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

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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People in line outside a building that has a sign that reads "General election"

Voters in Baltimore, Md. enter a polling place on Tuesday.

J. Countess/Getty Images

Seven crucial things to remember as we look back at the election

Edwards, a Democrat from Maryland, and Wamp, a Republican from Tennessee, previously served in the House of Representatives and now are co-chairs of Issue One’s National Council on Election Integrity.

At the heart of American democracy is a shared principle that has guided our nation for nearly 250 years: The people decide. Elections don’t just happen in a vacuum every two or four years. They are a collective effort requiring all of us to participate and be engaged citizens — as voters, poll workers and election officials alike.

Our elections empower every eligible voter to have a say in who will govern our republic and the policies that will shape our future. No matter your political beliefs, elections remind us that every voice matters. Take it from us — a liberal Democrat from Maryland and a conservative Republican from Tennessee who certainly don’t agree on many issues — civility and trust in the democratic process are hallmarks of self-government.

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