2 ms·

The Federal Reserve is a bit odd since it's a mix of private corporations & public governance. The Federal Reserve Board of Governors (BOG) is part of the gover

The Federal Reserve is a bit odd since it's a mix of private corporations & public governance. The Federal Reserve Board of Governors (BOG) is part of the government, the Federal Reserve Banks are private corporations whose officer's salaries are approved by the BOG but whose officers are elected by the Member Banks (banks in the US are required to be members). The Federal Open Market Committee (FOMC) is a mix of the BOG & some of the presidents of the various Federal Reserve Banks. So the BOG isn't independent of the executive branch (it legally can't be), but the FOMC is partly independent since it's a mix of executive branch employees & private bank employees.

rayiner 2y ago
That's generally correct, but the issue is more about what kinds of powers are being exercised. Congress can create government-owned corporations, like Amtrak. Those corporations can function independently, insofar as they are not exercising executive powers. The core function of the Fed isn't an executive power. It's not enforcing the law, or interacting with foreign countries. It's a bank that lends to other banks, and influences the market through that economic function. That's not an executive power and doesn't need to be subject to executive control. The Fed also performs some executive functions (promulgating and enforcing various regulations). I'd argue those must be under executive control. But that doesn't address the Fed's core interest-rate-setting function.
- westurner 2y ago
  The recent tariff spat by the tantrum thrower is supposably justified because of the drug overdose rate. All lives matter. List of causes of death by rate: https://en.wikipedia.org/wiki/List_of_causes_of_death_by_rate https://en.wikipedia.org/wiki/List_of_causes_of_death_by_rat... : > Substance abuse: 0.58 % What about the the other 99.4 % of the causes of death, in terms of federal priorities? What about NIH and NSF funding for medical sciences research? /? tariff authorization: https://tinyurl.com/certainplansforusall https://tinyurl.com/certainplansforusall "Are Drinking Straws Dangerous? (2017)" https://news.ycombinator.com/item?id=43041625 https://news.ycombinator.com/item?id=43041625 /? plastic straws executive order: https://www.google.com/search?q=plastic+straws+executive+order https://www.google.com/search?q=plastic+straws+executive+ord... The recently proposed budget would increase the deficit by 16 trillion dollars on 40 trillion?

rayiner 2y ago

That's generally correct, but the issue is more about what kinds of powers are being exercised. Congress can create government-owned corporations, like Amtrak. Those corporations can function independently, insofar as they are not exercising executive powers. The core function of the Fed isn't an executive power. It's not enforcing the law, or interacting with foreign countries. It's a bank that lends to other banks, and influences the market through that economic function. That's not an executive power and doesn't need to be subject to executive control. The Fed also performs some executive functions (promulgating and enforcing various regulations). I'd argue those must be under executive control. But that doesn't address the Fed's core interest-rate-setting function.

westurner 2y ago
The recent tariff spat by the tantrum thrower is supposably justified because of the drug overdose rate. All lives matter. List of causes of death by rate: https://en.wikipedia.org/wiki/List_of_causes_of_death_by_rate https://en.wikipedia.org/wiki/List_of_causes_of_death_by_rat... : > Substance abuse: 0.58 % What about the the other 99.4 % of the causes of death, in terms of federal priorities? What about NIH and NSF funding for medical sciences research? /? tariff authorization: https://tinyurl.com/certainplansforusall https://tinyurl.com/certainplansforusall "Are Drinking Straws Dangerous? (2017)" https://news.ycombinator.com/item?id=43041625 https://news.ycombinator.com/item?id=43041625 /? plastic straws executive order: https://www.google.com/search?q=plastic+straws+executive+order https://www.google.com/search?q=plastic+straws+executive+ord... The recently proposed budget would increase the deficit by 16 trillion dollars on 40 trillion?