Chinu,
it's is not appropriate to compare the Judicial Branch with the Federal Reserve. The Judicial Branch is a Constitutional branch of government. The Federal Reserve is a construct of Congress and should be held accountable by Congress. According to our Constitution, only Congress has the power to coin money and to set the weights and measures. Congress delegated that to the Fed. as part of the Federal Reserve Act, which created that entity decades ago.
So to say that the Federal Reserve should not have political interference is the silliest thing I've ever heard, and it's not just you saying it. I hear it in the media all the time. However, it is Congress' responsibility, as per the Constitution, to manage that entity and make sure that it doesn't stray too far from what Congress intends. Ultimately, the Fed should be completely accountable to Congress. But nowadays, the Fed has gone rogue to the extent that they refuse to turn over information to Congress, which has prompted lawsuits to get the information on what banks the Fed has bailed out with tax payer dollars. It has also prompted concerned Congressman, like Ron Paul, to sponsor bills such as his "Audit the Fed"/Fed Transparency Act.
At the end of the day, there should be zero institutions in Government that are not accountable to the people in some way. |
