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This Isn’t the First Time the Fed Has Struggled for Independence
11 December 2025 at 22:57
The Trump administration is threatening the Fed’s autonomy, which the central bank regained with the Treasury-Fed accord in 1951.
In the decades before 1951, the Federal Reserve functioned, to a large extent, as an adjunct of the Treasury and the White House.
© Anna Rose Layden for The New York Times
