Dillon Guthrie writes: “Presidents lose elections over their perceived mishandling of the economy. But the central bank holds the cards.”
A jogger runs past the U.S. Federal Reserve in Washington, D.C., on Aug. 18, 2022.
In fact, these failures are rewarded. President Joe Biden renominated Chairman Jerome Powell, a Republican, and tapped Democrat Lael Brainard as vice chairman, and the Senate approved them despite unmistakable evidence at the time that inflation had skyrocketed on their watch.
Yet politicians unquestioningly maintain the fourth wall of this theater of the absurd. They noisily condemn foreign leaders, each other, corporate greed and impersonal supply chains. Having inherited a central bank established by statute more than a century ago, they hide in the sirens’ screeching throng rather than legislate anew.
U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee at the headquarters of the Federal Reserve on July 27, 2022, in Washington, D.C. The board’s membership also should be expanded. Over time, the number of federal financial regulators has multiplied, stymying systematic regulation on everything from cybersecurity to cryptocurrency, while encouraging depository institutions to shop for their favorite regulator.
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