The Illusion of Federal Reserve Independence
The concept of Federal Reserve independence has been deceased for 50 years, yet it continues to influence discussions about the central bank.
True independence can only be achieved through extensive reform. The idea of an independent Federal Reserve has been revived and defeated multiple times, first in October 1971 under Chair Arthur Burns, then in January 2001 under Chair Alan Greenspan, and most recently in November 2021 under Chair Jerome Powell.
The long-dead concept of an independent Federal Reserve keeps rising, zombie-like, from its Constitution Avenue mausoleum, only to be put down again and again at the hands of presidents and overly political Fed chairs.
The president and the Fed chair are the primary culprits behind the demise of Fed independence.
Author's summary: Fed independence is an illusion that requires reform to become a reality.
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