wallstreetexaminer.com / by Anthony B. Sanders •
Jeffrey Lacker of the Richmond Fed and Esther George of the Kansas City Fed appeared before a subcommittee of The House Financial Services Committee today to discuss Federal Reserve “independence.”
I say “independence” because The Fed governors and the Chair of the Fed are appointed by The President of the United States subject to confirmation by the US Senate. So, the Fed is really a public-private partnership.
Two regional Federal Reserve presidents defended the public-private structure of the U.S. central bank in prepared testimony they’re scheduled to deliver before lawmakers on Wednesday, saying it helps guard monetary policy from political interference.
“The Fed’s public-private structure supports monetary policy independence by ensuring a measure of apolitical leadership,” Jeffrey Lacker, president of the Richmond Fed, said in the text obtained by Bloomberg. Lacker and Esther George, head of the Kansas City Fed, are set to appear before a subcommittee of the House Financial Services Committee in Washington.
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