Federal Reserve

Advisory Role

The Board could provide non-binding recommendations on monetary policy and financial regulation based on comprehensive economic analysis and insights into market competition.

Audit and Review Power

The Board might be authorized to audit the Federal Reserve's operations and publish findings to ensure transparency, assess policy outcomes, and propose improvements without directly influencing policy decisions.

Congressional Liaison

Acting as an intermediary between the Federal Reserve and Congress, The Board could report to Congress on the Federal Reserve’s performance relative to national economic objectives, facilitating informed legislative oversight.

Public Reporting

The Board could be responsible for creating and disseminating public reports on the Federal Reserve's activities, aligning the central bank's actions with public interest and helping to demystify monetary policy decisions to citizens.

Policy Alignment Meetings

Regularly scheduled meetings between The Board and the Federal Reserve could be mandated to discuss policy alignment, allowing for a consistent exchange of economic and financial data, goals, and priorities.

Appointment Influence

The Board may have a consultative role in the nomination or confirmation process for Federal Reserve governors or the Chair, giving it a voice in selecting individuals who align with the broader economic policies without directly making appointments.

Crisis Management Collaboration

In times of economic crisis, The Board could work in conjunction with the Federal Reserve and other branches of government in formulating responses and interventions, ensuring a unified approach that reflects broad economic interests.

Regulatory Coordination

The Board could have the power to coordinate with the Federal Reserve on regulatory matters, particularly where the oversight of monopolistic practices intersects with financial stability and banking regulations.

Statistical and Data Sharing

The Board would be granted access to a range of economic and financial data collected by the Federal Reserve, aiding in the comprehensive analysis of market conditions and providing a data-driven foundation for its own regulatory duties.

*Appointment Powers

- The Board could participate in the nomination process by suggesting
  candidates for consideration to the President, who has the constitutional
  authority to make appointments subject to Senate confirmation.
- The Board might also be given a formal advisory role when the President is
  selecting nominees for the Federal Reserve Board of Governors, which would
  involve assessing candidates' qualifications based on their expertise in
  economics and finance.

*Removal Powers

- Direct power to fire Federal Reserve members would be a significant shift
  in the current balance of power and could politicize the central bank.
  This is typically avoided in most central banking systems to maintain
  credibility and independence.
- Instead, The Board could be granted the authority to initiate a review or
  investigation if there are clear concerns about a member's performance or
  ethics. The findings could then be presented to the President or Congress,
  who would make the final decision on whether to take action.