• Login
    View Item 
    •   Home
    • Yale
    • Yale Journal of International Law
    • View Item
    •   Home
    • Yale
    • Yale Journal of International Law
    • View Item
    JavaScript is disabled for your browser. Some features of this site may not work without it.

    Browse

    All of openYLSCommunitiesPublication DateAuthorsTitlesSubjectsThis CollectionPublication DateAuthorsTitlesSubjects

    My Account

    LoginRegister

    Statistics

    Display statistics

    Hidden in Plain Sight: The Federal Reserve's Role in U.S. Foreign Policy

    • CSV
    • RefMan
    • EndNote
    • BibTex
    • RefWorks
    Thumbnail
    Name:
    14_40YaleJIntlL393_2015_.pdf
    Size:
    1.674Mb
    Format:
    PDF
    Download
    Author
    Harris, Katherine
    
    Metadata
    Show full item record
    URI
    http://hdl.handle.net/20.500.13051/6697
    Abstract
    Imagine that the Federal Reserve Board (FRB) had established swap lines to the Central Bank of Russia in the midst of the financial crisis. Then suddenly, a diplomatic crisis broke out. Would the FRB be forced to unwind those swap lines? How would the President and Congress coordinate with the FRB in crafting a foreign policy response? What legal authorities, conventions, or guidelines govern FRB decisions with implications for foreign affairs? The short answer is none. No formal guidance, statutory or otherwise, governs whether or how the FRB should interact with the political branches on foreign policy matters. By design, the FRB is protected from political interference and gains legitimacy through such independence. It does not take direction from the President or Congress. And its decisions are intentionally shielded from public scrutiny. This independence complicates coordination processes and norms that govern other foreign policy actors. The limited legal scholarship considers the FRB from an administrative law perspective and places the agency in a domestic centered conversation. While some have pointed out the FRB's role in international markets, legal scholars have yet to grapple with the effects of central bank independence in the context of foreign policy matters.
    Collections
    Yale Journal of International Law

    entitlement

     
    DSpace software (copyright © 2002 - 2023)  DuraSpace
    Quick Guide | Contact Us
    Open Repository is a service operated by 
    Atmire NV
     

    Export search results

    The export option will allow you to export the current search results of the entered query to a file. Different formats are available for download. To export the items, click on the button corresponding with the preferred download format.

    By default, clicking on the export buttons will result in a download of the allowed maximum amount of items.

    To select a subset of the search results, click "Selective Export" button and make a selection of the items you want to export. The amount of items that can be exported at once is similarly restricted as the full export.

    After making a selection, click one of the export format buttons. The amount of items that will be exported is indicated in the bubble next to export format.