February 2011 (EST)