They shouldn’t be.
But at the same time, keep in mind that Ben Bernanke will take the heat if this ever happens, and Obama gets to nominate someone new. Fed Chairman Larry Summers, anyone?
I’d be willing to wait a year or two to see the Fed’s books if it meant keeping Larry Summers out.
And that’s another problem. If the fed isn’t part of the government, a president shouldn’t be the one to nominate a chairman.