Federal Reserve Governor Waller said that the structure of the Federal Reserve Board of Governors “has withstood the test of time” and should be preserved. Members of this structure cannot be fired due to policy disputes and are staggered with the presidential term. Citing his own and others' earlier research, Waller said that the Federal Reserve's system allows every four-year US president to appoint some members of a seven-member board of directors to achieve election accountability, while a maximum term of 14 years allows the Federal Reserve to make objective, non-partisan decisions. Waller said, “This is the structure currently used by the Federal Reserve.” “I think it has stood the test of time and I hope it continues to exist for years to come.”

Federal Reserve Governor Waller said that the structure of the Federal Reserve Board of Governors “has withstood the test of time” and should be preserved. Members of this structure cannot be fired due to policy disputes and are staggered with the presidential term. Citing his own and others' earlier research, Waller said that the Federal Reserve's system allows every four-year US president to appoint some members of a seven-member board of directors to achieve election accountability, while a maximum term of 14 years allows the Federal Reserve to make objective, non-partisan decisions. Waller said, “This is the structure currently used by the Federal Reserve.” “I think it has stood the test of time and I hope it continues to exist for years to come.”