Andrew Levin and the group, the National Campaign for a Strong Economy (or FED UP) published separate proposals for reforming for reforming the governance and accountability of the Federal Reserve System.
These proposals would have to go to Congress, as the Board may not be institutionally able to adopt any changes that affect the Federal Reserve Act (FRA). (See, for example, the Board’s response to Congress that it is exempt from civil rights laws because of FRA, 12 U.S.C. sec. 244. (Note: This blog takes a dim view of such a broad exemption for an unelected federal agency, for example, the Chair of the Board of Governors for the Federal Reserve System (Board).))
In addition, reform proposals were presented by Professor Robert D. Auerbach in his 2008 book “Deception and Abuse at the Fed: Henry B. Gonzalez Battles Alan Greenspan’s Bank,” chapter 12 (and also chapter 8, pp. 124-28). Despite the Board’s resistance, these proposals should be fairly considered and implemented in order to ensure that the Board’s policymaking process includes the views of regular citizens who are also affected by the Board’s actions.