Episode 877: Holding the Federal Reserve Accountable

Newt talks with Andrew Levin, Professor of Economics at Dartmouth College, about his recent policy brief, “The Federal Reserve Should Welcome the Appointment of an Independent Inspector General.” They discuss the controversial $3 billion dollar renovation project at the Federal Reserve Building, highlighting the ballooning costs and luxurious upgrades such as glass atriums and rooftop gardens. Levin argues for increased accountability, suggesting the appointment of an independent Inspector General and greater Congressional oversight. He emphasizes the need for transparency and reform within the Federal Reserve, comparing its practices to other central banks and federal agencies. They also discuss the Fed's monetary policy, its independence, and the lack of dissent among its board members, calling for a shift in culture and leadership. Levin proposes practical reforms, including integrating the Fed's budget into the federal budget process and appointing a presidentially confirmed Inspector General to ensure accountability and transparency.

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