Federal Reserve Governor Paul Waller: The Fed's independent structure has proven its worth

The structure of the Fed's board of governors, whose members cannot be dismissed over policy disputes and are staggered from presidential terms, "has stood the test of time" and should be preserved, according to Mr. Waller, the Fed governor. Citing earlier research by himself and others, Mr. Waller said the Fed system allowed each US president with a four-year term to appoint some members of the seven-member board, thus enabling electoral accountability, while terms of up to 14 years allowed the Fed to make objective, non-partisan decisions. "That structure is what the Fed is using right now," Mr. Waller said. "I think it has stood the test of time and I hope it continues to exist for years to come."