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The Myth of Independence : How Congress Governs the Federal Reserve by Sarah Binder, Mark Spindel,Princeton University Press is a book available to read on EtoBox.

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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 traces 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. Binder and Spindel argue that recurring cycles of crisis, blame, and reform propelled lawmakers to create and revamp the powers and governance of the Fed at critical junctures, including the Panic of 1907, the Great Depression, the postwar Treasury-Fed Accord, the inflationary episode of the 1970s, and the recent financial crisis. Marshaling archival sources, interviews, and statistical analyses, the authors pinpoint political and economic dynamics that shaped interactions between the legislature and the Fed, and that have generated a far stronger central bank than anticipated at its founding. The Fed today retains its unique federal style, diluting the ability of lawmakers

Author

Sarah Binder, Mark Spindel,Princeton University Press

Publisher

Princeton University Press

Published

2017

Language

EN

ISBN

9780691163192

Subjects

History, Political Science, Business

Rating

4.7 / 5 (9 ratings)

Updated

2026-03-14