After the economic crisis of 1929, the Congress of the United States of America passed the Banking Act of 1935. This 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 monetary supply of money? In interest rates? In inflation? In the growth of the economy? In the well-being of individuals? What is the experience during the recent financial crisis of 2008? Note: Support your answers with concepts from the week's reading material and illustrate your arguments with examples.

Use a minimum of 750 words

Do not copy directly from the Internet, any citation must be cited in APA format within the text of the discussion. You need references.