Problem:
The Federal Reserve (The Fed) is probably the most independent government agency in the United States. Independence means that the Fed is free from presidential and congressional political pressures. Every few years, the question arises in Congress as to whether the independence of the Fed should be curtailed. Politicians who strongly oppose a Fed policy often want to bring it under their supervision in order to impose a policy more to their liking.
Should the Fed be independent, or would we be better off with a central bank under the control of the president or Congress?