As chapter 14 points out, the Federal Reserve System has a large measure of political independence. The Board of Governors, appointed by the US president and confirmed by the US Senate, serve 14 year terms. In addition, the Federal Open Market Committee includes representatives of private banks in the Federal Reserve system.
Proposed: The public should directly elect some of the representatives who make monetary policy (as the public elects representatives who make fiscal policy)
Identify two strong arguments in favor this proposal.
Identify two strong arguments against this proposal.
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