Fed officials are held accountable for meeting them by releasing information at each meeting of the FOMC, and are eventually released to the public.
The chair is the most influential Fed official. They are also the chair of the FOMC.
<h3>How is the Fed independent and why did the framers of the Federal Reserve Act consider its independence necessary?</h3>
The primary justification for an independent Federal Reserve is the need to insulate it from short-term political pressures.
Without a degree of autonomy, the Fed could be influenced by election-focused politicians into enacting an excessively expansionary monetary policy to lower unemployment in the short term.
<h3>What is the purpose of FOMC meetings?</h3>
The FOMC holds eight regularly scheduled meetings per year.
At these meetings, the Committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth.
Learn more about FOMC here:
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