"Third printing, and first paperback printing, 2018"--Title page verso Includes bibliographical references (pages 277-339) and index.
Contents:
Introduction: Ulysses and the chaperone -- PART I. The Federal Reserve Is a "They," not an "It" -- The three foundings of the Federal Reserve -- Leadership and institutional change : from periphery to power -- Central banking by committee : the authority of the Fed's Board of Governors -- The "double government" of the Federal Reserve : the economists and the lawyers -- The vestigial and unconstitutional Federal Reserve Banks -- PART II. The five hundred hats of the Federal Reserve -- Practicing monetary policy : the rise and fall of the chaperone -- The once and future Federal Reserve : the Fed's banking functions -- PART III. The sirens of the Federal Reserve -- The President and the Federal Reserve : the limits of law and the power of relationships -- Congress and the Fed : the curious case of the Fed's budgetary autonomy -- Club Fed : the communities of the Federal Reserve -- PART IV. The democratic demands of Fed governance : reforming the Fed by choosing the chaperone -- Proposals -- Conclusion: The Freemasons and the Federal Reserve
Summary:
The independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by "Federal Reserve independence"? Using scores of examples from the Fed's rich history, The Power and Independence of the Federal Reserve shows that much common wisdom about the nation's central bank is inaccurate. Legal scholar and financial historian Peter Conti-Brown provides an in-depth look at the Fed's place in government, its internal governance structure, and its relationships to such individuals and groups as the president, Congress, economists, and bankers. Exploring how the Fed regulates the global economy and handles its own internal politics, and how the law does--and does not--define the Fed's power, Conti-Brown captures and clarifies the central bank's defining complexities. He examines the foundations of the Federal Reserve Act of 1913, which established a system of central banks, and the ways that subsequent generations have redefined the organization. Challenging the notion that the Fed Chair controls the organization as an all-powerful technocrat, he explains how institutions and individuals--within and outside of government--shape Fed policy. Conti-Brown demonstrates that the evolving mission of the Fed--including systemic risk regulation, wider bank supervision, and as a guardian against inflation and deflation--requires a reevaluation of the very way the nation's central bank is structured. Investigating how the Fed influences and is influenced by ideologies, personalities, law, and history, The Power and Independence of the Federal Reserve offers a clear picture of this uniquely important institution. -- Provided by publisher
This resource is supported by the Institute of Museum and Library Services under the provisions of the Library Services and Technology Act as administered by State Library of Iowa.