Sen. Shelby ~ Independence and Accountability

Independence and Accountability Are Not Mutually Exclusive Concepts from U.S. Senator Richards Shelby (R-AL)

Meet Senator Richard Shelby

Alabama U.S. Senator Richard Shelby, Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, spoke at an event hosted by the Federal Reserve for its year-end meeting of the Conference of Chairs of the Reserve Banks.

Excerpt of Chairman Shelby’s remarks:

“Since its birth, the Federal Reserve has been at the center of a debate that pits a Central Bank’s need for independence against the public demand for accountability.

Independence and accountability are not mutually exclusive concepts. However, independence without accountability will result in unbridled power.

As a creation of Congress, the Federal Reserve was granted a certain degree of independence, but it is also accountable to the American people through their elected representatives. The Fed should be independent from certain political pressures.

Our Central Bank should be free from graft and those who seek politically motivated favors. That does not mean, however, that the Fed should be free from strong congressional oversight.

The Fed’s authorities were granted by Congress and the peoples’ representatives not only have the right to oversee the exercise of those authorities, they have a constitutional responsibility to do so.”

Senator Shelby welcomes everyone's opinion - contact him at his office or through his website.

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