The Myth of Independence: How Congress Governs the Federal Reserve

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 la...