Wrong. The Chairman of the Fed Res is appointed by the President and confirmed by the Congress, but then cannot be fired by the President. He has to be impeached. That gives him an amazing amount of flexibility and immunity from politics, as intended. The Federal Reserve is also organized as a confederation of private banks like the Bank of New York, from which are elected Federal Reserve Governors who become voting members. All of this information is freely available at their website, if you want to know
GET YOUR FACTS STRAIGHT, MM. And yes, I am yelling!
Currently, the chairman is Ben Bernanke, a South Carolina macroeconomist nominated by George W. Bush and sworn into office on February 1, 2006, for a term lasting until January 31, 2010. He was nominated for a second time by President Obama in 2009. In 2010 he was confirmed by the senate for a second term, ending January 31, 2014. Bernanke succeeded Alan Greenspan, who served for more than 18 years during the terms of four U.S. Presidents.
en.wikipedia.org |
