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Expansion of Federal Reserve Authority in the Recent Financial Crisis Raises Questions about Governance

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  • Bernard Shull
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    Abstract

    Several years before the onset of the recent financial crisis, ex -- Federal Reserve Board Member Lawrence Meyer wrote that the Fed "is often called the most powerful institution in America," its key decisions made by 19 people whose names are known by few, meeting regularly behind closed doors. Bernard Shull examines the origin and nature of Fed authority and independence, and reviews the impact of Dodd-Frank on our central bank. His conclusion? The new constraints placed on the Fed are modest at best, and its continued expansion inexorably raises questions of governance.

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    File URL: http://www.levyinstitute.org/pubs/op_36.pdf
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    Bibliographic Info

    Paper provided by Levy Economics Institute, The in its series Economics One-Pager Archive with number op_36.

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    Date of creation: Jan 2013
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    Handle: RePEc:lev:levyop:op_36

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