The Federal Reserve has a long history in the United States dating back to 1913 when it was first established. It is a very powerful establishment within the United States government as it controls the printing of the currency in the United States. Much of its operations are done with limited oversight, and is operated without much say to American voters. It is allowed to print money as it pleases which it turn creates money out of thin air which can, “reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services.” (Ben Bernanke 2002).
There is not much the American people can do to reprimand the situation except to vote in another President who might appoint someone new. This is far too little for the American people so I propose that,
- The Chair and Vice-Chair of the Federal Reserve System be elected officials by the American people. Elections should be held every four years, two years after each Presidential election.
- All proposed printing of currency have congressional approval (to limit inflation to a reasonable scale).
This proposal would give a voice back to the American public, and force the Federal Reserve to act in the best interests of the United States.
I ask that you join in this proposal and make the Federal Reserve accountable for any and all actions they make.