When the public holds an institution accountable for that grant, the institution becomes stronger.
The Federal Reserve System we know today emerged through decades of legislation, public consultation, and debate—from the original Federal Reserve Act, which created the Federal Reserve System, to the Banking Act of 1935,1 which established the modern Federal Open Market Committee (FOMC), to the Treasury-Federal Reserve Accord of 1951 (PDF), which ensured the separation of monetary and fiscal policy.