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Danger Lampost

Futurist & Technology Consultant,

TEDCRED 10+

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Should the Federal Reserve System be under the control of our elected officials?

According to the United States Federal Reserve System's Board of Governors, the Federal Reserve System "is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms." [Source: http://www.federalreserve.gov/faqs/about_14986.htm]

Poll after poll says significant majorities of Americans want to either abolish or open up the U.S. Federal Reserve to public review. [One example: http://www.bloomberg.com/news/2010-12-09/more-than-half-of-americans-want-fed-reined-in-or-abolished.html.] Since their policy has such a significant impact on all of us (even world wide) , and since the power to control our currency explicitly rests with the Federal Government, you would think Congress could change this if it were not tied up in knots such as it is.

Would anyone - could anyone - argue against putting the Fed under control of our elected officials?

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    Apr 10 2013: Our current government cannot deal with the federal reserve until we have dealt with our government. The way things stand now, it would be inviting the fox into the henhouse. Once we get the government under our control, then and only then can we address issues with the federal reserve. As Lawrence Lessig pointed out so eloquently, the moneyed interests are in control and anything they did with the FR, at this point, would not be to the benefit of the American people, just the corporations.
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      Apr 10 2013: I agree 100%. Something I wish I was more clear about in my question, is: Assuming we get the government under control, then - would it make sense to put the Federal Reserve under control of our elected officials? What do you think?

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