[PDF] The Power And Independence Of The Federal Reserve eBook

Author : Peter Conti-Brown
Publisher : Princeton University Press
Page : 372 pages
File Size : 35,8 MB
Release : 2017-10-10
Category : Business & Economics
ISBN : 0691178380

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An in-depth look at the history, leadership, and structure of the Federal Reserve Bank 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 uniquely clear and timely picture of one of the most important institutions in the United States and the world.

Author : Sarah Binder
Publisher : Princeton University Press
Page : 301 pages
File Size : 10,89 MB
Release : 2019-07-09
Category : Business & Economics
ISBN : 069119159X

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An in-depth look at how politics and economics shape the relationship between Congress and the Federal Reserve Born out of crisis a century ago, the Federal Reserve has become the most powerful macroeconomic policymaker and financial regulator in the world. The Myth of Independence marshals archival sources, interviews, and statistical analyses to trace the Fed’s transformation from a weak, secretive, and decentralized institution in 1913 to a remarkably transparent central bank a century later. Offering a unique account of Congress’s role in steering this evolution, Sarah Binder and Mark Spindel explore the Fed’s past, present, and future and challenge the myth of its independence.

Author : Board of Governors of the Federal Reserve System
Publisher :
Page : 0 pages
File Size : 22,81 MB
Release : 2002
Category : Banks and Banking
ISBN : 9780894991967

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Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Author : A. Jerome Clifford
Publisher : University of Pennsylvania Press
Page : 432 pages
File Size : 38,59 MB
Release : 2016-11-11
Category : Political Science
ISBN : 1512801348

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The Federal Reserve Act became law on December 23, 1913. The need for the new monetary system for which this law provided was traceable to the frequently stated causal connection between crises and failure in the banking and currency system and crises and failure in commerce, industry, and agriculture. The supporters of the law argued that the continued prosperity and growth of the nation demanded that monetary malfunctions be cured. The powers and responsibilities given to the new system were enveloped in structural arrangements designed to assure the organization itself as well as the nation that there would be competent, adequate, and independent authority to provide for a more efficient monetary system. Although unique, the solution was not simple in either structure or operation, for besides protecting itself from the dangers of government or private ­banker domination, the Federal Reserve System had to win and keep the help and cooperation of this same government and these same private banks. The System maintained its independence in two ways. First, the Federal Reserve System found its fundamental meaning in the "governmental" function delegated to it by Congress—the formation and execution of credit and monetary policy for public purposes. Yet it was set apart from the ordinary legislative and executive departments of the government. Second, the System worked to achieve its purposes by acting through and with the cooperation of the nation's private financial interests. Yet it was separate from those interests. The Federal Reserve System was designed to cooperate and still be independent. How it promoted this harmony, and yet avoided domination was its glory and its cross. It is of the history of this achievement that this book tells.

Author : S. H. Axilrod
Publisher :
Page : 156 pages
File Size : 35,98 MB
Release : 2013-06-06
Category : Business & Economics
ISBN : 0199934487

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The Federal Reserve: What Everyone Needs to Know is about how things work in practice for the Fed: how it makes decisions, what actions it takes, and the actual effects it has on the economy and society.

Author : Paul Tucker
Publisher : Princeton University Press
Page : 662 pages
File Size : 45,11 MB
Release : 2019-09-10
Category : Business & Economics
ISBN : 0691196303

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Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.

Author : Ron Paul
Publisher : Grand Central Publishing
Page : 179 pages
File Size : 11,26 MB
Release : 2009-09-16
Category : Political Science
ISBN : 044656818X

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In the post-meltdown world, it is irresponsible, ineffective, and ultimately useless to have a serious economic debate without considering and challenging the role of the Federal Reserve. Most people think of the Fed as an indispensable institution without which the country's economy could not properly function. But in End the Fed, Ron Paul draws on American history, economics, and fascinating stories from his own long political life to argue that the Fed is both corrupt and unconstitutional. It is inflating currency today at nearly a Weimar or Zimbabwe level, a practice that threatens to put us into an inflationary depression where $100 bills are worthless. What most people don't realize is that the Fed -- created by the Morgans and Rockefellers at a private club off the coast of Georgia -- is actually working against their own personal interests. Congressman Paul's urgent appeal to all citizens and officials tells us where we went wrong and what we need to do fix America's economic policy for future generations.

Author : Roger Lowenstein
Publisher : Penguin
Page : 370 pages
File Size : 33,92 MB
Release : 2015-10-20
Category : Business & Economics
ISBN : 1101614129

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A tour de force of historical reportage, America’s Bank illuminates the tumultuous era and remarkable personalities that spurred the unlikely birth of America’s modern central bank, the Federal Reserve. Today, the Fed is the bedrock of the financial landscape, yet the fight to create it was so protracted and divisive that it seems a small miracle that it was ever established. For nearly a century, America, alone among developed nations, refused to consider any central or organizing agency in its financial system. Americans’ mistrust of big government and of big banks—a legacy of the country’s Jeffersonian, small-government traditions—was so widespread that modernizing reform was deemed impossible. Each bank was left to stand on its own, with no central reserve or lender of last resort. The real-world consequences of this chaotic and provincial system were frequent financial panics, bank runs, money shortages, and depressions. By the first decade of the twentieth century, it had become plain that the outmoded banking system was ill equipped to finance America’s burgeoning industry. But political will for reform was lacking. It took an economic meltdown, a high-level tour of Europe, and—improbably—a conspiratorial effort by vilified captains of Wall Street to overcome popular resistance. Finally, in 1913, Congress conceived a federalist and quintessentially American solution to the conflict that had divided bankers, farmers, populists, and ordinary Americans, and enacted the landmark Federal Reserve Act. Roger Lowenstein—acclaimed financial journalist and bestselling author of When Genius Failed and The End of Wall Street—tells the drama-laden story of how America created the Federal Reserve, thereby taking its first steps onto the world stage as a global financial power. America’s Bank showcases Lowenstein at his very finest: illuminating complex financial and political issues with striking clarity, infusing the debates of our past with all the gripping immediacy of today, and painting unforgettable portraits of Gilded Age bankers, presidents, and politicians. Lowenstein focuses on the four men at the heart of the struggle to create the Federal Reserve. These were Paul Warburg, a refined, German-born financier, recently relocated to New York, who was horrified by the primitive condition of America’s finances; Rhode Island’s Nelson W. Aldrich, the reigning power broker in the U.S. Senate and an archetypal Gilded Age legislator; Carter Glass, the ambitious, if then little-known, Virginia congressman who chaired the House Banking Committee at a crucial moment of political transition; and President Woodrow Wilson, the academician-turned-progressive-politician who forced Glass to reconcile his deep-seated differences with bankers and accept the principle (anathema to southern Democrats) of federal control. Weaving together a raucous era in American politics with a storied financial crisis and intrigue at the highest levels of Washington and Wall Street, Lowenstein brings the beginnings of one of the country’s most crucial institutions to vivid and unforgettable life. Readers of this gripping historical narrative will wonder whether they’re reading about one hundred years ago or the still-seething conflicts that mark our discussions of banking and politics today.

Author : Lawrence Jacobs
Publisher : Oxford University Press
Page : 305 pages
File Size : 42,32 MB
Release : 2021-02-12
Category : Political Science
ISBN : 0197573142

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An eye-opening analysis of the Federal Reserve's massive and unwarranted power in American life and how it favors the financial sector over everyone else. The Federal Reserve, created more than a century ago, is the most powerful central bank in the world. The Fed's power, which derives from its ability to alter the money supply and move interest rates, weighs heavily not only on the US economy, but on the world economy as well. Lawrence R. Jacobs and Desmond King's Fed Power is the first sustained synthesis of the Fed's political role--especially the way in which it uses its power to benefit some interest groups and not others--since the 2008 financial crisis. In this fully updated and revised second edition, Fed Power addresses new developments during Trump's presidency--particularly the Fed's massive and unprecedented injection of liquidity into the US economy following the COVID epidemic-and offers fresh insights on the Fed's outsized role in picking winners and losers in the American economy. King and Jacobs conclude with bold proposals to reform America's financial management to prevent future crises and to restore democratic accountability. A powerful critique of how the Federal Reserve governs the American economy, Fed Power will be essential reading for anyone interested in the role that the Fed's policies have played in increasing economic and racial inequality across both the Obama and Trump presidencies and the new directions pursued by the Biden administration and progressive activists.

Author : William Greider
Publisher : Simon and Schuster
Page : 804 pages
File Size : 31,97 MB
Release : 1989-01-15
Category : Business & Economics
ISBN : 0671675567

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Reveals how the Federal Reserve under Paul Volcker engineered changes in America's economy.