Assignment:
Website: www.federalreserve.gov/BIOS
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?
As we read this unit, the Fed is an independent agency of government. What do you think about the Fed being independent of government? Is this too much power for a group of people to have? Why? Why not?
Please read the following articles as you make your case for/against the Fed independence. Feel free to find credible articles that support your views on this issue.
Federal Reserve Bank of San Francisco: How is the Federal Reserve Structured?
Board of Governors of the Federal Reserve System: Federal Reserve Independence by Vice Chairman Donald Kohn.
CBS Money Watch.com: Why the Federal Reserve needs to be independent.