Austan (Austan) Goolsbee
speaker
656 appearances
1 recordings
1 series
first heard Jul 2026
last heard 15 Jul
Austan (Austan) Goolsbee’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
John, you thought they built the walls of the vault to keep people like me out of here, but it didn't work.
Oh, I thought you meant ever at Chicago.
Yeah, there's 12 reserve banks spread around the country.
How did this work?
I was chosen.
Each of those reserve banks is not a government agency.
They're a not-for-profit, and they have a board of directors that's made up of kind of local –
CEOs and civic leaders and bankers and the non-banker board members choose the presidents at each of the banks.
We haven't even gotten to the Federal Reserve Act of 1913, but we're going to.
Yeah, politically appointed, confirmed by the Senate.
And each of those governors, the thing that's confusing is- Oh, it's all, Austin, it's all confusing.
D.C.
political appointees, their title is governor, but they're kind of more like senators and the presidents are more like governors because we're out and have a region.
Those-
Those governors that are political appointees are appointed to 14-year terms and they're staggered because from the beginning, they were trying to be as much as possible in a democracy.
They were trying to keep it independent from political interference.
Because people hate inflation.
That's the main reason that...
If you just look around economists before I, you knew me before I was ever at the Fed.
Economists are basically unanimous that the central bank of the country needs to be independent from political interference because the incentives of the sitting government for the setting of interest rates, you know what it is.
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