US Federal Reserve Board Governor Jerome Powell provided remarks regarding the history and structure of the Federal Reserve System. Against calls for reform of the Federal Reserve System, Governor Powell defended its current structure, which he noted is essentially unchanged since it was modified by the Banking Act of 1935. He emphasized the importance of avoiding a concentration of power over US monetary policy and financial system, and the need to address national and regional interests. Pointing to reforms in the Dodd-Frank Act, Powell noted that while the governance structure of the Federal Reserve continues to evolve, the independence of a central bank is paramount. On April, 2015 the US House Financial Services Committee’s monetary policy subcommittee held a hearing on the Federal Reserve's mandate and governance structure.
Read Governor Powell’s speech.