Interesting.
Can the President just obligate the Supreme Court to clarify things like this?
Can the President just obligate the Supreme Court to clarify things like this?
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What stupid trick is this?
The Federal Reserve is not a federal agency and its chairman not subject to the executive authority of anyone within the federal government, not even the POTUS.
No part of the federal government has any authority to overrule any decisions made by the board of the Federal Reserve, including personnel decisions. And neither does the Federal Reserve answer to or owe accountability to any federal official, not even congress.
POTUS can suggest or confirm any new Fed chairman, but that's more a purely ceremonial thing to give the whole charade a whiff of democratic legitimacy.
It literally is a wholly independent, private agency outside the authority. scrutiny and control of the US government. The result of the greatest trick ever played on the American people.
And if Trump isn't completely incompetent, he knows all that very well.
So who is this meant to impress? Ron Paul Lolbertarians?
The Federal Reserve is not a federal agency and its chairman not subject to the executive authority of anyone within the federal government, not even the POTUS.
No part of the federal government has any authority to overrule any decisions made by the board of the Federal Reserve, including personnel decisions. And neither does the Federal Reserve answer to or owe accountability to any federal official, not even congress.
POTUS can suggest or confirm any new Fed chairman, but that's more a purely ceremonial thing to give the whole charade a whiff of democratic legitimacy.
It literally is a wholly independent, private agency outside the authority. scrutiny and control of the US government. The result of the greatest trick ever played on the American people.
And if Trump isn't completely incompetent, he knows all that very well.
So who is this meant to impress? Ron Paul Lolbertarians?
@White_Powerade @Shlomo This is true and not true at the same time.
By this I mean that the Fed was in fact created by the Federal Reserve Act, and despite the fact it is not a federal agency, it enjoys the protection of law.
So even though it is not a federal government agency, it is a construct of legislation -- which means that appropriate legislation could, in fact, un-make it.
Now, the likelihood of this is very very low. But the fact is that it COULD happen.
By this I mean that the Fed was in fact created by the Federal Reserve Act, and despite the fact it is not a federal agency, it enjoys the protection of law.
So even though it is not a federal government agency, it is a construct of legislation -- which means that appropriate legislation could, in fact, un-make it.
Now, the likelihood of this is very very low. But the fact is that it COULD happen.
Yes, an act of congress could abolish it just as it was made.
But that's the only thing that can affect it, there are no provisions of oversight or accountability by any part of the federal goverment over the FedRes in that act, including POTUS.
And we all know why that hasn't even been attempted to change in over 110 years now.
But that's the only thing that can affect it, there are no provisions of oversight or accountability by any part of the federal goverment over the FedRes in that act, including POTUS.
And we all know why that hasn't even been attempted to change in over 110 years now.