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
But sometimes asserted that they're like a fourth branch of government or they're outside of the government.
No, they're just a type of government body that has a different relationship to the president from the Secretary of Defense or the White House Chief of Staff, which are positions where the president can fire or direct the actions of that officer.
Now, these sorts of positions have been around going all the way back to the foundation.
Hmm.
And with respect to monetary policy, it was a question for the first Congress and the first Secretary of the Treasury how much direction monetary policy should be subject to day-to-day oversight or direction by the president.
And so th this sort of issue isn't a new issue for the United States.
It's there right at the beginning.
This is a great question.
I think we should take it in two parts.
First, we should just start by understanding the similarities.
Okay.
So the Federal Reserve Board is a board of control for the banking sector.
And it was established in 1913.
on the model of something called the Interstate Commerce Commission, which was established by Congress in eighteen eighty seven and primarily oversaw the railroad sector.
The Interstate Commerce Commission is a multi-member body within the executive branch of the government, broadly construed, but its heads were not removable by the president at pleasure.
They had to be removed only for cause.
They were appointed by the president, but were could be removed only for cause.
Congress created something similar in 1913 for money and banking.
The next year, in 1913,
1914, they created the Federal Trade Commission for Antitrust Enforcement, and multiple additional agencies that you guys might be familiar with followed, like the Securities and Exchange Commission in 1933, most notably.
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