Congress can call the Chairman for testimony. They can also prevent the Chairman from getting like minded fellow governors. So can the president. If worse comes to worse they can change the law that applies to the Fed.
I’ll also repeat that the actions of the Treasury can have a big influence on what the Fed does, or can do.
Like I said, they aren’t all that independent. They are mainly there to handle operations, do what the politicians want them to do and to take any blame that politicians wish to give them.
The president appoints governors to the board when the Senate lets him. Right now the board is two governors short. And changing the way the Fed operates is not going to happen.
I’ll also repeat that the actions of the Treasury can have a big influence on what the Fed does, or can do.
How?
Like I said, they aren’t all that independent. They are mainly there to handle operations, do what the politicians want them to do and to take any blame that politicians wish to give them.
If the aren't all that independent then why do people keep complaining about them?