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Central Bank Independence and Accountability

Central Bank Independence and Accountability

Congress established the Federal Reserve in 1913 as a politically independent central bank. This independence was a foundational tenet, but the Fed has lost only to regain that independence during its more than 100-year history. What does central bank independence really mean, and why might a country want an independent central bank?

In this virtual presentation David Wheelock, senior vice president and special policy advisor to St. Louis Fed President James Bullard, explores political pressures on the Fed over time, and why central bank independence requires transparency and accountability. Following his presentation, Wheelock is joined by Fernando Martin, St. Louis Fed economist and research officer, for a Q&A session.

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