Thus ignoring our entire system of checks and balances. Do you not see the danger, here?
Except that we have checks and balances. The chief central banker must be appointed and confirmed and reconfirmed on a regular basis. This in itself provides a check and balance very similar to the one where the Supreme Court Justices must be appointed and affirmed by the other two branches, but are then almost entirely independent afterwards.
Similarly, the other two branches could pass legislation affecting the other levers of the economy if the Fed is doing poorly or even disbanding and replacing the Fed if it truly must. Doing something like this would be incredibly difficult, but this is part of the point. The Fed is meant to be mostly independent.
There are checks and balances to reign in the Fed in the extremely unlikely event that it goes out of control, and the rest of the time it is meant to be independent and sheltered from most of the ups and downs of the rest of the political process.
Except that we have checks and balances. The chief central banker must be appointed and confirmed and reconfirmed on a regular basis. This in itself provides a check and balance very similar to the one where the Supreme Court Justices must be appointed and affirmed by the other two branches, but are then almost entirely independent afterwards.
Similarly, the other two branches could pass legislation affecting the other levers of the economy if the Fed is doing poorly or even disbanding and replacing the Fed if it truly must. Doing something like this would be incredibly difficult, but this is part of the point. The Fed is meant to be mostly independent.
There are checks and balances to reign in the Fed in the extremely unlikely event that it goes out of control, and the rest of the time it is meant to be independent and sheltered from most of the ups and downs of the rest of the political process.