The Constitution divided the Government into three branches, but now there are really 3½with the Federal Reserve System being the half. It has so much latitude in money and banking that it is equal in independence to the Executive, Legislative and Judicial branches. The seven Federal Reserve governors can be removed only "for cause," and none ever has been. Since they are appointed for 14-year terms, they can stay in Washington while Presidents come and go. Exempt from Civil Service rules, the board in Washington and the twelve regional Federal Reserve banks hire...
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