Fed’s Rebel Defends Autonomy as Trump-Molded Central Bank Looms
- At the Richmond Fed, Lacker dissented 15 times in his tenure
- Rising inequality, unresponsive Congress shifts focus to Fed
Gallo Says Trump Policy Is Key for Fed's Rate Path
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To understand the biggest risk facing the Federal Reserve’s future, consider an otherwise mundane photograph in Jeffrey Lacker’s office overlooking a turbulent stretch of Virginia’s James River.
The president of the Federal Reserve Bank of Richmond stands with his predecessors Robert Black and J. Alfred Broaddus Jr. in front of a relief of Carter Glass, the Virginia lawmaker who co-wrote the Federal Reserve Act of 1913. Together with their research teams, they created a culture over 44 years that held price stability as first among equals of the central bank’s twin goals, which also include maximum employment.