The original Federal Reserve Act of 1913 allowed the secretary of the U.S. Treasury to be...
The original Federal Reserve Act of 1913 allowed the secretary of the U.S. Treasury to be a member of the Federal Reserve Board, but a later amendment prohibited this. How would allowing the secretary of the U.S. Treasury to be a member affect the conduct of monetary policy?
Homework Answers
Independence from pressures of politics is required by a national bank to conduct a proper monetary policy. Debt management and monetary policies need to be separate for the proper functioning of monetary policies. Allowing the Sceretary of the US Treasury to be member would influence the monetary policy by political pressure. Debt financing would affect money supply.
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The original Federal Reserve Act of 1913 allowed the secretary
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