Monetary Policy

Paper | Hutchins Center Working Papers

The twelve Federal Reserve banks: Governance and accountability in the 21st century

March 2, 2015, Peter Conti-Brown

Peter Conti-Brown argues that the Federal Reserve’s quasi-private Reserve Banks are, at best, opaque and unaccountable and, at worst, unconstitutional, by chronicling the politics that led to the creation of the twelve Reserve Banks.