Independent Inside of Government

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  1. Fed independence isn’t a law. It’s a practice. It only holds when nominees refuse to redefine it. Warsh didn’t refuse. In his opening statement, he carved out bank regulation, international finance, and stewardship of public money from the independence commitment. Then during questioning, he said it plainly: the Fed is “independent inside of government, not independent of government.” The Senate Banking Committee called that sufficient. The piece also walks through how Sen. Tillis held his vote until DOJ dropped its criminal probe of Powell — then flipped three days after DOJ obliged. This is about how institutional norms erode: not through obvious attacks, but through redefinitions that gatekeepers choose to accept.

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