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Video: How the Federal Reserve is the shadow branch of the government

American government is designed to have components that are not directly accountable to the public. The Supreme Court is probably the most recognizable example, but it’s not the only one. In her new book, “Limitless: The Federal Reserve Takes On A New Age Of Crisis,” New York Times reporter Jeanna Smialek focuses on another unelected institution with a lot of power over American life: the Federal Reserve.

In this installment of the FiveThirtyEight Politics podcast, Smialek argues that over the past century, through successive crises, the Fed has accumulated the power to choose winners and losers across American markets and society on the whole. And if partisan loyalists were to make their way onto the Fed board, that degree of power could be abused.


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A person receiving a "I voted" sticker

After voting for the first time, the proud mother puts an "I voted" sticker on her daughter.

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The Surge of Independent Voters: Why Open Primaries Are Democratically Necessary

Across the United States, traditional political affiliations are shifting as a growing segment of the electorate steps away from major-party labels. Jeremy Gruber, senior vice president at Open Primaries, a national nonpartisan organization dedicated to expanding nonpartisan voter access, highlighted this dramatic evolution in voter registration and the structural hurdles these voters face in the latest episode of The Fulcrum Roundtable.

The decline in major-party allegiance is not temporary but a sustained movement that has been building over several decades.

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