With respect to controlling the money supply, the law requires the Fed to take orders from no one.
the Fed is an independent agency. The Fed is often considered the bankers' bank because it: holds bankers' reserves, provides banks with currency and loans and clears their checks.
The Fed can influence the money supply by changing reserve requirements. Reserve requirements usually refer to the number of funds a bank must hold against deposits in a bank account. By lowering the reserve requirement ratio, banks will be able to lend more money, increasing the economy's money supply as a whole.
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