The Fed should be regulated by the congress and/or president. Why? Give 5 reasons. What are the 3 regulations.
The federal reserve system also known as the fed is the central banking system of the United States of America. It was created on 23 Dece1913 with the enactment of the fedeFed reserve Act, after a series of financial panics. (Particularly the panic of 1907) led to the desire for central control of the monetory system in order to alleviate the financial crisis and panic. The Federal reserve system is composed of several layers. It is governed by the presidentially appointed board of governers.
Whether the Fed should be regulated by president and/ or congress remains debatable. Many are surprised that fed acts independent of the government ( partially or in part).
The five readons that the fed should be regulated by the president and/ or Congress are:
1) Critics of the independent fed argue that it is unconstitutional for the Congress to assign a constitutional power to an independent government agency.
2) Another argument is that the delegation of coining money , by the congress to the fed , through the 1913 federal reserve Act , is also fundamentally against the constitConst.
3) One of the prominent view is that it is undemocratic to have an unelected agency , unaccountable to the public, dictating monetory policy.
4) There have been recent calls in Washington to audit the Federal bank.
5) There is fear over the massive expansion of the Federal reserve's balance sheets and questionable bailouts to many firms.
The three regulations / objectives are 1) maximizing employment. 2) stabilizing prices. 3) moderating long term interest rates. Over the time there has been tremendous growth in every aspect of the Federal reserve. Regulations, objectives, duties , functions and supervision. The fed now also conducts research and provides numerous publications.
Bringing it under the regulation of the president and/ or the Congress will on the one hand affect it's decionde making ability that is free from the whims of the politicians. On the other hand it will make the Federal reserve more accountable.
The Fed should be regulated by the congress and/or president. Why? Give 5 reasons. What are...
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