Question

What do you think about the Fed being independent of government?

Is this too much power for a group of people to have?

Why? or why not?

Answer 1

Yes, the Fed is independent of the government so as to make sure there is no political bias affecting the decisions of the Fed.

Since the Fed works by affecting and monitoring the entire money supply in the economy, it makes up one of the most important institutions of the economy and thus the people in it hold the biggest responsibility.

It is too much of power for a group of people to have but then it is also monitored by the government to check that nothing suspicious is going on.

The only purpose of keeping the Fed independent of government is to not let political atmosphere affect these monetary issues that the government is going through.