The Federal Reserve is one of the most powerful institutions in the world, with an unmatched ability to create systemic risk if its actions prove mistaken. Is the Fed independent, as is often said? If so, should it be independent — an economic philosopher king? Or is it basically a servant of the Department of the Treasury, used to finance government deficits whenever needed? How should the Fed be governed, and to whom is it accountable? What is or should be the role of the Congress?
This event will examine the complicated institutional structure and politics of the Fed and the fundamental changes from its original design, and will consider where governance of the Fed may go from here.