President Trump is breaking from convention with his partisan nominations for the long-apolitical Federal Reserve. But it takes more than a president to politicize the Fed, greg_ip writes.
For more than a generation, the Federal Reserve has floated above politics, even as partisan conflict has consumed other public institutions. Republican chairmen, including incumbent Jerome Powell, have run the Fed for 28 of the last 32 years, yet you’d struggle to find a trace of monetary favoritism when Republicans occupied the White House.
That political appointees have behaved so apolitically is not a law but a norm taken for granted by both parties—until now. At first, President Trump observed that norm: His Fed appointments...
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