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The independence of the Government Reserve is known as a cornerstone of its identity, important for keeping financial policy decisions free of electoral politics. But do we really know very well what is meant by "Federal Reserve independence"? Using scores of cases from the Fed's rich history, The Ability and Independence of the Government Reserve shows that much common wisdom about the nation's central bank or investment company is inaccurate. Legal scholar and financial historian Peter Conti-Brown provides an in-depth look at the Fed's place in government, its interior governance structure, and its own associations to such individuals and organizations as the leader, Congress, economists, and bankers. Checking out how the Given regulates the global current economic climate and handles its own interior politics, and the way the law will - and does not - specify the Fed's ability, Conti-Brown catches and clarifies the central bank's defining complexities. He examines the foundations of the Government Reserve Action of 1913, which founded a system of central bankers, and the techniques subsequent decades have redefined the organization. Challenging the notion that the Given Chair controls the organization as an all-powerful technocrat, he talks about how institutions and individuals - within and beyond government - form Fed plan. Conti-Brown demonstrates that the evolving quest of the Given - including systemic risk legislation, wider bank guidance, so that as a guardian against inflation and deflation - requires a reevaluation of the very way the nation's central bank or investment company is structured. Investigating how the Given influences and is inspired by ideologies, personalities, laws, and background, The Ability and Independence of the Government Reserve offers a picture of this uniquely important institution.
