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Talk:Federal Reserve System (view source)
Revision as of 20:19, February 1, 2011
, 20:19, February 1, 2011to Nate
So who's right? Friedman, or the statement I cut? Is the Fed part of the government, or is it independent, or what? Does the government control it? If so, what branch(es)? The president, the Congress, or the Supreme Court? --[[User:Ed Poor|Ed Poor]] <sup>[[User talk:Ed Poor|Talk]]</sup> 17:53, 31 January 2011 (EST)
So who's right? Friedman, or the statement I cut? Is the Fed part of the government, or is it independent, or what? Does the government control it? If so, what branch(es)? The president, the Congress, or the Supreme Court? --[[User:Ed Poor|Ed Poor]] <sup>[[User talk:Ed Poor|Talk]]</sup> 17:53, 31 January 2011 (EST)
:The Federal Reserve System is definitely part of the government. It was created by the Federal Reserve Act. In practice it's essentially a separate branch of government since the president has no say in monetary policy and only Congress can theoretically change the Fed's practices, and even then only by changing federal law. So it controls itself is what it does. [[User:NKeaton|Nate]] 18:36, 31 January 2011 (EST)
:The Federal Reserve System is definitely part of the government. It was created by the Federal Reserve Act. In practice it's essentially a separate branch of government since the president has no say in monetary policy and only Congress can theoretically change the Fed's practices, and even then only by changing federal law. So it controls itself is what it does. [[User:NKeaton|Nate]] 18:36, 31 January 2011 (EST)
::Perhaps the US president does not set monetary policy directly, but are you saying he has no influence over the board at all?
::*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)