Doesn’t the fact that the President appoints the Board of Governors of the Federal Reserve System make it a quasi-governmental sort of entity?
Yes, but how “quasi” is quasi-enough? The Board of Governors of the System consists of 7 members, one appointed every two years (one term begins every two years, on February 1 of even-numbered years, a full year after inauguration day) by the President and confirmed by the Senate for 14 year terms. Wow -those are really long terms. Why? Let’s see: if a new President comes into office pledged to reform the Fed, end its independence from effective government oversight, throw the rascals out and replace them with his own appointees, he had better be very patient, as he can only replace one member every two years. So in his four year term (10 years less than Fed Governors – terms) he can replace only two of the 7 members. Of course, he had better be able to sustain the ire of the remaining Governors (almost all connected to financial institutions indirectly in various academic and think-tank institutions financed by banks and bank grants or loans, or which they hope to join in revolving do
Related Questions
- Doesn’t the fact that the President appoints the Board of Governors of the Federal Reserve System make it a quasi-governmental sort of entity?
- Doesnt the fact that the President appoints the Board of Governors of the Federal Reserve System make it a quasi-governmental sort of entity?
- When Ben S. Bernanke sworn as Chairman of the Board of Governors of the Federal Reserve System ?
