After reading https://www.federalreserve.gov/faqs/about_14986.htm, it seems you are right from an official standpoint. Since the board is
“appointed by the President and confirmed by the Senate” and how together the fed and “Congress sets the goals for monetary policy”.
Although a lot of the other justifications for it being a government agency seems to follow some flimsy logic.
I guess it’s not entirely a private entity since it has those 2 government approval requirements. But at the same time they seem to operate as one and are given a lot of freedom.
It’s not like congress or the president approved of the recent interest rate increases. Which directly increased the cost of paying off the national debt. There is clearly some balancing happening.
After reading https://www.federalreserve.gov/faqs/about_14986.htm, it seems you are right from an official standpoint. Since the board is “appointed by the President and confirmed by the Senate” and how together the fed and “Congress sets the goals for monetary policy”.
Although a lot of the other justifications for it being a government agency seems to follow some flimsy logic.
I guess it’s not entirely a private entity since it has those 2 government approval requirements. But at the same time they seem to operate as one and are given a lot of freedom.
It’s not like congress or the president approved of the recent interest rate increases. Which directly increased the cost of paying off the national debt. There is clearly some balancing happening.