[FR] The US Federal Reserve System: how it works and accountability

The study below takes a deliberately journalistic approach, based on a plan structured around ten frequently asked questions:

On what legal and constitutional basis is the Federal Reserve system built?

• What is the current structure of the Fed?
• Why did it take 122 years to get to this point?
• To whom is the Fed accountable?
• Why have the Fed’s most vocal opponents been unable to change the way it operates?
• Why is William McChesney Martin Jr.’s presidency so memorable?
• When Paul Volcker, in the midst of a recession, successfully fought double-digit inflation, what were his motivations and sources of support?
• Why and how did Alan Greenspan remain so popular?
• What role do the media play in shaping the Fed’s view of its responsibilities?
• What lessons can democracies other than the United States learn from the Fed?