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The Day Lyndon Johnson Pushed the Fed Chairman Around the Room While Shouting Curses at Him

Yet it turns out that the president still isn’t the boss of America’s central bank.

AP
The Fed chairman, William McChesney Martin, left, and President Lyndon Johnson at the LBJ Ranch, Stonewall, Texas, December 7, 1965. AP
ALEX J. POLLOCK
ALEX J. POLLOCK

Whether President Trump could fire Chairman Jerome Powell of the Federal Reserve has become the subject of front-page stories and public speculation. It highlights the constitutional and legal question, “Who is the boss of the Fed Chairman?” It’s the Congress. The Fed, though, is always in a web of presidential politics. 

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ALEX J. POLLOCK
ALEX J. POLLOCK

Mr. Pollock is a Senior Fellow at the Mises Institute, the author of 'Finance and Philosophy--Why We’re Always Surprised' and co-author of 'Surprised Again! The Covid Crisis and the New Market Bubble.'

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