Federal Reserve

Appointment Powers

  • The Board shall 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 shall 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

  • The Board shall 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.

Confirmation Process Involvement

  • The Board might play a role in the Congressional confirmation process by providing an assessment of the qualifications of Federal Reserve nominees. This role could involve testifying before the relevant Senate committee or providing detailed reports on the nominees' suitability.
  • If given a more formal place in the confirmation process, The Board could be empowered to vote on an advisory basis, giving Senators additional expert insight into the nominees' capabilities and alignment with national economic goals without holding veto power.

Periodic Performance Reviews

  • The Board could be tasked with conducting periodic performance reviews of Federal Reserve officials. While these reviews wouldn't have the power to directly remove members, they could inform the reappointment process and offer transparency into members’ effectiveness and accountability.
  • Negative findings in performance reviews could trigger a more in-depth investigation, potentially leading to recommendations for dismissal.

By incorporating The Board into the appointment and oversight processes in these ways, we preserve the critical independence of the Federal Reserve while leveraging The Board's expertise to enhance the quality and accountability of the Fed's leadership. These measures could serve as a check on the Federal Reserve without compromising its ability to set monetary policy free from immediate political pressures.