After the economic crisis of 1929, the Congress of the United States of America passed the Banking Act of 1935. That legislation clearly establishes who is the authority within the Federal Reserve and gives the Fed much more independence from the pressures of the President and Treasury. Discuss why it is important for central banks to be independent. What could be the impact on the money supply of money? In interest rates? In inflation? In the growth of the economy? In the welfare of individuals? What is the experience during the recent financial crisis?