Greenspan declares Fed above/outside law
Jim Lehrer: What should be the proper relationship between the Chairman of the Fed and the President of the United States?
Alan Greenspan (@ 7:40): Well first of all, the Federal Reserve is an independent agency. That means basically that there are no other agencies of government which can overrule actions that we take. So long as that is in place, and there is no evidence that the administration or the Congress or anybody else is requesting that we do things other than what we think is the appropriate thing, then what the relationships are don’t frankly matter.