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The Myth of Independence

Published by USC Bedrosian Center on

Congressional historian Sarah Binder joins neighbor and investment manager, Mark 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.

Central to the book is the notion that the two institutions are interdependent rather than independent. The authors advocate that through legislation over the years, Congress has set up the Federal Reserve to bear the brunt of blame during times of financial crisis. This blend of political science, history, and economics was a hit for our panel. Why is it important to realize the relationship between Congress and the Fed is interdependent? What roles do transparency and accountability play in the relationship?

Host Jeffery Jenkins (@jaj7d) is joined by guests, Anthony Orlando (@AnthonyWOrlando), Matthew Kahn (@mattkahn1966 ?), and Pamela Clouser McCann (bio here).

To listen to the Bedrosian Book Club discussion of The Myth of Independence, click the arrow in the player on this post. Or you can download it and subscribe through ApplePodcasts, Soundcloud, Google Play, Stitcher or your favorite podcasting app!

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Federal Reserve System
Federal Reserve Banks


Arrow’s Impossibility Theorem
Quadratic Voting
Stress Testing
Phillips Curve
Diamond–Dybvig model (bank runs)


This podcast was produced by Aubrey Hicks and Jonathan Schwartz, recorded and mixed by The Brothers Hedden, Ryan and Corey.

Bedrosian Center