An Independent Central Bank

• As we read in this unit, the Federal Reserve is an independent agency of government. It is also called an autonomous central banking authority. Why is it important for the central bank to have both autonomy and accountability?(Note: autonomy is defined as "freedom from external control or influence; independence.)

The Federal Reserve Board

• Review the biographies of each of the seven members of the Board of Governors. What can you say about the composition of the Board with regard to age, gender, education, previous employment, and ethnic background?
• Which Board members are near the ends of their terms? Why might this have significance?

Resources

• IMF: Central Bank Autonomy, Accountability, and Governance: Conceptual Framework(https://www.imf.org/external/np/leg/sem/2004/cdmfl/eng/lybek.pdf)
• Federal Reserve Bank of San Francisco: How is the Federal Reserve Structured?(https://www.frbsf.org/education/teacher-resources/us-monetary-policy-introduction/federal-reserve-structured/)
• Board of Governors of the Federal Reserve System:Federal Reserve Independence(https://www.federalreserve.gov/newsevents/testimony/kohn20090709a.htm)
• CBS Money Watch.com:Why the Federal Reserve needs to be independent(http://moneywatch.bnet.com/economic-news/blog/maximum-utility/the-importance-of-fed-independence/151/)
• Federal Reserve Bank of Dallas:Defending Central Bank Independence(https://www.dallasfed.org/news/speeches/fisher/2008/fs080207.cfm.)
• The New York Times:Under Attack, Fed Chief Studies Politics(https://www.nytimes.com/2009/11/11/business/11fed.html)
• The Washington Post: Dodd's overhaul goes well beyond other plans(http://www.washingtonpost.com/wp-dyn/content/article/2009/11/09/AR2009110901935.html)