“The Fed is an apolitical institution that has no interest in influencing elections or popular culture.”

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by Chris Black

Two things challenge this idea.

First, in August 2019, Former New York Fed President Bill Dudley wrote an opinion column for Bloomberg (https://www.bloomberg.com/view/articles/2019-08-27/the-fed-shouldn-t-enable-donald-trump) where he insisted that the Fed allow the economy to suffer to prevent then-President Trump from getting re-elected in the 2020 election.

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https://archive.is/nVr1p

To follow up with this, President Nixon also sought to develop a “different relationship” with then-Fed chair Burns, noted in How Richard Nixon Pressured Arthur Burns: Evidence from the Nixon Tapes (https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.20.4.177) (p. 185).

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