Question

Should the Federal Reserve System remain independent? why or why not

Answer 1

Why should the FED be independent

Because it subject to less political pressure on people and allows to focus on long run objective

I most of time avoid political business cycles (the feedback loop between how politics affect business and how business affects politics), the fed can do what it thinks is best for the economy regardless the political climate

Why should the FED NOT be independent?

Its monetary policy is too important to be left to a group of unelected, unaccountable technocrats (they can refuse to be audited)

It's elected officials make decisions about long run issues all the time which is kind of sometimes unfair

It cannot coordinate monetary policy and fiscal policy

the FED has made mistakes before

It avoid temptation to monetize debt: monetize debt means to print money

It cross country studies show that the relation between FED independence leads to lower inflation which fulfills the dual mandate of the FED in the US