Organization
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Does the president's authority to fire a Fed governor "for cause" apply here, or does this set a precedent that threatens the Fed's independence?
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the American monetary system. Although an instrument of the U.S. government, the Federal Reserve System is considered an independent central bank due to its structural insultation from political interference. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of central bank's remit.
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“The Consumer Price Index is 15 times higher than it was when the Federal Reserve was founded in 1913. In the hundred years prior to the advent of the Federal Reserve, prices in America fell by one third.”
“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and the corporations which grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.”
“The Federal Reserve, as one writer put it, after the recent increase in the discount rate, is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up.”
“The Fed is a disaster. We should have a discussion in this country about whether we need a Fed.”
“The Federal Reserve and this administration failed the American people by not heeding these warnings a year ago, and not acting sooner to address it”
Quotes via Wikiquote (CC BY-SA), each with its original source.
