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federation |
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| It should make clear, as well, that there is more than one legitimate interpretation of the Framers' understanding of the division of powers between the states and national government. Division of powers, as with executive, legislature, and judiciary, was a good first step. That close relation, however, raised the issue of the System's independence from the Treasury, which soon became manifest in three conflicts involving the Board: (1) about the respective responsibilities of the Treasury officials who sat on the Board and of the members appointed by the President; (2) about the Board's financial accountability; and (3) about the division of powers between the Treasury and the Board. |
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