Congressional historian Sarah Binder joins neighbor and investment manager, Matt Spindel in a look at the history of the relationship between the Federal Reserve and its legislative parent, Congress. The result is the Princeton University Press book The Myth of Independence: How Congress Governs the Federal Reserve.
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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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Partisan polarization has steadily increased in recent years. Democrats and Republicans in Congress have become two ideologically divided groups, with little ability to work together to solve the nation’s problems. And, citizens have increasingly used partisanship to guide their voting decisions, even as they diverge more and more on answers to the important questions of the day.
As we moved into the second year of Trump’s administration, we explored what partisanship looks like in Congress and the nation.
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,…