The Federal Reserve is self-funding. In fact it turns on average $70 billion over to the Treasury every year.
However, Congress cannot pass a law that curtails the President's Article II power to execute the law, right?
True, but I'm not getting your point.
I think that Congress cannot create a position that reports under the Executive, and then declare that the Executive cannot exercise plenary Executive control over that position because that encroaches on Article II power, no matter how much they want to claim that it's a special exception.
Ah, now I see. The answer is that the Federal Reserve does not fall under the Executive Branch. The Fed is quasi-governmental. They are required to submit financial reports to Congress annually and are audited by the GAO as well as outside auditing firms but they don't answer to Congress or the President.
The Federal Reserve Act created a system of private and public entities. There were to be at least eight and no more than twelve private regional Federal Reserve banks. Twelve were established, and each had various branches, a board of directors, and district boundaries. The Federal Reserve Board, consisting of seven members, was created as the governing body of the Fed. Each member is appointed by the President of the U.S and confirmed by the U.S. Senate.
If the President appoints, he can unappoint, correct?
If Congress confirms, they can impeach, right?
-PJ