Question

Give an example of a federal agency. Do you believe it is working effectively, or not effectively, at this time? Why do you think this? What is one improvement that you think could be made to this agency, and why?

Answer 1

The one example of federal agency, is the board of governors, managing the Federal Reserve and its initiatives. The board of governors has the responsibility to design and implement monetary policy in the USA and oversees the broad functioning and direction of the 12 federal reserve district banks in the USA. At present, the board of governors, is working effectively and helped the US economy successfully out of the recession due to the 2008 financial crisis. It is considered to be effective, because board of governors has effectively partnered with the government and devised policies that resulted, into consistently positive GDP growth rate, decreasing unemployment rate from 9% to 4% level and inflation rate being managed around 2%. It is vindicated by the fact that number of claims regarding unemployment insurance have been decreasing. It means that people are getting jobs. So, the board is working effectively.

One improvement that can be made by the board as agency to build strategic partnerships with other agencies such as SEC, FTC and DOJ so that crisis of 2008 like issues can be identified prior to its happening and can be prevented on time. It can be done when a coordination committee is formed and proactively managed with data sharing and advisories at the right time. It will ensure to protect the US economy and then the world economy from such kind of crisis. So, this improvement is expected from the board of governors of Fed as Federal agency.