It’s definitely part of the federal government. It has more independence than a department of the executive branch, but it’s not quite it’s own branch of government either (it has no checks against the actual branches) The idea is that it needs to be run by economists and be somewhat insulated from politics.
Overall, they do a pretty good job, and are one of the more competent parts of the government
After reading https://www.federalreserve.gov/faqs/about_14986.htm, it seems you are right from an official standpoint. Since the board is
“appointed by the President and confirmed by the Senate” and how together the fed and “Congress sets the goals for monetary policy”.
Although a lot of the other justifications for it being a government agency seems to follow some flimsy logic.
I guess it’s not entirely a private entity since it has those 2 government approval requirements. But at the same time they seem to operate as one and are given a lot of freedom.
It’s not like congress or the president approved of the recent interest rate increases. Which directly increased the cost of paying off the national debt. There is clearly some balancing happening.
It’s definitely part of the federal government. It has more independence than a department of the executive branch, but it’s not quite it’s own branch of government either (it has no checks against the actual branches) The idea is that it needs to be run by economists and be somewhat insulated from politics.
Overall, they do a pretty good job, and are one of the more competent parts of the government
After reading https://www.federalreserve.gov/faqs/about_14986.htm, it seems you are right from an official standpoint. Since the board is “appointed by the President and confirmed by the Senate” and how together the fed and “Congress sets the goals for monetary policy”.
Although a lot of the other justifications for it being a government agency seems to follow some flimsy logic.
I guess it’s not entirely a private entity since it has those 2 government approval requirements. But at the same time they seem to operate as one and are given a lot of freedom.
It’s not like congress or the president approved of the recent interest rate increases. Which directly increased the cost of paying off the national debt. There is clearly some balancing happening.