At any rate, for the present, the relationship between the Administration and the Federal Reserve on monetary policy is confined to the President’s making appointments to the Board while the members of the administration and the Board (and especially the Chairman and the Secretary of the Treasury) engage in regular but informal consultations.
On the other hand, the Congress cannot fulfill its oversight responsibilities without actively engaging the Federal Reserve in a dialogue about the conduct of monetary policy. The Congress conveys its views on monetary policy through a variety of vehicles, including letters, speeches, statements and questions at hearings, committee reports on monetary policy, and bills and resolutions.