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Economics

The Structure and Function of Independent Regulatory Agencies

Quick fact

Independent regulatory agencies like the U.S. Federal Reserve or the Securities and Exchange Commission are run by officials who serve fixed, overlapping terms and cannot be removed simply because a new president (or prime minister) disagrees with them. This unusual structure is meant to shield technical decisions from short-term political pressure and partisan swings.

Why this is interesting

You may have heard of the SEC or the FDA. But have you ever wondered why they seem to operate by their own rules, answerable to no one? These bodies are called independent regulatory agencies, and their very design is a puzzle in democratic governance.