Federal Reserve Board members defend the independence of the central bank and indicate that firing Federal Reserve officials would be detrimental to the economy.

Federal Reserve Board Governor Waller stated that when monetary policy makers are both accountable to voters and enjoy job security, economic stability is enhanced. Waller said that his own research shows that "accountability through the nomination and confirmation process can be achieved, and having a group of individuals who cannot be dismissed setting policy helps strengthen economic stability." In a speech prepared for an event at Stanford in California on Friday, Waller pointed out that this is the current operating structure of the Federal Reserve. "I believe this mechanism has stood the test of time and I hope it continues to do so in the years ahead."