With the spotlight now focused on the Federal Reserve’s leadership, there have been some dire warnings about potential threats to the Fed’s “independence.” However, such statements have barely mentioned the need for democratic accountability and have made no reference whatsoever to the U.S. Constitution.

Every student learns that our Constitution established three branches of the government: executive, legislative and judicial. It is simply not permissible for the Fed to be a fully independent “fourth branch.”

The Constitution specifically gave Congress the duty to “regulate the value” of money, and Congress has delegated that responsibility to the Fed. Thus, Congress must serve as the Fed’s boss.

Under current law, however, the Fed has such broad powers that it effectively functions like an independent monarchy instead of an agency of Congress. Indeed, the Fed’s powers exceed those of every other federal agency and every other major central bank.

• Budget: Unlike other agencies, the Fed has sole authority to determine the budget for its buildings and operations. By contrast, other major central banks submit their budgets for approval by an oversight body (for example, Canada, Norway, Sweden,

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