[SOLVED] The Federal Reserve is perhaps the most

The Federal Reserve is perhaps the most independent government agency in the United States. Periodically, there is a resurgence of interest in curtailing its independence. Should the Fed be independent of partisan politics, or would we be better off with a central bank under the control of Congress and the president?
The Case for an Independent Fed
Those in favor of an independent Federal Reserve argue politicians in charge of the nation’s money supply might use that power to achieve short-term political objectives that could create longer-term economic problems. For example, prior to an election incumbents may be tempted to increase the money supply. This would push interest rates down, encourage borrowing and spending that would stimulate the economy and reduce unemployment. The problem is that too much money in circulation creates higher rates of inflation and higher interest rates over time, long after the election is over. Moreover, putting the Fed under control of the president might be dangerous because deficit spending requires the Treasury to issue more government debt (U.S. Treasury bills, notes, and bonds) that tends to push interest rates up. However, expanding the money supply would tend to keep interest rates low. Unfortunately, if the Fed attempts to monetize the deficit and the national debt, it will again result in higher rates of inflation over time. Perhaps an independent Fed may accommodate these kinds of political objectives, but the advocates of an independent Fed argue this is less likely because of reduced political pressures.
Another argument for an independent Fed is that politicians lack the expertise to manage the money supply, they are shortsighted, and are rarely capable of making informed decisions in a timely manner, all of which would contribute to poorer long-term economic performance. Moreover, an independent Fed is free to pursue politically unpopular policies, like pushing interest rates up to fight inflation that serves the long-term public interest. Indeed, some politicians may be privately grateful the Fed is independent because pursuing politically unpopular economic policies rarely gets them re-elected.
Advocates for an independent Fed also point to the hyperinflation in Germany from 1914–1923 to show how political control over a central bank can lead to disastrous results. To finance its efforts in WWI, Germany chose not to increase taxes. That would have been politically unpopular. Instead its government issued huge amounts of debt that was bought up by its central bank under its control. After WWI, faced with huge war reparations, the German government essentially “got out the printing press” to pay that debt. Its money supply increased so much, driving prices up so fast, that by 1923 it would literally take a wheel barrow full of German marks to buy a single loaf of bread.
The Case against an Independent Fed
Critics of an independent Fed argue that it is unconstitutional for Congress to delegate its constitutional obligation to “coin money [and] regulate the value thereof” to an independent agency. Opponents of Fed independence also suggest that it is undemocratic to…….

Required:
What is the most important function of the Fed? Make an argument why an independent Fed would do a better job at performing its number one role. Make an argument why a Fed under the control of Congress and the president would do a better job at performing its most important function.

Question: The Federal Reserve is perhaps the most