How truly independent is the Federal Reserve system?
There always has been anger from many sides 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 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 Left.
The proposed financial regulation law has, in effect. tilted the influence on the Fed in many ways, giving the executive branch of government much more power that it ever had.
Recent actions show a bias toward administration easy money policies that foster inflation that the fed is supposed to help counter. ( See the Earl J Weinreb NewsHole® comments.)
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