Suddenly the Democrats Want an Independent Fed

Wall Street Journal ^ | Aug. 31, 2025 11:06 am ET | Allysia Finley

[E. Pluribus Unum]

They politicized the central bank under Obama and Biden, including by appointing Lisa Cook.

It’s hard not to gag over the dirges in the press for the Federal Reserve’s “independence.” Or the encomiums to Gov. Lisa Cook, the Biden appointee President Trump fired last week, who has become a martyr for a cause Democrats didn’t much care about when they were in charge of Washington.

“How the Future of the Fed Came to Rest on Lisa Cook” was a front-page New York Times headline on Saturday. Please. Democrats during the Obama and Biden presidencies tried to co-opt the central bank to drive their political agenda. The difference is Mr. Trump is doing so brazenly and with brass knuckles.

Start with the 2010 Dodd-Frank Act, which required the Fed Board of Governors and its regional banks to establish an Office of Minority and Women Inclusion to “assess the diversity policies and practices of entities” they regulate. In short, Democrats required the Fed to examine banks to ensure they were sufficiently woke.

During the 2020 campaign, Joe Biden called for expanding the Fed’s dual mandate—that is, supporting “maximum employment” and price stability—to include racial “equity.” This would mean the Fed would have to conduct monetary policy with the aim of reducing racial economic disparities.

The central bank adopted a version of such a mandate in the summer of 2020, when it decreed that maximum employment was “a broad-based and inclusive goal.” As inflation heated up in 2021, Fed members cited this elusive goal as a reason not to raise interest rates. Democrats in Congress also exhorted the Fed to keep money easy.

“I trust that you will never lose sight of the fact that millions of Americans are dependent on the Fed continuing to support the economy’s recovery,” South...

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TOPICS: Government
KEYWORDS: affirmativeaction; allysiafinley; deiscum; federalreserve; lisacook; lisacrook; wallstreetjournal

[Bruce Campbells Chin]

Good article. Thanks for posting.

The entire "bi/non partisan" premise of all these supposedly independent boards and agencies is a line of crap from the word go, and always has been.

[Eli Kopter]

Maybe it’s time we went Howard Beale.

[GailA]

Maybe it’s time you discovered Cathrine Austin Fitts. She knows where the 36 TRILLION IS HID!

https://www.youtube.com/watch?v=bzuoowiUb5E

[PubliusMM]

The dhimmicraps don’t want an independent FED.
They want a FED independent of any Republican control or oversight.
They need the ingrained illegitimacy of the FED to enable their plans to destroy America.