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According to a report from the Wall Street Journal, allies of former President Donald Trump are drawing up plans that would erode the Federal Reserve's independence. Former Federal Reserve Board Special Adviser & Dartmouth College Economics Professor Andrew Levin joins Market Domination Overtime to discuss the impacts of potential second term from the former President on the Fed. Levin explains that existing laws already allow permit a degree of intervention in the Fed's actions: "[The report] talked about the possibility that the Secretary of the Treasury would be involved. Under current law, back to Dodd-Frank, so more than ten years ago, Secretary of the Treasury already has authority to be very involved with the Federal Reserve's emergency facilities. What's reasonable to say is past secretaries haven't used that authority very much. They've been kind of hands off in letting the Fed do what it sees fit in terms of these emergency facilities. But again, under Dodd-Frank, there is latitude if there were a financial emergency, we're talking about a crisis, something like the COVID pandemic or the crisis of 2008., that the Secretary of the Treasury could be more involved in working with the Fed." For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Nicholas Jacobino
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