The federal reserve system resembles the U.S. constitution in that it was designed with many checks and balances?

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The federal reserve system resembles the U.S. constitution in that it was designed with many checks and balances?



Answer: Like the US constitution, the federal reserve system, originally established by the federal reserve act, has many checks and balances and is a peculiarly american institution. The ability of the 12 regional banks to affect discount policy was viewed as a check on the centralized power of the board of Governors, just as states rights are a check on the centralized power of the federal government. The provision that there be three types of directors, (A, B, and C) representing different groups was again intended to prevent any group from dominating the fed. The Fed's independence of the federal government and the setting up of the federal reserve banks as incorporated institutions were further intended to restrict government power over the banking industry.

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