Findings; sense of Congress

(a) Findings Congress finds the following: (1) The independence of the Federal Reserve System from political interference from the President is fundamental to the effective operation of the central bank. (2) Congress structured the Federal Reserve System to ensure that its monetary policy decisions focus on achieving long-run goals and do not become subject to political pressures from the President that could lead to undesirable outcomes. (3) To protect this independence, Congress made it so members of the Board of Governors of the Federal Reserve System are appointed for staggered 14-year terms, and the Chairman of the Board of Governors is appointed for a four-year term. (b) Sense of Congress It is the sense of Congress that it is not appropriate for any employee appointed by the President—whether they are on leave or not—to serve as a member of the Board of Governors of the Federal Reserve System.