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?
If the aren’t all that independent then why do people keep complaining about them?
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Probably for the same reason they keep complaining about crooked politicians. Their policies are to benefit politicians and their donors, not the American people. The biggest lie they tell is that inflation is caused by wage increases. Inflation is actually caused by currency devaluation, and in America that comes from bad (crooked) policy.