The American Federal Reserve system: functioning and accountability

The approach to this report was journalistic, starting with the basic outline, which is built around ten very frequently asked questions :

What is the legal-constitutional basis for the Federal Reserve System’s power ?
How is the Fed structured today ?
Why did it take 122 years to get there ?
To whom is the Fed accountable?
Why have the Fed’s strongest critics been unable to significantly change the way it operates ?
What accounts for the memorable impact of William McChesney Martin, Jr. ?
What motivated and helped Paul Volcker to successfully combat double-digit inflation, while presiding over a recession ?
Why and how has Alan Greenspan remained so popular ?
Where do the media fit into the Fed’s approach to accountability?
Can the Fed provide any lessons for other democracies ?