Jeanna Smialek on *Limitless: The Federal Reserve Takes on a New Age of Crisis*
Macro Musings with David Beckworth
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The Fed's Second Act
The Fed's Second Act was the first act of its creation and this is it's kind of coming into its own. A lot of power is concentrated not just among the seven governors at the Fed board, but the one among those governors who is the chair. And so we see a much more effective chair prior to this. The regional quasi private banks are made much less powerful and the center power core is concentrated in that Fed chair and the board in Washington.
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