The Federal Reserve's independence in bank regulation also provides stability and consistency to regulated institutions. I am not suggesting that bank regulation remain static in the face of change. To the contrary, the Federal Reserve's regulatory approach must be capable of addressing and adapting to new activities and new risks but also must be constantly directed towards furthering our statutory objectives.
Of course, this independence in bank regulation must be accompanied by accountability, to both Congress and the American public. 2/7  BIS - Central bankers' speeches  Existing law provides a number of mechanisms to ensure this accountability to Congress. First, members of the Board of Governors are appointed by the President, subject to the advice and consent of the Senate.