Imagining the Fed: The Struggle for the Heart of the Federal Reserve, 1913-1970

Traces the six-decade struggle for power within the Federal Reserve System from the perspective of the central bankers who shaped the Fed.

Imagining the Fed traces a six-decade struggle to shape the Federal Reserve's policymaking organs, the Washington-based Board and the Federal Open Market Committee. Conventional wisdom holds that Congress ended the system's struggle in 1935 by granting the Board a voting majority on the open market committee, establishing its Fed primacy. Yet, this book s...