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The Myth of Independence:
How Congress Governs the Federal Reserve
Sarah Binder & Mark Spindel

Book Description | Table of Contents
Chapter 1 [in PDF format]


"There have been many books about the Fed. But we’ve not had one that truly understands the history and politics surrounding the Fed, and systematically analyzes it. The Myth of Independence sets a new standard, showing how the Fed came about, how it has changed and where it might be going, and what role Congress has played and continues to play in that process."--Norman Ornstein, coauthor of It’s Even Worse Than It Looks

"Independent central banks operate within regimes created by and persisting at the pleasure of legislators. Exploring what exactly this has meant for Fed-Congress relations, Binder and Spindel have produced a fascinating history and timely meditation on the contours of Fed power. To understand how the Fed fits into American democracy, read this book."--Paul Tucker, Harvard Kennedy School and chair of the Systemic Risk Council

"This book examines the interrelationship between Congress and the Federal Reserve over time, analyzing the congressional politics of the Federal Reserve's founding in 1913 and its subsequent institutional development through the aftermath of the 2008 financial crisis. Binder and Spindel incorporate a wealth of systematic data into their historical narrative."--Frances E. Lee, University of Maryland

"With persuasive evidence, The Myth of Independence looks at how the structure and behavior of the Fed is shaped in fundamental ways by Congress. This book is an important and interesting contribution to the study of the American political economy."--Nolan McCarty, Princeton University

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File created: 9/19/2017

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