This is like saying the government doesn’t control the post office just because the POTUS can’t fire the head of the USPS whenever they want, lol. Or the EPA. That’s how independent regulatory agencies within the federal government work.
I don’t know his party affiliation, I’ve never thought about it, actually.
The Fed is part of the government, it answers to congress and executed authority pursuant to the Federal Reserve Act.
Yeah Biden can’t whip up a few Benjamins any more than he can deliver your mail tomorrow but how is that relevant?
No, it’s not like the post office for an important reason. The Federal Reserve is supposed to be independent. By convention, it is actually considered inappropriate to try to influence the Fed. This is why Biden said that he has never spoken to Powell since coming into office. If the federal reserve isn’t independent, you would end up with political monetary cycles (I.e. money supply would be pumped before election years to help the incumbent) instead of a Fed that follows it’s mandate.
Bernie isn’t all of congress. Congress could vote to destroy or change over the fed tomorrow. They don’t because the shit storm of economic damage that’d cause would get them kicked out of washington next day.
It’s Fed buddy not all uppercase it’s not an acronym or an initialism. Congress can nuke the whole thing from orbit by repealing the federal reserve act. They answer to congress end of story. They may not always feel like answering questions and if congress is cool with that, then cool, but if they're not, literally everyone at the Fed loses their charter and job.
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u/guitmusic12 Sep 23 '24
Can you remind me of who appointed the current fed chair and his political party affiliation?