By David E. Lindsey
A narrative historical past by means of a Fed insider of the way financial coverage is formed within the US, with precise emphasis at the performances of former Chairman Ben Bernanke and present Chairwoman Janet Yellen in dealing with the prelude, outbreak, and aftermath of the 2008 monetary crisis.
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Additional resources for A Century of Monetary Policy at the Fed: Ben Bernanke, Janet Yellen, and the Financial Crisis of 2008
In 1934 the Securities Exchange Act became law, establishing the Securities and Exchange Commission, which regulated trading and required companies to disclose information regularly. The Public Utility Holding Company Act in 1935 established regulation of the interstate operations of utilities, while the Trust Indenture Act passed in 1939 enacted regulation over the issuance of debt securities. 26 The next chapter recounts how legislation composed by recently appointed Board Chairman Marriner S.
20 Given the disastrous influence that adopting the flawed advice of economists would prove to have on monetary policy to come, this comment might seem to represent the height of hubris. But actually he was a modest man, so that clearly was not his motivation. 21 He typically did not try to impose his own views on the Committee. Stephen Axilrod, a 34-year employee of the Board who ended up the staff director for monetary and financial policy, described his approach: From my observations at FOMC and Board meetings, he never appeared to alienate his colleagues.
5 percent, with yields on intermediate maturity instruments in between. After the war ended in mid-August 1945, the Fed had considerable difficulty freeing itself from Treasury control. President Truman refused to reappoint Marriner Eccles as chairman when his third chairmanship expired in early February 1948, preferring the more compliant Thomas B. McCabe. Eccles remained on the Board, and later played an important role in resisting underhanded administration efforts to retain the Treasury’s domination.