The Congress keeps its part of the bargain by leaving the core of our operations alone, so long as things go right, and intervening only around the edges (hearings, speeches, letters, and the introduction of an occasional bill or resolution) to show they remain alert to their oversight responsibilities and reflect the concerns of their constituents.
The appointment process is an important element of the relationship with the Congress. Governors are subject to confirmation by the Senate. The confirmation process is a way for the Congress to influence the conduct of Federal Reserve policy, just as the appointment process offers this opportunity to the President.