Let the Federal Reserve Board Choose Their Own Chair

In Analysis by Michael Rae

The Federal Reserve System (Fed), established in 1913, was designed to operate independently of the federal government. The Fed is overseen by a seven-member Board of Governors who are appointed by the President of the United States and confirmed by the Senate for 14-year terms. The terms are staggered so that one Governor’s term expires every two years. Once their terms expire, Board members cannot be reappointed (although if they were appointed to a partial term because their predecessor left early, they could be).
The system was designed this way so that presidents would be limited in their power to fill

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