Federal Reserve Governor Waller: The Independent Structure of the Federal Reserve Has Proven Its Value

According to a report by Jinse Finance, Federal Reserve Governor Waller stated that the structure of the Federal Reserve Board has "stood the test of time" and should be preserved. Members of this structure cannot be dismissed due to policy disputes and are staggered with the presidential term. Waller cited earlier research by himself and others, saying that the Fed's system allows each U.S. president, with a four-year term, to appoint some members of the seven-member board, thereby achieving electoral accountability, while the term of up to 14 years enables the Fed to make objective, non-partisan decisions. Waller stated, "This is the structure that the Fed currently employs. I believe it has stood the test of time, and I hope it continues to exist in the coming years."