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The Power and Independence of the Federal Reserve

byPeter Conti-Brown

Legal scholar Peter Conti-Brown examines the Federal Reserve as a set of institutions shaped by law, politics, personalities, and competing centers of authority. He challenges the simple idea that the Fed is either fully independent or directly controlled by elected officials, showing how presidents, Congress, regional Reserve Banks, governors, economists, and financial interests all influence its decisions. The book traces the system's historical development and constitutional ambiguities while evaluating appointments, accountability, and transparency. Conti-Brown argues that understanding who exercises power inside the Fed is essential to judging both its democratic legitimacy and economic performance.

Publisher

Princeton University Press

Publication date

2016

Format

Print edition

Pages

347

ISBN

9780691164007