GORSUCHIAN:

Powell carefully and correctly links this path to the US institutional structure. The Fed has independence, in return for sticking to its mandate. 

In a well-functioning democracy, important public policy decisions should be made, in almost all cases, by the elected branches of government. Grants of independence to agencies should be exceedingly rare, explicit, tightly circumscribed, and limited to those issues that clearly warrant protection from short-term political considerations.

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