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Fed Power – How Finance Wins - Oxford Scholarship Online
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Fed Power: How Finance Wins

Lawrence Jacobs and Desmond King


The Federal Reserve, created more than a century ago, is the most powerful central bank in the world. The Fed’s power to alter the money supply, move interest rates, and to intervene to save Wall Street and large corporations helps many Americans, but not equally. Specific industries in finance and large businesses reap lopsided and often concealed benefits while homeowners, workers, and Americans of color slip further behind. The substantial expansion of the Fed’s power circumvents America’s constitutional checks and contributes to economic inequality and racial disparities. The second editio ... More

Keywords: Federal Reserve Bank, economic inequality, race and racial disparities, Janet Yellen, Jerome Powell, Joe Biden, capital, financial rescue, Dodd-Frank Act, pandemic, Great Recession

Bibliographic Information

Print publication date: 2021 Print ISBN-13: 9780197573129
Published to Oxford Scholarship Online: March 2021 DOI:10.1093/oso/9780197573129.001.0001


Affiliations are at time of print publication.

Lawrence Jacobs, author
Walter F. and Joan Mondale Chair for Political Studies, Humphrey School for Public Affairs, University of Minnesota

Desmond King, author
Andrew W. Mellon Professor of American Government, Nuffield College, University of Oxford

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