argument about independence of Fed

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wjnat160362

Economics

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Running head: INDEPENDENCE OF FEDERAL RESERVE

Independence of Federal Reserve from Congress
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Professor’s Name
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Running head: INDEPENDENCE OF FEDERAL RESERVE

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Should We Let Federal Reserve Independent from Congress?
Abstract
It is a controversial issue of whether to let the Federal Reserve become
independent from the Congress or not. The Federal Reserve is a body gone for dealing
with the monetary frameworks in the United States. As far as I am concerned, Federal
Reserve should be an independent body, free of any political impact such as Congress
that guarantees streamlined activities. This organization deals with the economy in terms
of controlling the deflation and dealing with the loan costs of various monetary
foundations (Brian, 1994). The motivation of this paper is to see better the structure of
the Federal Reserve System that is relevant to its usefulness, which makes it a better
choice for being independent of Congress. There are advantages as well as disadvantages
of the Federal Reserve’s independence from Congress that will be discussed later
throughout this paper. Despite that there are many advantages of letting the Federal
Reserve become independent from Congress, the biggest disadvantage can be that it is the
violation of some constitutional laws to do so.

Running head: INDEPENDENCE OF FEDERAL RESERVE

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Introduction
By definition, the Federal Reserve is the system for focal financial branches of the
US. It was made on December 23, 1913, with the sanctioning of the Federal Reserve Act,
after a progression of monetary frenzies caused the demand for local control of the
financial framework so as to reduce budgetary emergencies. Throughout the years, the
crisis such as the Great Depression during the 1930s and the Great Recession throughout
the 2000s can cause the extension of the responsibilities and the roles of the Federal
Reserve. Within it, money has been characterized as whatever is commonly
acknowledged in the instalment for merchandise and enterprises (Brian, 1994). Business
analysts label the money with four distinct capacities, and one of them is the mode of
trade or the medium of exchange, which refers to something that vendors are happy to
trade for a decent or administration. The economy will thrive when a solitary decent is
perceived as the medium exchange. There should be an unmistakable decent that is
acknowledged by most of the purchasers.
The Federal Reserve is the association which belongs to the government and has
the responsibility of the funds of the nation of the United States of America. The Federal
Reserve can put limitations on the cash they credit and the banks must keep a level of that
cash in the vault without any more loan (Lanman, 2010). The Federal Reserve is the
national bank of the United States of America, which makes them in charge of managing
the economy and fixing the issues of the economy. They have made financial policies
which can be applied to help the money circulation or have it reduced. Several tools
involving a monetary policy that the Federal Reserve has are the open market tasks, the
policy for a discount, and the requirement for reserve. These financial tools have been put

Running head: INDEPENDENCE OF FEDERAL RESERVE

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into impact to ensure that as soon as a business bank or an economical giant needs
assistance, they can receive assistance.
Despite the fact that not every person will obey the Federal Reserve's money
related arrangements, the Federal Reserve's financial strategies are intended to ensure
organizations. These equivalent strategies additionally expect organizations to have
honest performance. The approaches of the Federal Reserve can decide our monetary
viewpoint to incorporate the costs of such things as sustenance and fuel. The true
independence from Congress cannot exist without monetary security and freedom.
Individuals who are ravenous and jobless are the stuff of which autocracie...


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