Something on the Federal Reserve:
It is a central bank, but it is decentralized with a system of regional Reserve Banks responsive to local needs.
It is a public institution with a public purpose, but it has some private features—directors, "stockholders," and selling services.
It is governmental, but it is independent within government. On the one hand, it was created by and reports to Congress; its highest officials, the members of the Board of Governors, are appointed by the President and confirmed by the Senate; and its earnings and assets ultimately are returned to the U.S. Treasury. On the other hand, the Fed operates on its own earnings rather than Congressional appropriation; the Board of Governors terms are long and staggered, limiting the President's influence; and unlike other nations central banks, it is separate from the Treasury.
I am trying to see what is unconstitutional in this arrangement. (Again, I am not evaluating its wisdom). Can you cite the particular feature which is unconstitutional? |
