With the passage of the Federal Reserve Act of 1913, the United
States formally established a middle ground between the competing
forces of the bankers' need for private control and the populist
call for governmental oversight. But despite its role as the
nation's only centralized banking authority, and its importance as
a decision-making body, the Federal Reserve as an institution has
always been fiercely protective of its own independence. In this
work, Bernard Katz sheds light on this important arm of the
government, by profiling each member of the board of governors from
the inception of the Federal Reserve in 1914 through January
1991.
Katz's work begins with a preface and introduction that detail
the creation of the Federal Reserve and the role played by the
board of governors within the organization. Sixty-seven
biographical sketches then profile each of the board's chairmen and
vice-chairmen, providing detailed information on their backgrounds,
training, politics, and even the pettiness and insecurities of
their lives. Each contributor also chronicles the economic issues
that surrounded each board member's tenure, as well as
controversies within the board and the relationships and debates
with specific presidents and administrations. This unique reference
work will be a major addition to both public and academic
libraries, and a valuable resource for students of the Federal
Reserve system, monetary policy, and money and banking.
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