Fed Governor Weller: The Federal Reserve's independent structure has proven its value.

Federal Reserve Governor Waller said that the structure of the Federal Reserve Board has "stood the test of time" and should be preserved. Members of the structure cannot be fired due to policy disputes, and their terms are staggered with the President's term. Waller cited his own and others' earlier research, saying that the Federal Reserve's system allows each U.S. president to appoint some members of a seven-person board for four-year terms, ensuring accountability through elections, while the maximum term of 14 years allows the Fed to make objective, non-partisan decisions. Waller said, "This structure is the one currently adopted by the Federal Reserve." "I believe it has stood the test of time, and I hope it continues to exist in the years to come."