18 Feb 2014 4:59 pm
Also, the Federal Reserve -- for all intensive purposes -- is a government agency. It's only independent in terms of monetary policy. It works with the government and it subjective to government oversight. The Fed is merely an arm of the US Congress. It's only referred to as 'independent' because it's monetary decisions do not require authorisation from the President.
The Federal Reserve is Independent within the Government, not Independent of the Government.
The Federal Reserve is Independent within the Government, not Independent of the Government.