How truly independent is the Federal Reserve system?
There always has been anger against the Federal Reserve. The idea of a quasi-government agency, the head of which is appointed by the president, independent of real congressional influence, has been often suspect.
The role of the twelve regional Fed banks has also been questioned. They are overseen by private-sector boards of directors, composed mainly of commercial bankers. That never pleases the political Left.
Financial regulation law has tilted the influence of the Fed in many ways, giving the executive branch of government much more power over the Fed that it had.
There’s now a bias toward easy money policies that foster inflation that the Fed is supposed to help counter. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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