We’ve been having a mistaken debate, or so it would seem based on the new book The Myth of Independence. The Federal Reserve, the nation’s central bank and most influential economic regulator, isn’t as independent as critics like Rand Paul and Bernie Sanders suggest. Congress created it, and Congress continues to shape it to the people’s will. This new perspective might just change your expectations about Fed policy and your appreciation for their delicate strategic work. This episode features Sarah Binder, professor of political science at George Washington University and a senior fellow in governance studies at the Brookings Institution.
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By Matthew Kredell
USC Price School of Public Policy Professor Raphael Bostic returned to campus for the first time since taking leave to assume the role of president and CEO of the Federal Reserve Bank of Atlanta, joining Dean Jack H. Knott for a discussion on the state and direction of the U.S. economy, issues of opportunity and inequality, and good governance.
Knott began the Feb. 5 conversation by asking Bostic – the first African-American to serve as president of a Fed regional bank – to explain what the Fed does. In response, Bostic admitted that perhaps few people understand.
The Myth of Independence: How Congress Governs the Federal Reserve Sarah Binder is professor of political science at George Washington University and senior fellow at the Brookings Institution. Her books include Advice and Dissent and Stalemate. Mark Spindel has spent his entire career in investment managemetn at such organizations as Salomon Brothers, the World Bank,…