Grimm, slaps at 20 paces? ;-)
Umm, question: Who appoints the fed chairman?
Quote:
The Federal Reserve System, popularly known as "the Fed," is an unusual federal agency created in 1913 to give the government some control over banking, which at that time was mostly unregulated.
There's a central Board of Governors in Washington, D.C. and 12 regional Federal Reserve Banks. There's also the Federal Open Market Committee, which gets all the attention as it changes a few key interest rates.
The Board of Governors is made up of seven members, each appointed by the president, confirmed by the Senate and serving a 14-year term. The board is led by a chairman and a vice chairman, each appointed by the president for four-year terms. Alan Greenspan's current term as chairman expires in 2004. He has been chairman of the Fed since 1987.
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Basically, you serve at the pleasure of the President. If the President doesn't like the job you are doing, well, out you go.
I am 100% certain that the fed is not immune to pressure from the executive branch.
Alex