INSUBCONTINENT EXCLUSIVE:
terms lasting as long as 14 years
The Senate must sign off on replacements, so remaking the central bank by removal is an inherently risky strategy
That leaves the president with a more primary tool when it comes to influencing the Fed: complaining
that presumably extends to him or her, but the rules around firing the leader are legally ambiguous, as Peter Conti-Brown of the University
William Miller served for just over a year before President Jimmy Carter moved him to the United States Treasury in 1979.
Presidents can
and do pick someone else when the term of a sitting chairman ends
Trump himself chose Powell to replace Janet Yellen, whom he inherited from Barack Obama
The president can also appoint governors to the Fed board in Washington, which is an important power: the seven officials vote constantly
and make up more than half of the 12-member Federal Open Market Committee.
2
Michelle Bowman -- none are known as decidedly dovish
Only Quarles has been confirmed by the Senate so far.
Even if Trump had nominated doves, they would have to make it past Republicans in the
Senate to win confirmation, and many Senate conservatives tend to back a Fed focused on containing inflation rather than lowering
actually influencing policy.
In December 1965, Lyndon Johnson famously summoned Fed Chairman William McChesney Martin to his ranch in
according to a book by Nixon speechwriter William Safire
Eventually Burns relented.
Most recently, George H.W
autonomy central banks are afforded throughout the developed world.
The FOMC sets policy as it sees fit -- decisions require no lawmaker
central bank defends its ground tooth-and-nail
Fed officials say that would risk politicizing rate-setting, worsening boom-and-bust swings.
