"Conventional wisdom regarding regulators is that the structure and design of the organization matters for policy outcomes. Financial regulators conduct rulemaking and enforcement to implement law and supervise financial institutions. These agencies have been given certain characteristics that enhance their day-to-day independence from the President and Congress, which may make policymaking more technical and less “political” or “partisan,” for better or worse. Independence may also make regulators less accountable to elected officials and can reduce congressional influence, at least in the short term.
Although independent agencies share many characteristics, there are notable differences. Some
federal financial regulators are relatively more independent in some areas but relatively less so in