Fed Governor Waller: The Fed's independent structure has proven its value

Federal Reserve Board Governor Waller stated that the structure of the Federal Reserve Board has "stood the test of time" and should be preserved. Members of this structure cannot be fired due to policy disputes and their terms are staggered with the presidential term. Waller cited his own and others' earlier research to say that the Fed's system allows each U.S. president to appoint some members of a seven-person board with four-year terms, thus achieving electoral accountability, while terms of up to 14 years allow the Fed to make objective, non-partisan decisions. Waller said: "This structure is the structure currently used by the Federal Reserve." "I believe it has stood the test of time and I hope it continues to exist in the coming years."