Lev Menand
speaker
1,295 appearances
6 recordings
1 series
first heard Jan 2025
last heard 17 Jul
Lev Menand’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 — 2 in all, peaking in Jul 2026 with 1.
Appearances
It's also about preventing one person from controlling way too much.
I always felt those critiques were part right and part wrong.
Okay.
And the part that was right is that the central bank in the United States was structured in a way that made it too responsive to financial interests and not responsive enough to the Congress and to the American people's interest.
And that led to an excessively tight monetary policy over an extended period of time.
But the solution.
to that is not to have a Federal Reserve under the control of the White House.
That is not a solution to an insufficiently democratic monetary policy.
The solution is to s change the structure of the Federal Reserve System.
And who influences those officials.
And that means increasing the influence of Congress.
It might mean increasing opportunities for judicial review.
There's almost no judicial review of the Fed.
It might mean removing the bankers from the boards of the regional Federal Reserve banks.
It might mean changing the Fed's responsibilities and the statutory scheme that it's executing.
There are all sorts of ways to create an administrative
Administrative agency that is more responsive to democratic interests, besides putting it under the president.
And actually, putting an agency under the president, we have actually a bunch of experience with what that looks like.
And that makes most policy, as a general matter, more favorable to wealthy business interests.
And so there's definitely a valid critique that central bank independence, as we knew it, as central banks.
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