According to online reports, Federal Reserve Governor Waller said that the structure of the Federal Reserve Board of Governors "has withstood the test of time" and should be preserved. Members of the structure cannot be fired due to policy disputes and are staggered with presidential terms. Citing earlier research by himself and others, Waller said the Fed's system allows each four-year U.S. president to appoint some members of a seven-member board of governors, thereby achieving electoral accountability, while a term of up to 14 years allows the Fed to make objective, non-partisan decisions. "This structure is what the Fed currently has," Waller said. "I think it has stood the test of time, and I hope it will continue to exist for years to come."