By David E. Lindsey
A narrative heritage by means of a Fed insider of the way financial coverage is formed within the US, with unique 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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Extra info for A Century of Monetary Policy at the Fed: Ben Bernanke, Janet Yellen, and the Financial Crisis of 2008
Without ever reaching an explicit, collective judgment, Congress and the Roosevelt administration appear to have concluded that the policies pursued by the reserve banks, particularly New York, had encouraged speculation, leading to the stock market collapse, bank failures, and depression. Centralization of responsibility and authority in the Board, and measures to prevent security market speculation, were the chosen solutions. Subservience to the Treasury during the recovery, and in the war that followed, limited the effect of the legislation for a time.
The new powers changed the system’s internal organization and operations in the 1930s. 7 In 1936–37 the Board exercised another power granted in the Banking Act of 1935 to double all the required reserve ratios on deposits in three steps. It had become concerned that the quite elevated levels of excess reserves were “superfluous” and potentially inflationary. The first increase became effective in mid-August 1936. Secretary of the Treasury Henry Morgenthau was furious that he hadn’t been informed of the action in advance.
5 And this was the act that had removed the two Treasury officials, including its Secretary, from the Board! 1 Chairmen of the Board of Governors, August 23, 1935, through January 31, 1970 Chairman Date of Term Marriner S. Eccles Thomas B. htm. 1 ● 35 Reports from FOMC Meetings: Past and Present Nomenclature Source: Deborah J. Danker and Matthew M. Luecke, “Background on FOMC Meeting Minutes,” The Federal Reserve Bulletin 91, no. 2, Spring 2005, p. 176. The New Deal had a lasting effect on the organization of the Federal Reserve.
A Century of Monetary Policy at the Fed: Ben Bernanke, Janet Yellen, and the Financial Crisis of 2008 by David E. Lindsey