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.
It is also important to note that the 2010 IMF reform disregarded a modification of the criteria for the designation of the Fund’s Managing Director, a position that traditionally has been reserved for European nationals. The implications of this overall situation for the efficiency, credibility and legitimacy of the Fund are evident.