The Little-Known Power Brokers at Federal Reserve

The Federal Reserve’s burgeoning ethics scandal, with two regional bank presidents and now Vice Chair Richard Clarida caught trading stocks while the central bank was creating its COVID response policies, should trigger a re-examination of who really controls the institution. The tug-of-war over whether Governor Lael Brainard’s position overseeing regional banks should have caught the ethical lapses, or whether Chair Jerome Powell has the responsibility, misses the point of where the power actually lies. Read Full Article »