alt Hacker NewsIt makes sense that we don’t elect a fed chairmen, but if the fed chairmen doesn’t report to any elected official then where do they get their authority?
Supreme Court Judges are appointed by elected officials, but then don’t report to anyone. Maybe a fed chairmen is like that? But there is no constitutional office like that. Surely congress can’t make up offices which are then untouchable?
I don’t want trump playing transactional games with the FDA either, but I don’t see how that can be balanced with the powers. He is the chief executive.
I mentioned in another comment that one angle that would make more sense than arguing that agencies are “independent” is to argue that trump is not enforcing the law already written by congress, so taking away the power of the legislature. That seems like a more fruitful take.
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> It makes sense that we don’t elect a fed chairmen, but if the fed chairmen doesn’t report to any elected official then where do they get their authority?
Congress put in a process for a fed chairman to be appointed in a way that jointly incorporates president, house and senate. Similarly firing them also needs joint cooperation, then the people have some say by electing/unelecting a congress or president that fucks it up. Same for FDA, USPS, etc etc. I definitely want a formalized process to hire and fire these guys and not just up to whims of individual executives.
The chairman of the Federal Reserve is accountable to Congress. The chairman must regularly report to and testify before Congress.
This is established in the Federal Reserve Act of 1913.