On this episode: The Federal Reserve has been at the center of America’s biggest economic turning points for more than a century as one of the country’s most powerful institutions. Former Richmond Fed President Jeffrey Lacker joins host Norm Leahy to trace that story—from the banking panics that led to its creation in 1913 to JP Morgan’s role in corralling Wall Street leaders. He explains how Congress set up 12 regional reserve banks, why the Fed’s role shifted during the Great Depression and World War II, and how the 1951 Treasury-Fed Accord cemented its independence. Lacker also shares how presidents from Lyndon Johnson to Richard Nixon tried to influence Fed decisions, and why Paul Volcker’s fight against inflation in the late 1970s remains a defining moment. Today’s debates over the Fed’s authority, independence, and accountability echo all the way back to the Reserve’s founding — and learning its history can help make sense of where the institution may go in the months and years ahead.

Learn more about our guest: https://www.jeffreylacker.org/ 

Learn more about the Federal Reserve: https://ballotpedia.org/Federal_Reserve_System 

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*On The Ballot is a conversational podcast featuring interviews with guests across the political spectrum. The views and opinions expressed by them are solely their own and are not representative of the views of the host or Ballotpedia as a whole.