Fed Power - How Finance Wins

Lawrence R. Jacobs, University of Minnesota

The Federal Reserve, America’s central bank, mishandled the 2008 crisis by catering to financial institutions and leaving American homeowners without recourse. Indeed, as Jacobs and King show, the Fed used the crisis to expand its authority and assert its independence from democratic oversight in unprecedented ways.

In Fed Power: How Finance Wins, Lawrence Jacobs and Desmond King provide the first in-depth analysis of the Federal Reserve’s role in the financial crisis. They compare this undemocratic, unaccountable U.S. institution to other central banks around the world and suggest reforms. Their book has been reviewed in Kirkus Reviewsthe Huffington Post, the Star Tribune, and Financial Times, and Jacobs was interviewed on Bloomberg Radio’s Taking Stock and Market Watch, and will appear on the Financial Times Banking Weekly.



Lawrence R. Jacobs is the Walter F. and Joan Mondale Chair of Political Studies and Director of the Center for the Study of Politics and Governance at the University of Minnesota. Jacobs has researched and written about presidential and legislative politics, Social Security and health care policy, and American political history. 

Desmond King is the Andrew W. Mellow Professor of Government at the University of Oxford.  He has done research on U.S. executive politics, race and politics in America, and welfare politics and labor market policies in cross-national perspective.


April 2016