Unelected Bureaucrats
The Federal Reserve makes decisions affecting every American, yet its board members are not elected and operate with limited oversight.
The Federal Reserve System, created in 1913, is run by appointees who serve 14-year terms. Board members are nominated by the President and confirmed by the Senate, but once appointed, they operate with significant independence from democratic accountability. The Federal Open Market Committee (FOMC) meets in secret to make decisions that affect inflation, employment, and the entire economy—yet citizens have no direct vote on these policies or the people who make them.
Key Points
- Fed governors serve 14-year terms without re-election
- FOMC decisions are made behind closed doors
- No requirement to answer directly to voters
- Significant independence from executive and legislative branches
- Critics argue this violates democratic principles of accountability
Further Reading & Sources
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In 1910, a group of bankers met in secret on Jekyll Island, Georgia. Their plan would fundamentally transform the American financial system.
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