Despite many steps taken to ensure its independence, the Federal Reserve still succumbs to political pressures. This pessimistic conclusion is consistent with both empirical studies and an anecdotal analysis of the tenure of each modern Fed chairperson from William Martin to Ben Bernanke.

Peter J. Boettke is a Research Fellow at the Independent Institute and Professor of Economics and Philosophy at George Mason University.
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Banking and FinanceEconomyFiscal Policy/Debt
Other Independent Review articles by Peter J. Boettke
Fall 2023 Don Lavoie: The Failures of Socialist Central Planning
Winter 2022/23 Mont Pèlerin 1947: Transcripts of the Founding Meeting of the Mont Pèlerin Society
Summer 2022 Academic Entrepreneurship in Sometimes Hostile Environments: James Buchanan and the Virginia School of Political Economy
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