alt Hacker NewsWhy is the independence of the Federal Reserve sacrosanct? For one, they should have oversight and they should have accountability.
Not ever passing an audit of any kind. And the FED chairman spending $2.5B on renovations to an office complex. While misleading congress about the kinds of renovations.
There should be less 'independence', if it means zero accountability.
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> they should have oversight
Congress provides oversight and accountability of the Fed. The GAO does audits as well. Frank-Dodd provides more windows into the Fed. Why did you think the Fed doesn't have oversight?
> Not ever passing an audit of any kind
It might have been hard for you to find because it is hidden under the "audit" page on their website: https://www.federalreserve.gov/regreform/audit.htm
> Why is the independence of the Federal Reserve sacrosanct?
It's never been completely independent. It's independent from short-term (4 years) political influence. It's audited and has congressional oversight and the President nominates people to the board.
What else do you want? Interest rates set by Presidential tweets?
It's not sacrosanct, it's just a 14 year term for the Fed chair so that they don't give in to political pressure to be re-appointed.
> Why is the independence of the Federal Reserve sacrosanct?
Then the value of the USD is entirely at the whim of whoever is elected and should be priced accordingly.
Do you realize that you’ve digested a whole bunch of misinformation uncritically?
I can't believe you are making an office complex renovation argument.
FED has been instrumental is keeping the monetary policy sane in the recent years, unlike some pushes from the orange person you are taking talking points from.