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Nick Timiraos: The Federal Reserve's Autonomy, Often Referred to as Its Independence
On May 3, Nick Timiraos, often referred to as the ‘voice of the Federal Reserve,’ stated that the Federal Reserve’s autonomy, commonly known as its independence, originates from its establishment by Congress. Congress created a committee composed of officials who serve long, staggered terms and are protected from removal, granting the institution complete control over its budget and facilities. (Dongxin News Agency)