The Federal Reserve Board of Governors Waller: The independent structure of the Federal Reserve has proven its value.

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On May 9, Federal Reserve Governor Waller said that the structure of the Federal Reserve's Board of Governors "has stood the test of time" and should be preserved. Members of this structure cannot be dismissed for policy disputes and are staggered with the presidency. Waller, citing his own and others' earlier research, said that the Fed's system allows every U.S. president with a four-year term to appoint some members of the seven-member board of governors to achieve electoral accountability, while a term of up to 14 years allows the Fed to make objective, nonpartisan decisions. "This structure is the structure that the Fed is currently using," Waller said. "I think it has stood the test of time, and I hope it will continue to exist for years to come."

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