Outstanding issues related to independence and accountability In my judgment, the Federal Reserve Act - together with the policymaking structure as amended by the Banking Act of 1935, the policy mandate as introduced in 1977 and 1978, and the informal relationships that have evolved - results in an excellent balance of independence and accountability for the Federal Reserve.
Because we do not claim a monopoly on knowledge or wisdom, we have invited many who have disagreed with us in the past. I strongly believe that diverse perspectives and healthy debate will sharpen our thinking and lead us to better answers. 1/2  BIS central bankers' speeches  I’m sorry I’m not able to be with you today.