Arthur Burns was appointed as Fed Chairman in November 1969 under Richard Nixon. Nixon made the following remarks on January 31, 1970 swearing Burns into office:
>...You see, Dr. Burns, that is a standing vote of appreciation in advance for lower interest rates and more money.
>Ladies and gentlemen, as all of you know, the Federal Reserve is independent, certainly independent of the President, although the Congress would suggest that it is not independent of the Congress.
>I respect that independence. On the other hand, I do have the opportunity as President to convey my views to the Chairman of the Federal Reserve in meetings with the Quadriad, along with the Secretary of the Treasury and the Chairman of the Council of Economic Advisers.
>I have some very strong views on some of these economic matters and I can assure you that I will convey them privately and strongly to Dr. Burns in the meetings of the Quadfiad. I respect his independence. However, I hope that independently he will conclude that my views are the ones that should be followed. ...
We all know what happened next.
Read the full speech: [https://www.presidency.ucsb.edu/documents/remarks-the-swearing-dr-arthur-f-burns-chairman-the-board-governors-the-federal-reserve](https://www.presidency.ucsb.edu/documents/remarks-the-swearing-dr-arthur-f-burns-chairman-the-board-governors-the-federal-reserve)
And another article that goes into more depth about their relationship: [https://fraser.stlouisfed.org/files/docs/meltzer/jep\_2006\_abrams\_how\_richard\_nixon.pdf](https://fraser.stlouisfed.org/files/docs/meltzer/jep_2006_abrams_how_richard_nixon.pdf)