Congress' control over the Fed is

a. substantial because it can cut off necessary appropriations
b. limited because the Fed is not dependent on Congress for the funds to support its operations
c. substantial because the members of the Board of Governors can be replaced every four years
d. substantial because Congress has created a Super Board to oversee the Fed
e. limited because, like Supreme Court justices, members of the Fed Board are appointed for life

To answer this question, we need to analyze each option and determine the extent of Congress' control over the Federal Reserve (Fed):

a. Substantial because it can cut off necessary appropriations
This option suggests that Congress can exert control over the Fed by withholding funds. While Congress does play a role in approving the Fed's annual budget, cutting off appropriations entirely would have severe consequences for the functioning of the US central bank. However, it is important to note that complete control through this method may not be feasible, as the Fed also generates revenue from its operations.

b. Limited because the Fed is not dependent on Congress for the funds to support its operations
This option argues that the Fed is not reliant on Congress for funding, implying that Congress's control is limited. The Fed funds its operations primarily through its own sources, such as interest income from assets and transactions. Therefore, while Congress has some influence over the Fed's budget, its power is not absolute.

c. Substantial because the members of the Board of Governors can be replaced every four years
This option suggests that Congress can exercise control by replacing members of the Board of Governors, which is the governing body of the Fed. The President nominates members to the Board, but they must be confirmed by the Senate. While this mechanism allows for some political influence over the Fed, it does not imply complete control, as the Fed's functions are designed to be independent of short-term political considerations.

d. Substantial because Congress has created a Super Board to oversee the Fed
This option claims that Congress established a "Super Board" to oversee the Fed, implying Congress has considerable control. However, no such Super Board exists, making this option incorrect.

e. Limited because, like Supreme Court justices, members of the Fed Board are appointed for life
This option likens the appointment of Fed board members to Supreme Court justices, who are appointed for life, suggesting limited control by Congress. However, this option is incorrect since members of the Fed Board do not have lifetime appointments. They serve staggered terms of 14 years, which offers some insulation from political pressure.

Based on the analysis, options c and e are partially correct. While Congress does have some control over the Fed's operations through the nomination and confirmation process of Board members, it is important to note that the Fed is designed to be an independent entity. The correct answer depends on the level of control being assessed.